mm fatk Hatt (EollEge of Agticulturc JVt QJorncU HmuECBUjj Sitbrarg CorneJI University Library HG 407.R75 Universal bimetallism and an internation 3 1924 013 735 034 fMi Cornell University Library The original of this book is in the Cornell University Library. There are no known copyright restrictions in the United States on the use of the text. http://www.archive.org/details/cu31924013735034 UNIVERSAL BIMETALLISM An International Monetary Clearing House, TOGETHER WITH A RECORD OF THE WORLD'S HONEY, STATISTICS OF GOLD AND SILVER, Etc. RICHARD P. ROTHWELL, me., c.E.. Editor of the Engineering and Mining Journal. Ex-President American Institute of Mining Engineers. Special Agent of the i ith United States Census on Gold and Silver, Etc., Etc. NEW YORK: THE SCIENTIFIC PUBLISHING COflPANY, 1893. Copyright, 1893, BY The Scientific Publishing Company. CONTENTS. PASS Preface i The Money of the World 5 A Monetary Clearing House— A Solution of the Great Problem 8 Amount of Gold Required to Establish Bimetallism 10 The Essential Conditions for Permanent Bimetallism 11 The Possibility of Maintaining the Ratio Adopted 13 The Effects of the Sudden Demonetization of Silver 14 Monetary and Banking Systems of Europe and British India 19 The World's Production of Gold and Silver — 37 The Coinages of Nations 44 Chronology of the Gold and Silver Industry 45 PREFACE, The failure of the Brussels Conference to evolve, or even to suggest, any plan whatever for the permanent solution of the silver problem, or for the prevention of the dangers then evidently impending and which have since in a measure materialized in a widespread financial crisis, induced the author to suggest the following "Plan for Universal Bimetallism under the control of an International Monetaiy Clearing House," and he published it in the Engineering and Mining Journal, December 3, 1892. The immediate and enthusiastic favor which this plan for a permanent solu- tion of the problem has received from thoughtful men in every part of the world makes it very apparent that the time has come when civilized nations should unite in submitting to the arbitrament of an international commission of experts the solution of this vital question. The industry, the prosperity, the civilization of a large part of the human race should no longer be subjected to the dangers of ignorant experimenting in finance, nor to those of a blind, tentative, and un- controlled natural evolution towards a less barbarous system than that now in use. As an outcome of the interest shown in the subject, and in this suggested so- lution of the problem, the author addressed, by invitation, a large meeting of the Reform Club in the City of New York ; and also the World's Congress of Bankers and Financiers held in Chicago in June, 1893, and has discussed it, in many of its bearings, in the editorial columns of his Engineering and Mining Journal. The substance of these addresses and editorials is now presented, briefly, in the following pages, together with certain statistical data which are the foun- dations on which certain of the author's statements rest. The acute financial crisis through which the United States is now passing, and the indescribable disasters which the sudden demonetization or destruction of the money value of silver, and the consequent sudden appreciation in gold, will bring, call for prompt and wise action. Can there be any more rational, any fairei- or juster method of reaching a permanent solution of this question than to submit it to the arbitrament of exjjerts representing all the interests involved? The adoption of this, or some analogous, plan depends upon the force of public opinion. It is therefore of the highest importance that everyone who approves of it should use his influence to make it known and to bring its important pro- visions before those who mould the policies of nations and those who make their laws. The author invites correspondence, suggestions, and criticism. 27 Park Place, ISTew York. K, P. Rothwell. July, 1893. Mr. John Richards, the able editor of Industry, a San Francisco magazine, says : " We think Mr. RothweH's monetary scheme by all odds the most rational one yet presented." Ml-. Robert Bassermann, of Mannheim, Germany, says : "Of all the propositions I have seen, I believe the plan proposed by Mr. Roth well to be the most able and ingenious one to solve the silver question in the way the American people wish it to be solved." The Butte, Mont., Daily Miner says : "The Engineering and Mining Journal has been a bitter enemy of silver, but it pub- lishes a plan for the solution of the silver problem which in many respects can be in- dorsed by the most ardent advocate of free coinage." President "Williams, of the Chemical National Bank of New York, says : " The plan proposed is thoroughly good ; the ratio is equitable, and its adoption would not fail to benefit all concerned. It would lend added security to the debts of the silver countries which alone should insure its adoption." Mr. John A. Stewart, president of the United States Trust Company of New York, says : " The plan is grand in every way, and its adoption could not fail to please the National Banks. The ratio proposed, that of Soetbeer, is just, and should commend itself to the "Western silver advocates. The plan of an international clearing house is well conceived, and will meet with nothing but approval here." Mr. Sherer, manager of the New York Clearing House, the most important financial institution in this country, says : " I can see many advantages that would follow its adoption. Besides the settlement of the silver question, which is by far the most important, the adoption of an interna- tional money which the plan involves, would obviate the frightful waste incident upon the shipping of ^old coin as well as the waste of time and money in its frequent recoin- age of foreign coin." Mr. MuHLEMAN, cashier of the United States Sub-Treasury, says : " The proposed plan should be welcomed as the forerunner of a new dispensation in financial affairs, pregnant with tremendous possibilities, in the direction of uniformity of standards, furnishing stability of the media, equitable throughout the world, cheapen- ing as well as guaranteeing exchanges and freeing commerce from burdens which cannot but enhance by their expensive clumsiness the cost of commodities to the consumer." Mr. C. H. GoscH, Anaheim, Cal., says : " Your proposal for the solution of the silver problem is certainly an admirable piece «f work, and you may say with and as a second Archimedes, ' Eureka ! ' " The Hon. Alexander R. Shepherd, Batopilas, Chihuahua, Mexico, says : "Some such plan as your clearing house will alone help out the present condition. God speed the day when the currency of the world shall be settled for all time." Mr. "W"blker Given, editor of the Times- Eepublican, Marsh all town, Iowa, says : "Your plan is the only practicable and statesmanlike solution of this great question, and the need for it becomes more and more apparent every day. I cannot resist the be- lief that your plan must be adopted and will take place in history as one of the great achievements of the time." UNIVERSAL BIMETALLISM AN INTERNATIONAL MONETARY CLEARING HOUSE. In the growing intercourse between members of the human race various sub- stances have been used, more or less extensively, as money or measures of value for the things exchanged ; the tendency being always towards the general adop- tion of a single standard of value for the whole world. As the wealth of men increased it became more and more convenient to use standards composed of rarer, and, therefore, more valuable substances. Among the materials thus selected as standards of value on account of their desirable physical properties, as well as of their comparative scarcity, were gold, silver, copper, and some other metals which at various times have had different relative values in money. While it is true that the actual amount of money or of the standard of value in existence does not limit the total value of the substances measured, still it is certain that the rarer and harder to get is the standard the more of everything else will be given for it ; for the actual purchasing power of the standard is, like that of everything else, governed by the universal law of supply and demand. While nations had little intercourse with each other, the maintenance of dif- ferent standards of value in different countries was possible and created small inconvenience, but as intercourse increases and each country has growing com- mercial transactions with the others, the need, not only of a common measure of value, but of an international supervision and control over the money of the world, has become verj' evident. So closely are the rights and duties of nations now bound together by the needs and interests of men that no one country can act for itself alone or be guided solely by what it may deem its individual bene- fit without regard to the effect of its action on others. Each must have a regard for the rights and even for the interests of its neighbors, just as civiliza- tion has circumscribed the liberty of the individual by the rights of others. The world is so narrow and knowledge now so wide that no nation can perma- nently prosper by a policy that injures its neighbors. The real welfare of each is promoted by the prosperity of all, and civilization itself is but the outcome of this enlightened selfishness. o ti O K Eh o m ■ g 15 .O o o « w O s §8 e ss i-O CO tH -^ CO Q CO ■* Oi eo OS ^ ?? CO r-H W W CO lO S 8 ® US Oi CD 00 CO -rh «e ^ CT; -^JH CO !-( S fe s s s ^ 03 ^ O CO S O N ^ .