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archive access 2.10.02, inventory number 2901, page 20

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axpour raou run Stixor conurrruz
iequal to that trom other domestie sources, must ve taken to result in
a total of not less than 50, 000. 000 dollars, against 32, 000. 000 dollars tor
the precedins gear.
lour Committee are disposed to thint, that il the latest estimates are correct,
the practice of allowins tor the Cold contained in the vullion, nas tor the tirst
time veen regulariy introduced in the later gears, and that this is te reason of
the apparent decline in the pield of silver alone since 1873.
They are strengthened in this view by another official estimate, a1so con„
tained in the letter trom Mr. Bristow to the President of the Senate, and
prepared by another Government official, Mr. Louns, the t Chiet of the
t. Bureau of Statisties: Mr. Voung's and Mr. Raymonds Statisties are respec-
tively as tollows:
Mr. Pouns.
Dollars.
27, 300, 000
31, 100, 000
34, 300, 000
Mr. Raymond.
1873
1874
1875
Dollars.
35, 750, 000
32, 000, 000
32, 000, 000
Mr. Lounss ticures thus Showins that gradual increase which appears on all
sides to ve assumed, and bringins up the total tor 1873 10 nearly 7, 600, 6001.
The Agents of the Messrs. Rothschild, who have kindly placed their in-
formation at the disposal of the Committee, sive the tigure of 7000. 0001. as
official and in a note indicate that even trom that tigure a deduction must ve
made tor 6o1d. Consul Bookers reports point in the same direction.
4 San Francisco journal, in an apparently caretully compited review, sives
the amount tor the year endins 3151 December 1873 at about 11600, 0001. but
this amonnt clearly includes the large proportion of Cola contained in the Silver
Mines of the Comstock Lode. H onethira is deducted tor Cold, the amount
is reduced to about 7, 700, 0001.
lour Committee, in vier of these divergent estimates, have applied a
test of a different kind. They have examined the information turnished as to
the disposal of the Silver produced durins the year 1873. The sollowins is the
result:
lstimate d amount used tor manufacture in the United States
bought by the United States Covernment tor comage
purposes
Exported to China -
33
3 United Kingdom .
Dollars.
6,000, 000
12, 300, 000
Dollars.
6, 500, 600
15, 500, 000
22, 000, 000
Dollars.
it would appear that an estimate of 6,800, 000 dollars tor manulacturins
purposes in the United States is very nigh compared with the correspondins
estimates siven tor turopean countries: vut even il halt of this estimate ve
deducted, the total thus accounted tor would ve 7. 400, 0001.
these tieures cannot, of course, be resarded as in any way decisive, as a
portion of the Silver bought and exported was doubtless taken trom the stock
produced in 1874. while, on the other hand, there is nothins to show what stock
was carried over 10 1876: but they certainly seem to indicate that Dr. Linder
manis tigures of 32, 000, 000 dollars o2 6, 400. 000 1. are possibly within the mark.
lour Committee teel that it is ot comparatively tritlins importance as
an historical taet, wether the Silver produce of the United States in 1875
amounted 10 6, 400, 0001. or to a million more. To the outside market wat is
really important is the amount which was exported by the United States, and
this is accurately knonn. But pour Committee have deemed it advisable to deat
sully with the toregoins estimates, partly tor the sake of such light as they may
throw on the provable production of 1876. and partly tor the satte ot dispellins
the somenhat exasgerated view of the amount produced, which nad veen
called forth by the publication of very high estimates unaccompanied by any
allowance tor the Cold contained in such amounts.
With regard to the provable gield of Silver tor 1876, the Agents of Messrs.
Appendix 14.
Appendix 21.
10. 23 )
Appendix 12.
Appendix 14.
ou oxpaxctarior on Stvan.
Rothschild write on the 17th March trom San Francisco, that they nad estimated
it at about 40, 000, 000 dollars 18, 000, 0001. andt. nad every reason to think their
i ticures to ve as correct as possible, navins made personally the most diligent
linquiries: They enclose a Statement of the production trom 1860 10 1876.
inclusive, girins 50, 000, 000 dolars 10, 000. 000 1. as the estimate tor the latter
year, addins that it is estimatea trom present developments in the Mines
as given by the United States Commissioner of Minins Statisties: In the
Same letter they say, The production of Silver vullion is estimated at 50, 000, 000
110 55, 000, 000 dollars, trom wlich are to ve deducted 15, 000, 000 601d con
i tainea in the same, leavins the production ot Silver proper about 40, 000, 000.
trom present derelopments ot Silver ore in the principal Mines, it is nearly
certain that the production of Silver will ve maintained at the present tigures
i tor several gears to come.
The estimate ot the Director of the Mint nas already veen quoted and
examined. His language implies an expected production of about 10 000, 0006.
vut the vasis on wlich this estimate was tounded seems scarcely to justity 50
tigh an amount: nevertheless, lookins to his opinion, and especially to the latest
information siven as to the pield of the Consolidated Virginia Mine, the
estimate of 8. 000. 000 1. siven in Messrs. Rothschilds Agent's letter, seems very
moderate.
On the whote, pour Committee are ot opinion that the total product of the
Unite d States could not ve sately estimated at less than 3, 000. 0001.
1t will be remembered that the production of Silver in the world, exclusive of
the United States, was estimated at 7, 000. 0001. 19, 000, 0001. ve produeed in
the United States in 1876. the toial would ve 16, 800. 0001. provided the fall in
price and the development of the Nevada Mines do not discourage the production
in Mexico and elsewhere.
It may tairly ve expected that the tall in the price of Silver will, to a cer-
tain extent, decrease the production. Vo inquiries made in London would
have veen likely to supply trustworthy data tor determinins what price is neces
sary to ensure the continuous workins of the Mexican Mines, which vield a
large proportion ot the Silver produced elsewhere than in the United States.
but there is reason to thint that the protits in Mexican Mines have not veen 50
great as to warrant the veliet that a tall of 1s per cent. would have no effect on
the production. At the same time it must not ve overlooked that in all minins
operations the workins of Mines is otten continued tor many years atter it nas
clased to be remunerative, in the nope ot richer ore, or a rise in price, once more
securins adequate protit. Still it may reasonably be interred that, il the Vevada
Mines Should pield as much as is anticipated, some effect will, sooner or later,
ve seen in the production elsewhere. It is Stated that the Verada Mines them
selres shew so large a protit that even a much creater depreciation in the price
than nas yet occurred would not check the works. This seems to be corro=
vorated by the taet that 12, 000, 000 dollars could ve paid away durins 1873 in
dividends to the Shareholders of the Consolidated Virginia Minins Company out
of a total production of 17,000, 000 dollars.
lour Committee noi turn to the question as to noi tar the supplies trom
the new Mines are liktely to reach and affect the European market.
Ny
the tact nas already veen stated that, notwithstandins the new discoveries,
the export of Silver trom the Onited States into the United Kinsdom were
Smaller in 1673 than in any year since 1870. The Board of Trade returns sive Appendix 23,
the tollovins tigures as the imports into the United Kinsdom trom the United Table B.
States:
3385, 800
5690, 000
4 375, 000
5,990, 000
3, 475, 000
3090, 000
1870
1871
1872
1873
1874
1875
-
-
-
-
In the year 1863 these imports were on19 1.108, 0001. vut the toresoins
table shows that durine the last two gears there nas veen a great dimiantion as
compared with the previons three years, when the price of Silver was still
about 60 8. an ounce.
338.
64
The
Rothschild
40, 000, 00028, 800, 000
Appendix 9.