-H S CO ^^'^ CO (M i^ >ij< 00 (M W m -* jH i- ^ in CO >-o t- tH CO --H I- « »0 L- r-i « •^' ' iH CO* rH S W CO rH iO CO M rH 8 g? W rH r-i 54 S 8 CO rH i-H CO s s CO* Q rt 8 CO Q >o o co' o S3 S g « 1-H 00 OS CO SCOi:-MCOi-HM(Mt- rH -IflOlOOSOQDOl WS c 10 ifi ii?" >n' ic itS" 10 vS" «D IC iO eo lA »o >ft 3 P o o bo f ■« i: -S » = S 5, S, t2 a a ■& :; l-j fc, C B H 2 M .2 5 5 o 2 >»^ g S to E = ■a .S a ^ o ^ S 2 o - - - > o '*'2 ^ a 55 2 g ^ '^ i a "- ^ I a = 2 o be ed ^ •■ O bo ^ .2 e ja ■w « p.O-, Monetary System. — Previous to the formation of the Latin Union, there had existed a de facto monetary union between France, Belgium, Italy, and Switzer- land, the three latter countries having adopted the system established by the French law of (the 17th of Germinal, year xi) April 6, 1803, the basis and. monetary unit of which was the silver franc, and which granted legal currency to gold at the ratio in coinage of gold to silver of 1 to 15-^. The change, however, in the commercial ratio of the value of the precious metals, consequent on the enormous production of gold in California and Aus- tralia, caused an ever-increasing substitution of gold for silver in the monetary systems of these countries. In the years 1850-1865 silver began to be exported from them, and a great dearth of silver coins to be felt. To remedy these evils, by providing a uniform, metallic currency system for these countries, was the chief incentive that led to the Monetary Convention of December 33, 1865, and to the formation of the Latin Union. The contracting states maintained the double standard and the existing ratio of value of 1 to 15^, but limited the standard silver coins to be stamped to the 5-f ranc silver piece. During the de- liberations of the Conference, the delegates of Belgium, Italy, and Switzerland, advocated the abolition of that coin and the introduction of the single gold standard, but their endeavors were frustrated by the influence of the French ■33 LATIN UNION. Government. All silver coins of less value than the 5-franc piece, i. e., the 2, 1, i, and I franc pieces, were transformed into divisional coins. Thus the system of the Union, under the convention of 1865, became identi- cal with that established for Prance by the law of April 6, 1803, and its subse- qnent amendments by the French Parliament. The law of -April 6, 1803, pro- yided that 5 grains of silver, 0.900 fine, should constitute the monetary unit and be called thfe franc. But the basis of the monetary system of that year ex- ists in the system of the. Latin Union only in the 5-franc silver piece, the 1-franc piece having been reduced to a fineness of 0.835. By the Convention of lS6o, each of the contracting states obligated itself to receive into its treasuries the coins manufactured by the others, without limita- tion as to the value, in the case of gold coins and 5-franc silver pieces, and to the amount of 100 francs in the case of other silver pieces in any one payment. It was further stipulated that the latter should be legal tender in the country that issued them, to the amount of 50 francs, between private parties in any one payment ; and ijiat they should be taken back by such country and exchanged for gold or 5-franc silver pieces, this obligation to be prolonged during the two years beginning with the expiration of the Convention. The nominal value of the divisional silver coins, under this convention, being greater than their in- trinsic value, because of the lowering of their fineness, their coinage was re- served to the states respectively, and limited to 6 francs per capita of the popu- lation of each. This first convention of the Latin Union, to which Greece be- came a party in 1867, was concluded for a period of fifteen years, with a pro- vision for tacit renewal. It maintained the fineness of 0.900 for the 5-franc silver piece, and provided for the free coinage of both metals, thus putting the Latin Union under the bimetallic system. The depreciation of silver which be- gan in 1873, forced the contracting powers first to limit and then to suspend the coinage of the 5-franc silver piece. These measures were taken in fulfillment of special Conventions dated Janu- ary 31, 1874; April 26-, 1875; February's, 1876. and November 5, 1878, and were sancti'^>ned by the Conventions of November 5, 1878, and November 6, 188.-.. The Convention of the 33d of December, 1865, expired on the 1st of January, 1880. A new Convention of the 5th of November, 1878, prolonged the dura- tion of the Latin Union for five years. The Convention now in force is dated November 6, 1885. By its terms the suspension of the coinage of the 5-frane silver piece is maintained in the countries of the Union ; but any of the con- tracting states may resume the free coinage of silver on condition of exchanging during the entire duration of the Convention, the 5-franc silver pieces bearing its stamp and circulating in the other states of the Union, for gold, on demand. The latter, however, would then be at liberty not to receive the 5-franc silver pieces of the state that resumed the free coinage of the white metal. It was likewise stipulated in the Convention of 1885 that the coins of each of the sig- natory powers should he. received by the treasuries of the others as M-ell as by the banks of France and Belgium, and that the Union might be terminated any time after January 1, 1801, by giving one year's notice. NATIONAL MONETARY AND BANKING SYSTEM. 23 During the year following the termination of the Convention, the several gover- ments are to proceed to the exchange and return to the country, that issued them, of the 5-f ranc silver pieces. Any balance remaining after the exchange has to be ■settled in gold, or bills of exchange, on the debtor state. Belgium, however, is obliged to pay France only one-half the balance, and Switzerland only 6,000,000 Erancs, in this way, but has obligated itself not to introduce into its monetary system for five years any change which might hinder the return to it of the other half, by the way of trade, and has guaranteed that this half shall not ex- ceed 200,000,000 francs. In Italy's case, the maximum of the 5-f ranc pieces it has to take back from Switzerland is fixed at 30,000,000 francs, and the mini- mum balance from France at the proportion agreed upon between the latter ■country and Belgium. In brief, therefore, the Latin Union has the double standard and the ratio of gold to silver of 1 to 15^; (3,100 francs being coined out of the kilogram of tandard gold, and 200 francs out of the kilogram of standard silver; 3,444^ irancs out of the kilogram of pure gold, and 3239 francs out of the kilogram ■of pure silver.) The coinage of gold is unlimited, and that of silver suspended. The coinage charge of 7, francs per kilogram fine for gold, and 1| francs per kilogram fine for silver. Gold coins and the 5-franc silver pieces are unlimited legal tender. Gold Coins. 100 francs 50 francs. , 20 francs 10 francs. , 6 francs. . igal weight. Fineness. Pine weight Grams. Grams. , 32.358 .900 29, 32 16.129 900 .... 14.516 6.452 .900 5.806 3.226 .900 2.903 1.613 .900 .... 1.452 The franc is known as the lire in Italy, and as the drachma in Greece. The only full legal tender silver coin is the 5-franc piece, legal weight, 35 grams; fineness, 0.900; fine weight, 22.5 grams. 2 francs Silver Coins. Legal weight. Grams. 10 Fineness. . .835 .... .835 .8-35 . .835 Fine weight. Grams. 835 5 4 18 2.5 20 centimes 1 0.835 The centime is called the centesimo (plural centesimi) in Italy, and the lepton (plural lepta) in Greece. These silver coins are legal tender between in- dividuals to the amount of 50 francs, and are receivable by the state to the amount of 100 francs in single payments. Banks of Issue in the Latin Union. — France. — The only bank of issue in France is the Bank of France. Its capital belongs entirely to its share- holders and it is in no sense a state bank. The governor and the two sabgovernors of the bank, however, are appointed by decree of the Presi- dent of the Eepublic. It was founded on the 13th of February, 1800, with a capital of 30,000,000 francs, which was increased to 45,000,000 -in 1803 to 90,000,000 in 1806, to 91,250,000 in 1848, and to 182,500,000 francs in 1857. Its charter, granted originally for fifteen years, was renewed several times, the last time on June 9, 1857, for a period of forty years. It will not expire until December 31, 1897. The renewal of its charter is now under discussion in the French Chambers. There is no doubt of its renewal, but on what terms 24 BELGIUM AND ITALY. especially tor how long a period, is a question which is being warmly debated. The state his no share in its profits. The direct taxes it is required to pay are 3 per cent, on its dividends, stamp duties on its shares arid notes in circulation, and various other stamp duties. Its capital is represented by 182,500 shares of the nominal value of 1,000 francs each. There is no charter limitation on the amount of notes the bank may issue, but its note circulation has been successively limited by law to 350,000,000 francs, 453,000,000, 525,000,000, 1,800,000,000, 2,400,000,000, 2,800,000,000, and finally, by the law of January 30, 1884, to 3,500,000,000. The notes of the bank are legal tender at the public treasuries and between private parties, so long as they are redeemed by the bank on demand. The issue of notes within the limit fixed by law and the proportion to be observed bet weed the amount of circulation and the metallic reserve are left tc the dis- cretion of the government of the bank. Belgium. — The National bank of Belgium, established by the law of May 5, 1850, is the only joint stock company authorized in Belgium to issue notes payable to the bearer at sight; but individuals and associations are free to issue bank notes on their own responsibility. The National Bank of Belgium is not, properly speaking, a state bank, although the treasury receives a large share of its profits fixed at first at one-sixth and since 1872 at one-fourth of the profits it realizes over and above 6 per cent. It also receives one-fourth per cent, on the average cir- culation of the bank over 275,000,000 francs. Receipts from discounts go to the state if the rate exceeds 5 per cent. The Government does not interfere in the management of the bank, but may veto any measure which it deems op- posed to the bank's charter, the law, or the interest of the state. The bank, located in Brussels, has a branch at Anvers and agencies through- , out the Kingdom. Its capital is 50,000,000 francs, divided into 50,000 shares, ■ (of the nominal value of 1,000 francs each.) The issue of notes is not limited in an absolute manner, but the law requires that it should be represented by securities which may be easily realized upon, and that the bank should have a metallic reserve (unless otherwise authorized in special cases by the minister of finance) equal to one-third of the obligations it must meet on demand. The notes of the bank have legal but not forced currency, and are in denominations of !,000 500, 100, 50, and 20 francs. It is the financial agent of the treasury. Italian Banks. — Italy has no state bank. There are in the country six banks of issue, which, by virtue of the law of April 30, 1874, are authorized to issue notes payable on demand, to the amount, as an extreme limit, of three times their paid-up capital. But the total of the notes and obligations immediately payable, arising from deposits and accounts current, at sight, must not exceed three times the amount of coin and bullion in the banks. Their notes have not le^al currency. All issue notes are of 50, 100, 500, and 1,000 lire. By the law of 1874 on forced currency, the six banks were authorized to issue a maximum circulation as follows, but have not always kept within the legal limit: National Bank of the Kingdom, 450,000,000 francs; Roman Bank, 45,000,000 francs; National Bank of Tuscany, 63,000,000 francs; Tuscan Bank of Credit, 15,000,000 francs; Bank of Naples, 146,250,000 francs; Bank of Sicily, 36,- 000,000 francs. Total, 755,250,000 francs. NATIONAL MONETARY AND BANKING SYSTEM. 05 Since the abolition of forced currency, this limit has been done away with in the interest of the monetary circulation, and the banks of issue have been authorized to emit additional notes provided the excess is covered by a second metallic reserve (of two-thirds gold and one-third silver) to an equal amount. These six institutions formed, in 1874, a syndicate to lend the Government a sum of 1,000,000,000 lire, and to issue notes in representation thereof , of the denominations of 1,000, 250, 100, 20 and 10 francs. When forced currency was abolished in 1874, the syndicate was dissolved and the syndicate notes became a state debt. Swiss Banks. — The banks of issue in Switzerland, some founded by individual enterprise and others with Cantonal assistance, are of comparatively recent in- stitution. The oldest is that of St. Gall, established in 1836. The Swiss federal law on the issue and redemption of bank notes is dated March 8, 1881. Previous governmental authorization is necessary to the establishment of a bank of issue. The number of such banks is not limited. The Federal Assem- bly reserves the right of fixing at all times the total issue of the Republic, and determining the quota of each bank. The banks are required to hold a metallic reserve, distinct and independent of all other reserves of the bank, equal at least to 40 per cent, of their circulation, while the remaining 60 per cent must be covered by securities readily convertible. The Government has no power to create a monopoly bank of issue, nor to endow the notes of the several banks with forced currency; but each bank is required to take the notes of the other banks in payment, and to procure the redemption of the notes of other banks without compensation. Banks of Greece. — Greece has three banks authorized to issue notes, but these have forced currency ; the metallic reserves are merely nominal, and the coun- try at this time is so completely under an irredeemable paper money regime that it may be said to have no bank-of-issue system. Estimated Stock of Money in the Latin Union. — ^Gold, $975,000,000 ; Silver (full legal) $727,000,000 ; Silver (limited tender,) 95,000,000 ; Uncovered notes $250,000,000 ; being Bank notes, $925,000,000 less Metallic reserve, $675,- 000,000. SPAIN. Monetary System. — By a decree of the 19th of October, 1868, Spain adopted the monetary system of the Latin Union. It is therefore, bimetallic with the silver peseta, equivalent to the franc, as monetary unit. It has the same gold and silver coins as the Union. A gold 26-peseta piece was added by a decree of August 20, 1876. SILVER COINS. 5 pesetas 2 pesetas 1 pesata Half peseta..; Fifth peseta.. GOLD COINS. 100 pesetas. 50 pesetas.. 25 pesetas.. 20 pesetas. . 10 pesetas. . 5 pesetas. . . gal weigrht. Fineness. Fine weight. Grams. Grams. 25 .900 22.5 10 .835 8.35 5 .835 i.l75 2.5 .835 2.0875 1 . .835 .. 0.835 Legal weight. Fineness. Fine weight. Grams. Grams. 32.25806 .900 29.0323 16.12903.. . .900 14.5161 8.06451 . .gno .. 7.2581 6.4516 .900 5.8064 3.235^ .900 2 90.32 1.6129 .900 1.4516 HQ THE NETHERLANDS. The coinage of gold is free, and there is no coinage charge for that metal, but depositors cannot get the coined gold until eighteen days after the delivery of the bullion to the mint. Since 1878 silver has been coined only on account of the state. The ratio of gold to silver is 1 to 15^ gold and the 5-peseta silver piece are unlimited legal tender ; divisional silver coin, i. e., all silver coins of less value than 5 francs, only to the amount of 50 pesetas. Banks of Issue. — The only bank of issue in the country is the Bank of Spain, founded in 1839, reorganized in 1856, with a franchise of twenty-five years, which was renewed in 1874 for a period of thirty years. It has enjoyed the •exclusive privilege of issuing bank notes, however, only since March 19, 1874. The law of that date raised its capital to 100,000,000 pesetas, divided into 200,000 shares (of the nominal value of 500 pesetas.) Since then it has been raised to 150,000,000. The eighteen provincial banks of issue existing at that time have been liquidated. The bank is not a state bank, and the state has no share in its profits. The state, however, may require of it advances, on suffi- cient security, to the maximum amount of 125,000,000 pesetas. It is located at Madrid, with branches in the principal cities. It has a reserve fund equal to 10 per cent, of its paid-up capital. Any diminution of this reserve fund has to be made good from the yearly profits over and above 6 per cent. It is authorized to issue bank notes to an amount equal to five times its paid-up capital, or 750,000,000 pesetas ; but may not, under any circumstances, issue more than four times its metallic reserve. Its notes have legal currency, and are of denominations' of 1,000, 500, 100, 50, and 25 pesetas. Estimated Stock of Money.— Gold HO, 000, OoO ; Silver, (full tender,) 120,000,- 000 ; Silver, (limited tender,) $38,000,000 ; Uncovered notes, $100,000,000 ; being Bank notes, $165,000,000, less Metallic reserve, $65,000,000. THE NETHERLANDS. Monetary System. — When England in 1816 adopted the gold standard, the Netherlands, which then had the single silver standard, went over to the double standard, with the ratio of gold to silver of 1 to 15.873. They returned in 1847 to the silver standard, and afterwards, in 1875, again replaced the latter by the double standard. The fundamental monetary laws of the coutry at the present time are those of November 26, 1847, and June 6, 1875. The monetary unit is the guilder or fiorin, of 100 cents. The standard gold coins are the 10-florin and 5-florin pieces. The 10-fiorin piece has a legal weight of 6.720 grams, 0.900 fine, and contains 6.048 grams of fine gold. The 5-florin piece is not coined at present. Sliver Coins. Legal weight. Kneness. Fine weight „ . Grams, Grams. ' Florin 10 945 Halfflorin 5 945 Kixdaier 3J^ florin) 25 945 25-cent piece 3.575 540 10-centpiece 1.400 640 5-oentpiece 0.685 640 9 450 4.725 23.625 2.288 0.896 0.438 The trade coins are the double ducat and the ducat, 0.983 fine, and containing respectively, 6.8692 and 3.4346 grams of pure metal. (Out of a kilogram of pure gold there are manufactured 1,653.43 florins, and out of a kilogram of pure silver 105.82 florins.) NATIONAL MONETARY AND BANKING SYSTEM. 27 Only the standard gold and silver coins are unlimited legal tender. Silver fractional coins are legal tender to the amount of 10 florins. The coinage of gold is free; that of standard silver coins, except on account of the state, has been suspended since December 9, 1877. The coinage of fractional silver is on Government account. The coinage charges are 5 florins per kilogram of gold and 1 florin per kilogram of silver. The monetary system of the Netherland colonies is the same as that of the mother country. Banks o/'/ss?«e.— TheBankof the Netherlands, founded in 1814, has the exclu- sive right to issue notes. Its charter has been renewed three times, each times for twenty-five years. It last expired March 31, 1889, but was again renewed, and will not now terminate till 1914. The Bank of the Netherlands is not a state bank, but a certain amount of surveillance is exercised over it- by a special commissioner of the Kingdom, who is paid by the bank; audits president and secretary are appointed by the King. It is situated at Amsterdam, but has a branch at Kot- terdam, and agencies and correspondents in nearly six places in the country. Its* capital is 16,000,000 florins. It receives no interest-bearing deposits and its accounts current are payable at sight. The amount of issue of its notes is not absolutely fixed, but by royal decree the sum total of its notes, of its checks, and balances of account current must be covered to the extent of at least 40 per cent by its metallic reserve, which may consist of gold and silver coin or bullion. Since 1872 the bank has pur- chased no silver for its reserve. Under the law its only possible debts are its notes, its own checks, and its accounts current. In addition to the bank notes there are Government notes in circulation to the extent of 15,000,000 florins. Estimated Stock of Money in the Netherlands.— GoXA, 125,000,000; Silver, (full tender), 161,800,000; Silver (limited tender), $3,200,000; Uncovered notes, $40,000,000; being State notes, $8,000,000, plus Bank notes, $82,000,000; less Metallic reserve, $50,000,000. GEKMA^r EMPIRE. Monetary System. — The fundamental laws of the present monetary system of Germany are those of December 4, 1871, and July 9, 1873. The standard is gold (monometallic,) and the monetary unit the mark of 100 pfennige (2,790 gold marks are manufactured from 1 kilogram of fine gold.) Gold Coins. Legal weight. Fineness. Fine weight. Grams. Grams, 20marks 7.96495 900 .... 7.168438 lOmarks 3.98247 900 .... 8.581229 5marks 1.99123 900 .... 1.792114 and hence the mark, or monetary unit, contains 0.358422939 gram of pure gold. The maximum coinage charge for individuals is 14 marks, in the case of 20 mark pieces, per kilogram of fine gold. The law of the 4th of December, 1871, was concerned exclusively with the creation of the gold coins of the Empire, and provided for the retirement of the old gold coins. It dealt with silver only to authorize the retirement of the cur- rent coins of that metal. The law of July 9, 1873, was supplemental to it, and organized the new monetary system. 28 GERMANY. ■ As to gold, it made no change in the law of 1871, save to authorize the coin- age of the 5 mark gold piece, and to allow the coinage of 20-mark gold pieces on private account when the mints were not occupied on account of the state. The silver coins of the new system, 0.900 fine, are 5-mark, 2-mark, 1-mark, 50 and 20 pfennig pieces, 5 grams of fine silver to a mark. The coinage of silver is solely on account of the state. The total coinage of silver was limited to 10 marks per capita of the population of the Empire. Silver is legal tender to the amount of 2 J marks. All these coins are exchangeable for gold at the public treasuries. In effecting its monetary reform Germany called in all its old silver coinB, with the exception of its thalers, which are still in circulation to the amount of about 450,000,000 marks, the thaler being reckoned as equivalent to 3 marks of the new system. Banks of Issue. — ^The principal bank of issue in the Empire is the Imperial Bank of Germany, established by the law of March 14, 1875. It succeeded the Bank of Prussia, which was founded in 1765 and reorganized in 1846. It is not a state bank, its capital having been furnished by its shareholders, but on the expiration of its franchise, and ten years after any renewal of it, the state may, by giving one year's notice in advance of its intention, assume the exercise of the bank's franchise on its own account, either by liquidating it and acquiring its real property at the price at which it figures on the books of the bank, or by purchasing shares at their nominal value. In either case one half of the reserve fund of the bank goes to the shareholders and the other half to the state. The capital of the bank is 120,000,000 marks, divided into 40,000 shares (of the nominal value of 3,000 marks each). Although not a state bank it is intimately connected with the state. The superintendence and direction of it belongs to the chancellor of the Empire, who acts through a council of cura- tors of which he is the president, and which is composed of four members, one appointed by the Emperor and three by the Federal Council. The personnel of the bank are assimilated to the functionaries of the Empire. Employees are not allowed to hold any shares of the bank. The state shares in the profits of the bank to the average amount of about 2,000,000 marks a year. In 1875, when the bank law was promulgated, there were. Including the Imperal Bank, thirty-three banks of issue in Germany. Some fifteen of those have surrendered their right to issue bank notes, or have lost their franchise by its expiration. The uncovered circulation of the Imperial Bank of Germany has no absolute limit, and the amount of such circulation in excess of 396,000,000 marks is sub- ject to a tax of 5 per cent, while the total circulation may not exceed three times the metallic reserve. Originally, i. e. in 1873, the amount of uncovered notes not taxable was fixed at 385,000,000 marks, 250,000,000 of which might be issued by the Imperial Bank, and 135,000,000 by the thirty-two other banks then in existence. The law, however, provided that when any of these latter surrendered or lost its right of emission, the amount of its untaxable notes should be added to those of NATIONAL MONETARY AND BANKING SYSTEM. 39 the Imperial Bank. In this way the amount of the untaxable notes of the Im- perial Bank has grown recently to 296,000,000 marks. The charter of the bank was to have expired on the 1st of January, 1891, but was renewed for ten years in December, 1889. In addition to the bank notes there is a permanent circulation of 130,000,000 marks of treasury notes. Estimated Stock of Money in the German Empire. — Gold, $600,000,000; Silver (thalers), $103,000,000; Silver (limited tender), $108,000,000; Uncovered Notes, $107,000,000, being. Treasury notes, $38,500,000; plus Bank notes, $315,000,000; less Metallic reserve, $336,500,000. AUSTRIA-HUNGARY. Monetary System until the Recent Currency Reform. — The monetary system established in Austria-Hungary by the Imperial patents of September 19, 1857, April 37, 1858; the laws of December 34, 1867, March 9, 1870, and May 31, 1887, was the silver monometallic with the florin of 100 kreutzers as the mone- tary unit. The silver coins were: The 3-florin piece, 0.900 fine, containing 33.233 grams of fine silver; the l-florin piece, 0,900 fine, containing 11.111 grams of fine silver, the quarter-fiorin piece, 0.530 fine, containing 3.778 grams of fine silver. The silver divisional coins of Austria-Hungary were: the 20-kreutzer piece, 0.500 fine, containing 1.333 grams fine; the 10-kreutzer piece, 0.400 fine; con- taining 0.6664 grams fine; these pieces were legal tender among private persons to the amount of 2 florins. The silver trade coins were the Maria-Theresa or Levantine thalers, fineness 0.833^, containing 23.3890 grams of pure silver. The gold trade coins were the quadruple ducat and ducat, the latter weighing '3.4909 grams, 0.986, fine, and containing 3.4424 grams of pure gold; also the 8-florin and 4-florin pieces equal, in value to the French 20-franc and 6-franc pieces respectively. The gold ducats were not legal tender. The coinage charges were : One-half per cent for the ducats, 8-fiorin and 4-fiorin pieces; 1 per cent for the 3-florin and l-florin pieces; 2^ per cent for the quarter-florin pieces; \^ per cent for the Maria-Theresa thalers. The coinage of silver on private account was suspended in January, 1879. But while Austria-Hungary has been legally a country with a single silver standard, practically it has had no metallic money in circulation. For nearly half a century it has, with the exception of about eight months, had nothing but an irredeemable paper currency issued by the Austro-Hungarian Bank in denominations of 10, 100, and 1,000 florins, and by the treasury of 1, 5, and 50 florins. For a long series of years there was a premium on silver, but since the end of 1878 silver and paper have been at par. The value of the silver florin, owing to the limitation of the coinage of silver, is considerably greater than that of the pure metal it contains. The Recent Monetary Reform of Austria-Hungary. — The provisions of the recent Austro-Hungarian currency reform are embodied in six bills, the two most important of which are those on the new currency system and on the 30 AUSTRIA-HUNGARY. monetary treaty of Austria with Hungary. These have already become laws. The other four are merely auxiliary to those two which contain the text of the new fundamental monetary law of the two countries. The four auxiliary bill& are intended to fix the relative value of the gold florin to the new gold coins; to determine the changes which have become necessary in the bank act; to author- ize the Government to raise a gold loan, and to provide for the conversion of certain 5 per cent bonds of free tax. The new monetary system is gold monometallic, and the gold crown of 100 hellers (farthings) the monetary unit. The new currency is to consist of gold, silver, nickel, and bronze coins. The gold coins provided for are : (1). The 30-crown piece, weighing 6.775 67 grams of gold, 0.900 fine, or a fine weight of 6. 9756 grams. (2). The 10-crown piece, weighing 3.3875338 grams of gold, 0.900 fine, or a fine weight of 3.04878 grams. (3). Besides the gold coins above mentioned there are to be coined as hereto- fore, and as tr-ade coins, Austrian gold ducats. The 4 and 8 gulden gold pieces are to be no longer coined. The coinage charge is 4 crowns for 1 kilogram of standard gold for the bank and 6 on individual account. The new silver coins are : (1) The 1-crown piece, weighing 5 grams of silver, 0,835 fine, and contain- ing 4.175 grams of pure metal. (3) The 50-heller piece, weighing 3.5 grams of silver 0.835 fine, and contain- ing 3.0875 grams of pure metal. The ratio of gold to silver in the new system is 1 to 13.69. Silver is coined only on account of the state. Silver coins are unlimited legal tender at their nominal value to the state; to private parties to the amount of 50 crowns. The Levantine or Maria-Theresa silver thalers continue to be stamped as trade coins with the old-weight and fineness. The monetary agi-eement between Austria and Hungary provides that there shall be coined in all by the two countries 300,000,000 crowns in silver coins, of which Austria's share is 140,000,000 crowns. The agreement is to remain in force until the end of 1910. Arrangements are to be made at a proper time for the regulation of the fiduciary circulation and the resumption of specie payments. Austrian paper-money is to remain in circulation provisionally. The paper florin is, like the silver florin, to be worth 3 crowns. The introduction of the coins of the new system will be made by degrees, in the course of several years, during which time the coins of the old silver stand- ard as well as the state notes will remain current, the coins of the new ssytem multiplied by two, are to be of the same value as the pieces of the old silver and paper currency, 1 silver or paper florin, for instance, being equal to 3 crowns and 1 kreutzer to 3 heller. The value of the new crown is $0.3036 against $0,483, the value of the gold florin. NATIONAL MONETARY AND BANKING SYSTEM. :;i Banks of Issue in Ausiria-ffungary. — The Austro-Hungarian Empire has only cme bank of issue, the Bank of Austria-Hungary. It does not be- long to the state, nor does the Government have any direct share in its administration. The state has no part in the annual profits of the bank, but has received from it a credit of 80,000,000 florins for which it is required to pay an annual sum of only 1,000,000 at most, provided thiit amount is necessary to make up a dividend of 7 per cent or cause the dividend of the bank to approximate to that maximum rate. The bank, however, pays several taxes, aggregating from 12 to 13 per cent of its profits of late years. The issue of notes over and above 200,000,000 florins, must be covered hy ii corresponding amount in legal coin or in bullion. Moreover, the amount of notes of a value exceeding that of the metallic reserve must be guaranteed hy discounted paper or by other safe security as well as by the bank itself. The permanent debt of the state to the bank ia 80,000,000 florins. Its charter, which expired in 1888, was renewed for ten years. In addition to the bank notes there are state notes to the amount of nearly 400,000,000' florins. Estimated Stock of Money in Austria- Hungary. — Gold, $40,000,000 ; Silver, (full legal) 190,000,000; Uncovered notes, 1260,000,000; being Government notes, 8200, 000, 000; plus Bank notes, 200,000,000, less Metallic reserve, $140,- 000,000. SCANDINAVIAN- UNION. Monetary System. — The Scandinavian Monetary Union embraces Sweden, Norway and Denmark. These three kingdoms concluded in 1873 and 1875 a monetary convention based on the employment of the single gold standard and on a common system of coins and money of account. The krone or crown, divided into 100 ore, is the monetary unit. GOLD. Legal weight. Fineness. Fine weight.. Grams. Gram''. 20 kronen 8.<)6fl« .900 8.064.52 10 kronen 4.4803 .900 4.03226 SILVER. 2 kronen 1.5.000 .800 12.000 1 krone 7.500 .800 6.001) score .5.00(1 .600 3.000 40are 4.000 .600 2.400 25are 2.420 .600 1.452 lOOre 1.4,50 .400 0..580 (2,480 kronen are manufactured out of 1 kilogram of fine gold. ) The coinage of geld is unlimited. The coinage charges for gold are one-quarter per cent per kilogram fine for 20-kronen pieces, and one-third per cent per kilogram fine for 10 kronen pieces. Silver is coined only on account of the Government. Silver coins are legal tender as follows : The 2-kronen and l-krone pieces to the amount of 20 kronen ; the 50, 40, 25, and 10 ore pieces to the amount of 5 kronen. All the coins above mentioned have legal currency in the three Kingdoms. The Monetary Convention does not limit the coinage by the governments of the silver or bronze coins. In each of the three states there are public treasuries at which any sum of fractional coin divisible by 10 kronen may be exchanged for gold. 32 SCANDINAVIAN UNION AND PORTUGAL. Banks of Issue in the Countries of the Scandinavian Union. — Sweden. — Sweden has a state bank of issue, called the Bank of Sweden, whose capital belongs to the nation ; whose profits may figure in the budget ; and whose administration is confided to a commission elected annually by the Diet. Banks of issue may be established by joint stock companies with the authori- zation of the King. Their charters run for ten years and may be renewed. The responsibility of the shareholders is unlimited. There are some thirty of these banks, and the right to issue notes belongs to them jointly with the Bank of Sweden. The latter's capital is fixed at 25,000,000 crowns and its reserve fund at 5,000,000. The constitution guarantees the legal currency of its notes. Its circulation is limited by the law to a fixed sum of 30,000,000 crowns plus, the amount of its credits and accounts current with foreign banks and its metallic reserve, which must not fall below 10,000,000 crowns. The notes of the private banks have only fiduciary currency, and are redeemable in gold only, and not in the notes of the Bank of Sweden. Only the notes of the bank of the state are receivable at the public treasuries. The circulation of a private bank may not exceed the total of the following sums: The amount of the company's capital converted into mortgages; the part of its reserve invested in mortgage titles; one-half the total credits of the bank; the whole of its metallic stock less a reserve iia gold equivalent to 10 per cent of the company's capital. The Bank of Sweden issues about four-ninths and the private banks, about five-ninths of the total notes in circulation in the Kingdom. Norway. — Norway has only one central bank of issue — the Bank of Norway, founded in 18 14. It is a joint stock bank with the state as princiiJal shareholder, and is under the direction of state officials. Its capital is 10,000,000 kronen. Its issue of notes, which have legal currency in the country, may not exceed twice its metallic reserve, but the bank is authorized to place one-third of that re- serve with its correspondents in foreign countries. Denmark. — The National Bank of Denmark, founded in ]818, is the only bank of issue in the Kingdom. Its capital is 37,000,000 kronen, and its issue of notes may, by royal decree of 1877, exceed its Metallic reserve by 30,000,000 kronen. Estimated Stock of Money in Scandinavian Union. — Gold, $32,000,000; Sil- ver (subsidiary), $10,000,000; Uncovered notes, *--i7,000,000; being Bank notes, $60,000,000; less Metallic reserve, $33,000,000. POKTL'GAL. Monetary System. — The present monetary system of Portugal was established by the law of July 29, 1854, and is gold monometallic with the milreis of 1,000 reis as monetary unit. One thousand milreis, or a million reis, is called a conto. Gold Coins. Legal weight. Fineness. Fine weight. „ i„ ., ■ Grams. Grams. Crown or 10 milreis. n.T.a 916J^ .... 16.3569 Halt crown or .5 milreis 8.86« ... .91651 8 1284 Fifth crown or 2 milreis ,. 3.,547 . 91651 3 2513 Tenth crown or 1 milreis 1.774 .... me% .'.'.'.' 0.6256 Silver Coins. Legal weight. Fineness. Fine weight. . , , f .„ . <' rams. Grams. S testones or 500 reis 1;;.5 9U)% 114582 2 tes ones or 200 reis .-,.» ■.'.'.'. itle?! ." 45833 Testone or 100 reis 2,r> . . nu% " 23916 Half testouB or 61) reis l.a Mti% . " 11458 NATIONAL MONETARY AND BANKING SYSTEM. 33 Gold is coined in unlimited amounts on private account at a mint charge of 1 milreis per kilogram. Silver, like copper, is coined only in divisional coins. Silver is legal tender only to the amount of 5 milreis, but by Lisbon com- mercial usage one-third of all payments are accepted in that mQtal. Bfinhs of Is-si/e. — The Bank of Portugal, founded in 1822, and seven others, are authorized to issue notes. The notes of the Bank of Portugal are received by the public treasuries but otherwise have not legal currency. The notes of the other banks are not received by the public treasuries but have currency in their respective districts. By the law of 1854 bank notes should represent gold exclusively and be paid in that metal. Ustimated Stock of Moiiei/ in Portugal— Gold, 140,000,000; Silver (limited tender), 110,000,000; Uncovered notes, $45,000,000; being Bank notes, 150,000,- 000; less Metallic reserve, $5,000,000. RUSSIA. Mdiietarji System. — The fundamental monetary law of the country is dated December 17, 1885. and went into force January 1, 1886. The monetary unit is the silver ruble of , 100 kopecks. The law provides for the coinage of both gold and silver in the ratio of 1 to 15|-; the system is, therefore, bimetallic. The gold coins are the imperial (10 rubles) and half-imperial (5 rubles,) of the legal weight of 13.9039 and 6.4519 grams, respectively, and the fineness of 0.900. The imperial therefore contains 11.6135 grams of pure gold and the half-imperial 5.8067. The coinage of gold on private account is unlimited, and the mint charge is 3 per cent for that metal. The full legal tender silver coins are the ruble, -^--ruble, and ^-ruble pieces. The silver ruble has a legal weight of 19.995 grams, a fineness of 0.900, and contains 17. 996 grams of fine silver. The half and quarter rubles are of the same fineness and of proportional weight. The divisional coins of Russia are of silver and copper. Silver Divisional Coins. Legal weight. Fineness. Pine weight. Grams. Grams. 20 kopecks 3.m» .500 .... I.799 l.ikopecks 2.699 .'iOO 1349 an kopecks l.TflB .500 .... 899 .5 kopecks 0.899 500 0.499 These coins are legal tender to the amount of 3 rubles between individuals and unlimited legal tender to the state for taxes, etc. The coinage of silver on private account is suspended. Such is the monetary system of Russia as it stands upon the statute book, but it has no existence in fact, that country having been under an exclusively paper regime since 1855. Banks of isstic. — The Xational Bank of Russia is the only bank of issue in the 'Empire. It is a state bank, established by an imperial ukase in 1860. whose capital and reserve fund were furnished by the Government. Its present capital is 25,000,000 rubles, and its reserve fund 3,000,000. These are the inviolable property of the bank, which the state cannot touch nor use for the public expense any more than it can the deposits of the bank. The state shares the 34 TURKEY. profits of the bank, inasmuch as they are employed as a sinking fund to reduem the notes of the bank, at 5 per cent interest, and to pay other loans made liy the state of the bank. It is under the jurisdiction of the minister of finance. Its governor and vice-governor are appointed by the Emperor, and its directors are chosen by the minister of finance on the recommendation of the governor. The bills of credit, or paper money, of Russia are issued by the bank, and hence are not, properly speaking, paper money of the Government. These credit rubles^ in denominations of 1, 3, 5, 10, 35, and 100 rubles, have legal and, as a matter of fact, forced currency since the cessation of specie payments. The amount of credit notes it may issue would seem to depend entirely on the exigencies of the Government. Estimated Stock of Money in Russia.~Go\d, $250,000,000 ; silver, (full tender) $22,000,000 ; silver, (limited tender) *38,000,000 ; Uncovered notes, $500,000,000; being Bank notes, $800,000,000, less Metallic reserve, $300,000,- 000. TURKEY. Monetary System. — The monetary system of Turkey is bimetallic, with the piaster, equal to 40 paras, 3 aspes, as monetary unit. The gold coins are the 500. 250, 100, 50, and 25 piaster pieces, all of the same fineness, viz.: 0.91G J. The 1 -piaster piece, or gold medjidie, is called the Turkish pound. It has a gross weight of 7.216 grams and a fine weight of 6.6146 grams. The gross and fine weight of the other gold coins are proportional to those of the Turkish pound. The silver coins are the 20, 10, 5, 2, 1, and a half piaster pieces 0.830 fine. The 20 piaster piece has a gross weight of 24.055 grams, and a fine weight of 19.9656 grams. The 10, 5. 2, 1, and half -piasters have a pro- portional gross and fine weight. The ratio of gold to silver was originally 1 to 15.09. By a decree the Government lowered the value of the 20-piaster piece to 1!) piasters, in consequence of which debasement the ratio of gold to silver is 1 to 15|. The coinage of silver is suspended. The mint charge for gold is 1 per cent. Such is the system as it exists on paper, but the actual coined money of the country is in a very unsatisfactory condition. Bank of Issue. — The only bank of issue in Turkey is the Imperial Ottoman Bank. Its notes are payble exclusively in gold. Its reserve is generally greater than its circulation. Thus, at the end of 1886 it had a circulation of $1,758,- 500, and a reserve of $6,150,000. At present it has a reserve of about $6,285,- 000, and a note circulation of only $3,513,000. ROUMAXIA. Monetary System. — The laws of April 14, 1867, and April 3 , 1879, intro- duced the system of the Latin Union into Roumania, the franc being called the lei, and the centime the bani ; but in 1890, a measure was passed by the Roumanian Chamber, abrogating the double standard, and substituting for it the single gold standard with a subsidiary silver coinage having a paying power to the amount of 50 lei or francs. NATIONAL MONETARY AND BANKING SYSTEM. 35 Bank of Issue. — The only bank of issue is the National Bank of Koumania. The law of 1890 introducing the single standard into the country limited the issue of its notes in the proportion of 3|- paper to 1 of gold. On the 8th of August, 1893, its metallic reserve was 52,400,000 lei, and its circulation 113,342,000 lei. There are government notes outstanding to the amount of about 125,000,000 lei. SERVIA. Monetary System. — The monetary system of Servia was assimilated to that of the Latin Union by the law of November 11, 1878. The franc is called the dinar, and the centime the para. It was provided that after the gold pieces had been put in circulation the 5-dinar pieces should be legal tender only to the amount of 500 dinars, and the smaller silver pieces only to the amount of 50 dinars, thus making the country, practically, gold monometallic. Bank of Issue. — The only bank of issue of the country is the National Bank of Servia, located at Belgrade, with a branch at Nisch. Its issue may not exceed three times its metallic reserve. Its circulation, on the 3 th of June. 1802, wtij 25,400,000 dinars, and its metallic reserve 11,000,000 dinars. The following statistical tables are taken from "The Mineral Industry, its Statistics, Technology and Trade in the United States and Other Countries, From the Earliest Times to end of 1892, being the Statitistical Supplement of the Engineering and Mining Journal." This great volume contains, besides these extracts, a vast amount of other statistical data relating to the production, markets and uses of gold and sil- ver, and of all other metals throughout the world. It is published and copyrighted by the Scientific Publishing Co., New York. ^JV INTERNATIONAL MONETARY CLEARING HOUSE. 31 The World's Production of Gold and Silter. In order to appreciate the gold and silver production of the United States it is necessary to make comparison with that of the world, and to do this intelligently it is imperative to investigate the differing statistics of the world's production, and to reduce from all the data available the most probable figures. The follow- ing table is taken from Dr. Adolph Soetbeer's Materials toward the Elucidation of the Economic Conditions affecting the Precious Metals, and completed to 1892 from other i-eliable data: WORLD 8 PRODUCTION OF GOLD AND SILVER. Mean Annual , Period. Product, Kilos. Ratio of Silver Co Gold, Ratio of Gold to Silver, Period. Product, Kilos. Ratio of Silver to Gold, Ratio nf Gold to Silver, Gold. Silver. Weight. Value. Gold. Silver. Weight. Value. 1493-1520. . . 5,800 47,000 8.1 (a) 10. 75 1856-1860.. 201,760 904,990 4.5 15.39 1581-1544... 7,160 90,200 18.6 (6)11.25 1861-1865.. 185,057 1,101,150 5.9 15.41 1545-1560... 8,510 311,600 36.6 (c)11.30 1866-1870.. 195,026 1,339,085 6.9 15.66 1561-1580... 6,840 299,500 43 8 11.60 1871-1875.. 173.904 1,969,435 11.3 15.98 1531-1600... 7,380 418.900 66.8 11.80 1876 165,968 3,328,779 14.0 17.88 1601-1620... 8,520 422,900 49.6 12.25 1877.... 179,445 8,388,612 13.3 i7.as 1631-1640... 8,300 393,600 47.4 14.00 1878 185,847 2,561,864 13.7 17.94 1641-1660... 8,770 366.300 41.8 14.60 1879 167,307 3,607,607 15.0 18.40 1661-1680. . . 9,260 337,000 36.4 15.00 1880 163,515 2,479,998 16.3 18.05 1681-1700. . . 10,765 341,900 31.8 14.97 1881.. .. 158,864 8,692,639 16.3 18.16 1701-17*. . . 12.820 355,600 27.7 15.21 1882 148,475 2,769,065 18.6 18.19 1721-1740. . . 19,080 431,200 22.6 15,08 1883 144,737 2,746,123 19.0 18.64 1741-1760. . . 24,610 533,145 31.7 14.75 1884 153,193 8,788,787 18.2 18.57 1761-1780. . . 20,705 652,710 31.5 14.73 1885 159,289 8,993,805 18.8 19.41 1781-1800... 17,790 879,060 49.4 15.09 1886. ... 159,741 8,902,471 18.3 20.78 1801-1810... 17,778 894,150 50.3 15.61 1687.... 159,155 3,990.398 18.8 21.13 1811-18J0... 11,445 540,770 47.2 15.51 1888 159,809 3,385;606 81.3 21.99 1821-18.30... 14,216 460,560 33.4 15.80 1889 185,809 3.901,809 81.0 22.09 1831-1840... 20,289 596,450 29.4 15.75 1890 181,256 4,1.S0,632 88.1 19 76 1841-1550... 54,759 780,415 14.3 15.83 1891..... 189,824 4,479,649 83.6 20.93 1851-1865... 199,388 886,115 4.4 15.41 1892 196,234 5,935,315 30.2 28.73 (a) For the period 1501,-20; (6) l.'i21-40; (c) 1541-60. Note.— The figures from 1493-1882, both years inclusive, are Soetbeer's; those for 1882-92 are from the reports of the Director of the Mint, except United States silver for 1892, which is from direct returns of U. S. refiners, etc. The world's stock of gold and silver was exceedingly small when America was discovered, 1492. Chevalier estimates the stock in Europe at that time at only $193,000,000. It was greater in Asia, where some authorities conjecture that it may have' been 11,500,000,000.* Eeferring to the table, it is seen that between 1493 and 1660 the production of gold was nearly stationary. The value of the silver product increased about eight- fold between 1493 and 1600, owing to the fabulous yield of the mines of Potosi, in Bolivia, and Pachncn, Zacatecas, and Guanajuato, in Mexico, and the price of silver decreased from $65 per kilogram to $59. During the next 60 years the silver product decreased; but the price of silver, instead of increasing, decreased much more rapidly than in the earlier period. From 1660 to 1780 the production of silver greatly increased; then rapidly decreased to 1820, and again greatly increased to 1860. The gold product increased from 1660 to 1760, decreased to 1830, and then increased more than tenfold between 1820 and 1860. The relative value of the total production of * Report of Silver Commission, 1877, p. 8. 38 UNIVERSAL BIMETALLISM AND gold and silver varied through wide ranges from 1660 to 1860. Notwithstanding these violent fluctuations in both metals., and in the relative product of each, the price of silver per kilogram remained nearly stationary during these 200 years. From i860 to 1885 the production of gold decreased and that of silver increased, but the great decline in price of silver did not set in until 1873. From a study of these statistics it becomes evident that so long as the production of silver as com- pared with that of gold fluctuated below the value ratio of the two metals, as ■established by their coinage values, the value of silver was practically una'fEected. The following table shows the world's production of gold and silver from 1849 io 1889 as given by different authorities. The figures in the columns headed ■"Soetbeer," from 1853 to 1885, inclusive, are from Dr. Adolph Soetbeer's Ma- terials toward the Elucidation of the Economic Conditions affecting the Precious Metals* VARIOUS ESTIMATES OF THE WORLD'S PRODDCTION OP GOLD AND SILVER. "Years. Gold. (Millions of Dollars.) Silver. (Millions of Dollars.) Soetbeer. Sir Hector Hay. Mint Re- port, 1889, Most Probable. Soetbeer. (a). Sir Hector Hay. (c) Mint Re- port, 1889. Most Prob- able, (e) 1849 27,1 44.6 67.6 132,8 165,5 127,5 135,1 147,6 133 3 124,7 124.9 119,3 113.8 107.8 107.0 113,0 120.2 121,1 104,0 109.7 106,2 106.9 107,0 99 6 96.2 90.8 97.5 103.7 114,0 119,0 109,0 106.5 103.0 102.0 95 4 101.7 108,4 106.0 106.8 110,2 121.0 . 39.0 39,0 40.0 40.6 40,6 40.6 40.6 40,7 40.7 40.7 40.8 40.8 44.7 46.2 49.3 51.7 52.0 50.8 54,2 60.2 47.6 51,6 61.1 65.3 81,8 T1.5 805 87.6 81,0 95.0 96 96,7 103,0 111,8 115.3 105.3 118.5 120.6 134.3 140.7 158.8 1850 1851 ""iO.5" 40,5 40.5 40.5 41.0 41.0 41.0 41.0 41.5 43.0 45.5 49,5 62.0 52,5 52.0 50.6 49.0 49,0 66.5 59.0 58,5 64,0 68.0 69,0 77.0 67.0 80.5 79.0 8T.5 94.0 108,5 103,0 104 106,5 1852 '82.5 156.0 127.0 138.0 149.5 133.3 124,0 124.5 119.0 114.0 107.0 106.5 113.0 120.0 121,0 1160 120,0 121.0 119,0 116.5 110.0 111,5 107.5 110.6 111.5 117,0 110,5 104 106 103,0 101,0 98.0 95,5 97.5 1853 ..... (6)132.5 (6)36,8 1854 1865 (6)132.5 134,0 134,0 133 130.0 127,0 122.0 119.0 119.0 122,0 126,0 127,0 127.0 126.0 125,0 123.0 119,0 113 112.0 111.0 111.0 111,0 116.0 120.0 114,0 108.0 104,0 100,0 97 100.0 106.0 106,0 106 110,0 120,0 ■1856 1857 (i>)37:7'" 1858 (6)134,1 1869 ■]8(i0 (d)40,0 46.0 1861 "(by&.i" 1862 46.0 1863 1864 . . . (6)123.0 49.0 52 1865 62.0 1S66 62,0 186T "\b)m.Y" 54 1868 1869 (6)139.6 57,0 61,0 1870 64.0 1871 68 1872 ■■"(6J8i.9" 71 1873 1874 ■(6)115.6 75.0 79 1875 ""gele" 993 106 1 104 2 103.1 107 8 115 1 120 4 122.9 132.0 134,6 141.9 151,2 1876 110.3 119.3 123.5 119 2 108.7 105.6 98.7 96.1 97.1 102 7 107.3 106.3 106.3 88 1877 93 1878 1879 .. ; .1880 1881 97.0 99.0 101.0 1882 111 1883 1884 1885 116,0 120.0 1886 130 1887 1888 146 1889 169,0 (a) Figured from kilograms at United States coining value, (6) Average for five preceding years, (c) Subse- quent to 1873 the figures in this column represent the product of silver calculated at its commercial value. (d) Average tor preceding ten years, (e) Based on United States coining value, $1.2929 per oz. Dr. Soetbeer's figures are in kilograms, and for the table have been reduced to United States coining values by multiplying by 1664.61393 per kilogram for gold • Second edition, Berlin, 1886, translated by Prof, F, W, Taussig, and published in Mr. Edward Atkinson's report of bi metallism in Europe, 1887. (Executive Document 34, Senate, Fiftieth Congress, first session.) AN INTERNATIONAL MONETARY CLEARING HOUSE. 39 and by $41.56764 per kilogram for silver. The figures in the same column for 1885 to 1888, inclusive, iire from Dr. Soetbeer's memoir on the production of gold and silver from 1885 to 1888, presented to the International Monetary Congress at Paris in 1889. The figures attributed to Sir Ht'ctor Hay are from a table furnished by him to the British Commission ou " Kecent Changes in the Relative Values of the Precious Metals" (1887). His figures, being given in pounds sterling, have been multi- plied by five to convert them (approximately) into dollars. The figures up to 1874 in the columns headed " Mint report" are taken from a table published in the annual report of Hon. Horatio C. Burchard, Director of the United States Mint, on " Production of Gold and Silver in the United States " for 1880, p. 294. The original autiiority for this table is not given. The close agreement of these figures between 1853 and 1866 with those given by Sir Hector ]I:iy would indicate that both were taken from the same original source for these years. The figures in this column subsequent to 1873 are from the annual report of Hon. Edward 0. Leech, Director of the United States Mint, on "Pro- duction of Goid and Silver in the United States" for the year 1889, p. 61. The following estimates of the gold and silver production of the world are taken from the reports of the Director of the United States Mint on the production of ^old and silver in the United States. The figures for 1880 are from the report of 1882, those for 1881 from the report of 1884, those for 1883 from the report of 1885, those for 1883 from the report of 1887, those for 1884, 1885, and 1886 from the report of 1888, those for 1887, 1888, and 1889 from the report of 1890, and tho ~e for 1890 and 1891 from the report of 1891. world's production of gold and silver prom 1880 TO 1891. (Kilogram of gold = $661.60. Kilogram of silver = $41.66, coining rate in United States silver dollars.) 1880. 1881. Gold. Si ver. Gold. Si ver. Kilos. Dollars. Kilos. Dollars. Kilos. Dollars. Kilos. Dollars. "United States Australasia Mexico 64.168 43,282 cl.488 C43,960 eloO 1,647 5 36,000,000 28,765,000 989,160 28,5.51,028 83i,610 1,094.696 3,.323 942,987 5,465 c605,469 ell, 391 el34,162 48,000 1,318 4,436 2432 74,600 1,719 1,641 Cl0,109 c24,067 nie64,677 ml2>,275 39,200,000 227,125 85,167,763 473,519 5,576,699 1,994,880 54,587 184.360 17,949 3,096,220 71,441 68,205 420,825 1,000,000 11,000,000 5,081,747 52,213 a46,178 dl,292 36,671 y350 1,867 1 34.700,000 30,690,000 858,909 24,371,843 2.32,610 1,240,808 665 1,034,649 63,970 d665.918 7,992 0186,990 31,359 1.176 4,818 J433 fe74,500 1,719 1,641 !10,I09 134,067 264,677 188,875 43,000,000 164,983 27,675,540 332,198 Germany Austria-Hungary.... 7.771,304 1,303,280 48,875 199.987 Italy ;il09 72,375 jm 72,375 17,949 3,096,820 Tui'ltey Canada 7 1,236 c1I8 c6,019 ml09 ml 94 1,.345 c702 c3,000 4,!)18 816,089 78.546 4,000,000 73,346 128,869 893,887 2,-274,692 466,548 1,993,800 1 1,648 niB ffi,B19 109 in4 1,116 fc3,423 (702 93,000 4,918 1,094,986 78,546 4,000,000 72.375 128,869 741,694 8,274.692 466,648 1,993,800 71,441 68,805 420.285 1.000,000 Bolivia 11,000,000 Chile 5,081,747 'e32,466 ■ ■ ' 916,460 !23,046 916,400 Total 160.152 106,486,786 3.27.T 082 94.S.-,l.flRO 155.016 103.033.078 3,458.322 102.168.354 (a) Official for Victoria and New South Wales, with estimated production of the other Provinces. (6) The mean of the official production tor 1880 and 1882. (c) Estimated, (d) Coinage and export, (e) From total production 17!« of gold and 85* of silver deducted for foreign ores. (/) Estimated, ig) Estimated by Dr. A- Soetbeer. (A) Estimated, (i) Dr. A. Soetbeer. (X *:, I, m) Estimated. 40 UNIVERSAL BIMETALLISM AND 1882. 1883. Countries. Sold. Silver. Gold. Silver. Kilos. Dollars. Kilos. Dollars. Kilos. Dollars. Kilos. Dollars. United States Australasia. ........ Mexico 48,902 48,081 1,409 35,913 376 61,580 17 32,500,000 31,955,017 936,283 23,867,935 849,890 1,050,068 11,293 1,126.083 2,011 703,508 7781 214,983 647,118 1,600 S,893 e433 e74,50O 2,164 14,291 46,800,000 83,592 29,237,798 383,427 8,934,652 1,958,224 62,3511 244,954 17,949 3,096,220 89,916 594,053 45,140 40,853 1,438 30,378 458 1,688 37 30,000,000 87,150,000 956,000 20,119,000 304,000 1,088,000 85,000 1,111,646 3,610 711.480 9:990 al42,700 48 700 1,583 5,645 d39,2.')9 y54.a35 dl,323 6,356 8.500 d6,030 11,500 fl8,a87 384,985 jl 60,000 46,200.000 150,01 29,569,000 Russia Germany 416,000 5,930,000 Austria- Hungary Sweden 2,024,000 66,000 235.000 Italy cl09 72,375 dl43 91,000 1,216,000 2,2.58,000 Turkey 10 6,646 d\0 7,000 55,000 264.000 tireat Britain 8 1,435 118 15,803 109 j500 9.58 5,083 Jl80 J890 711,078 o8,057 1.000 954,000 78,000 3,8.56.000 72,000 332,000 633,000 3,338,000 120.000 193.000 717,000 B-.155.0(10 363,000 Canada 91,648 A118 5,802 gm 245 31.116 3,904 fcl79 i953 m3,000 1,094,936 78,546 3,856,000 72,375 16B,<100 741,694 2,695,077 119,850 632,520 1,993,800 Sl,041 7ilO,109 18,283 o264,677 138,106 68,205 480,325 760,000 11,000.000 5,325,000 209,000 Argentina 478,000 760,000 Bolivia 16.000,000 Chile ; Brazil 6,650,000 "7c45;969' 731,131 1,908.066 877,772 Peru Japan Africa j46,909 212,940 449 1,908,000 538,000 19,000 Chiua Total 153,470 101.996.640 2.690,109 111.802,337 143,533 ■ 9.^,393.000 3,774,227 115,297,COi-l OS >-i W 'COO o Qo -o . 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"^ i.— "oo CO (w t-^ co" O— i-tOOCOt-OjlO-WOllO !DQ0O C0«0 "O" OO t' OS (N !0 oa COIO QOti T* QDO_ '~"^*'?.^'^"'^ low ', os'tfTo coco .oo v-i£ OtM in CO OWN CO OlOWCO SOOt-O THIICOI- wooTfiooeoinoN COQO'-i(?IOO^OSOCp o w o* Tf >~i CO CO CO ■^_o_ CO co'cToTo'cD irfcD o^o" oiDiot-aooc-^iROOin gi-iOO cot- in O00«l- tuc ■J 9 t.^W COO oso mi- cros ino ino 50 CIS mo OOiOO TfO CO?? oHmSot oeooira S-voin "*OiO inot-oS oios^oo so" OlO wo" 00 mo gcoa cot-o t-OlT OOS oo o^o lo'co 00 CO oo oo ot- COCO QOO t-o OS CO §8 OO Soo=.a- p,o^ Qj 3 o fees d.S oaS^ CXI t. S o OJ 2 o © ® t- Si C E'C.Si ^ a Mo .£0 s fao "ii •2a So li «2 •o o o .- at; CO >t c hfT) C 0) c ■^5 s CO 4) "O- X ■^n O Se: 12 U D O ?s 1 1 |X| * ia ^l.V INTERNATIONAL MONETARY CLEARING HOUSE. 4a Chronology of the Gold and Silvee Industry, 1442-1892. By Walter Renton Ingalls. The following clironology, compiled from various authorities, forms a brief history of the gold and silver mining industry for a period of 450 years, together with a record of the changes in the monetary position of the two metals. The dates given are believed to be in the main accurate, and are of interest in connec- tion with the statistical tables of production. 1442 : Gonzales Baldeza returned from a voyage to regions about Bojador, West Africa, bringing with him the first gold from the western coast of that continent. 1471: The silver mines at Schneeberg, Saxony, were first ;^orked; up to 1500 the yield is estimated to have been more than 160 tons (163,000 kilos) of silver, but after that year the output decreased rapidly. 1492 : Discovery of America by Columbus, whose chief object of search was gold, which he found in considerable quantity among the natives of the islands he reached. J 516 : The silver mines at Joachimsthal, Bohemia, were in flourishing coTidition at the beginning of the sixteenth century. In 1516 some 8000 miners were employed there. 1521: Conquest of Mexico by Hernando Cortes. 1522 : The first silver sent to Europe from the mines of Mexico was obtained from Tasoo, discovered by the Spaniards this year. These mines together with those of Pachuca are considered the oldest in Mexico,»some of them having been long worked by the Aztecs at the time of the arrival of the Spaniards. 1527 : There are no documents to show when silver-mining was first begun at Przibram, Bohemia, but, according to the municipal records, a concession to reopen the mines was granted in 1527. 1532 : Conquest of Peru by Francisco Pizarro. 1537: Gold-mining was begun by the Spaniards in New Granada (United States of Colombia). 1540: Work was begun by the Spaniards in the silver mines of Zacatecas, Mexico. 1545 : Discovery of the famous silver mines of Potosi, Bolivia. 1548 : First discovery of silver at Guanajuato, Mexico. 1555 : The silver mines at Sombrerete, Zacatecas, Mexico, began to produce. ]557: Invention of the patio process of silver amalgamation by Bartolome de Medina, of Pachuca, Mexico. 1571: The Iluancevalica quicksilver mines in Peru first began to produce in noteworthy quantity. This was an important event, as an abundant supply of mercury for the amalgamation of Potosi ore was thereby obtained. 1574: The patio process was introduced in Peru. 1575 : Discovery of the silver mines of Oruro, Bolivia. 1577 : The placers of Brazil were first discovered this year, but they were not actively worked until 1674, and their product did not begin to be important until 1695. 1590 : Invention of the system of copper-pan or " cazo " amalgamation by Alonzo Barba, at Potosi, Bolivia. 46 UNIVERSAL BIMETALLISM AND 1609: Holland maintained from 1609 to 1816 a silver monetary standara, giving gold a nominal valuation at a ratio of 14.7 to 1. 1623: Discovery of silver at Kongsberg, Norway; the works at that place were established the same year. 1630: Discovery of the famous silver mines of Cerro de Pasco, Peru. 1633: Discovery of the silver mines of Batopilas, Chihuahua, Mexico. 1633: Invention of the aludel furnace for the reduction of quicksilver, by L. S. Barba, a Peruvian ; this was the first efficient furnace devised for this purpose. 1666 : Discovery of the silver mines of Cusihuiriachic, Chihuahua, Mexico. 1688: Silver was the legal measure of value in Hamburg, a city of extensive commerce, from leSS* Until recent times, but gold also was coined at a ratio of 14|to 1. *'■' ' . 1695: The rich placers of Minas Geraes, Brazil, began to produce largely. 1703: Establishment of the school of mines at Freiberg, Saxony. 1704: Discovery of the silver mines of Santa Eulalia, Chihuahua, Mexico. Discovery of silver at Nertschinsk, Siberia, and the first regular mining of precious metals in that country was begun. 1710: The metallurgical works at Freiberg, Saxony, were established. 1717: From 1717 to 1816, the legal ratio between gold and silver in England was 15^ to 1. 1737 : Discovery of gold near Voitsk, Government of Archangel, Kussia. 1745 : Important discovery of gold-bearing quartz on the Beriozofsk River, near Ekaterinburg, in the Ural,''Russia. Gold-mining was also commenced on Snake Mountain, in the Altai Range, Siberia. 1763: Discovery of the great silver bonanza of Real del Monte, Mexico. 1771 : Discovery of the rich silver mines of Hualgayo, Peru. 1774: The first placers in the Ural were discovered this year, quartz lodes hav- ing been opened nearly thirty years previous. 1778 : The silver mines of Catorce, Mexico, were opened and proved to be rich. 1783 : Zambrano discovered the famous silver mines of Guarisamey, Durango, Mexico. 1786 : Prior to the Constitution of 1789, the Congress of the American States had, in 1786, established a double monetary standard with a ratio of 15^ to 1, fixing as unit the dollar of pure silver of 375.64 grains. 1790 : Barrel amalgamation was introduced at the metallurgical works at Frei- berg, Saxony. 1793 : The famous bonanza at Sombrerete, Zacatecas, Mexico, was discovered this year, the mines at that place having been worked for more than two cen- turies. The legal ratio between gold and silver in the United States was made 15 to 1, by the act of Congress creating a mint. 1793 : Mules and horses were used in Mexico, for the first time, for mixing the pulp, mercury, and chemicals in the patio process, saving 75^ in the cost of this branch of working; prior to this time, the operation had been performed entirely by human labor. 1798 : Discovery of the great bonanza (silver) at Ramos, Mexico. 1803 : France adopted the double monetary standard at a ratio of 15 J to 1 ; AN INTERNATIONAL MONETARY CLEARING HOUSE. 47 previous to the Revolution, the ratio between gold and silver in that country had been 15 to 1. ] 805 : The gold mines of the Ancosta district, Bolivia, commenced to yield. 1810 : Discovery of silver at El Refugio, Chihuahua, Mexico. 1816 : Discovery of the Melkowa placers, Siberia. England adopted the- gold standard by act of Parliament of this year. Silver was the sole standard in Holland until this year, when the double stand- ard was adopted at a ratio of 15.873 to 1. 1821 : Resumption of specie payments in gold by the Bank of England. 1824: Discovery of silver at Palmarejo, Chihuahua, Mexico. The silver mines of Presnillo, Zacatecas, Mexico, were opened. 1829: Discovery of gold mines in Georgia; first mining excitement in the United States. 1830 : Discovery of the placers of the Altai Mountains, Siberia. Discovery of the silver mines of Guadaleaflal, Spain. 1832 : The silver mines of ChaQarcillo, near Copiapo, Chile, were opened. 1834 : The legal ratio between gold and silver in the United States was made 16 to 1. 1837: The St. John del Rey Mining Company, operating the Morro Velho gold mine in Brazil, commenced to produce largely. 1839 : Count Strzelecki is said to have found gold in New South "Wales in 1839, but in deference to the wishes of the Governor, Sir G. Phipps, the discovery was kept secret, the colony being then a penal one. In 1841, Rev. W. Clark also found gold, and in 1847 he called the attention of the colonists to the auriferous; character of the country. The value of the diggings was not realized, however,, until Hargreaves made his discovery in 1851. 1843: The Augustin process of working silver ores was introduced at the- Gottesbelohnung Hiitte, near Mansfeld, Germany, and later in the year at the Freiberg works. Discovery of the silver mines of Hien de la Encina, in Guadalajara, Spain. 1847 : Holland again adopted the silver standard. 1848: On January 19, Marshall discovered gold at Coloma, Cal. This find started the rush of gold-seekers to the Pacific Coast, and by the end of the year numerous discoveries of the precious metal had been made in various portions of the State, notably along the American and Feather rivers. The Ziervogel process for treating silver ores was introduced at Freiberg, super- seding the Augustin process. 1849 : Discovery of gold in the bed of the Yuruari River, Venezuela, hut the region did not become the scene of great operations until several years later. Discovery of gold in Gold Caflon, Nevada; an important event, as it eventually led to the discovery of the Comstock lode. 1850 : Belgium adopted the single silver monetary standard. Quartz-mining was begun in California. 1851: Discovery of gold in New South "Wales by Hargreaves. Discovery of gold at Ballarat and Bendigo, in "Victoria, following close upon the discoveries in New South "Wales. Work was begun at the quicksilver mines of New Almaden, California. 48 UNIVERSAL BIMETALLISM AND 1853 : Discovery of gold in South Australia and Tasmania. Invention of the process of hydraulic mining in California by Edward B. Mattison, a native of Connecticut. ] 857 : Discovery of gold in New Zealand. Suspension of specie payments by Russia. The German States, including Austria, adopted sa single silver standard. 1858 : Discovery of gold at Canoona, Queensland. The Patera process was introduced at Joachimsthal, Bohemia; the use of sodium hyposulphite as a lixiviant for silver ores having been first suggested by Dr. Percy in 1848. 1859 : The Comstock lode, Nevada, was discovered early in the year by O'Eeilly and McLaughlin, at the point where the Ophir mine is located. The Grosh brothers found silver in this vicinity several years previous, but their discovery came to naught. Discovery of gold in the Fraser River region, British Columbia. Pike's Peak excitement; discovery of gold placers in Gilpin County, Colorado, in California Gulch, and at Breckenridge. 1860 : Invention of the Washoe process of pan amalgamation by Almarin B. Paul and James Smith. Discovery of the Gould & Curry and Savage bonanzas in the Comstock lode. Discovery of the placers of the Boise Basin in Idaho. After seventeen centuries of neglect the silver-lead mines of Laurium, in Greece, were reopened, a French company having obtained a concession of the property. 1861: Belgium returned to the double monetary standard. Discovery of gold in Nova Scotia. Discovery of rich placers in Oregon. 1862 : Suspension of specie payments by the United States. First important discoveries of gold in Montana. Discovery of silver in the Reese River district, Nevada. 1863: First discoveries of argentiferous lead ores in Little Cottonwood Caflon, Utah. 1864 : First locations at Eureka, Nevada, but no important discoveries (silver- lead) were made until the fall of 1869. Claims were also located at Pioche, in the same State, though operations at that place did not become successful until several years later. Discovery of rich placers in Last Chance Gulch, Montana; placers were also located at Butte. Discovery of the Yellow Jacket-Kentuck-Crown Point and Belcher bonanzas in the Comstock lode. 1865 : Establishment of the Latin Union, consisting of Prance, Italy, Switzer- land, and Belgium, providing for a double monetary standard at a ratio of 15^ to 1, the agreement to hold good until 1880. Discovery of the silver lodes at Phillipsburg, Deer Lodge County, Montana, but it was not until 1881 that the great Granite Mountain mine began to develop into a bonanza. Discovery of the Chollar-Potosi bonanza in the Comstock lode. AN INTERNATIONAL MONETARY CLEARING HOUSE. 49 1866 : Italy eiispended specie payments. Discovery of the Overman-Segregated Belcher-Caledonia and Hale & Norcross bonanzas in the Oomstock lode. Discovery of the famous El Callao mine, Yuruari district, Venezuela. 1867: First international monetary conference convened in Paris by the French Government, at which twenty nations, comprising all the important countries of Europe and America, were represented. Discovery of rich deposits of silver ore at White Pine, Nev. ; these were the first large bodies of silver ore found in a limestone formation in the United States, and the information gained from them led directly to the discovery of the silver- lead deposits of Eureka soon afterwards. The smelting works of the Boston & Colorado Smelting Company were estab- lished at Black Hawk, Colorado; this was an important step for the development of the mines of Gilpin County and other districts in Colorado. Discovery of the Thames gold-field on the north island of New Zealand. 1868 : Greece joined the Latin Union. Discovery of gold in Western Australia, but it was not until 1887 that any diggings of importance were found. The Emma silver mine. Little Cottonwood, Utah, was located in August of this year, but no large shipments were made until July, 1870. Discovery of the Siarra Nevada bonanza in the Gomstock lode. 1869 : Discovery of the important silver-lead deposits of Eureka, Nevada. The American practice of lead smelting has been developed chiefly from the methods adopted in this district. The Pacific Eailway was completed, and prospecting along its line was greatly stimulated. The Sutro tunnel to open the Comstock lode was commenced Oct. 19. Discovery of promising deposits of silver ore at Pioche, Nev. Copper-silver ore was discovered at Butte, Montana, and a smelting furnace erected at the Parrott mine. 1870 : Great silver deposits were discovered at Caracoles, about 120 miles inland in the desert province of Atacama, Chile, on the Bolivian frontier. The silver mines of Eureka and Pioche, Nevada, became large producers. 1871 : The German Empire, by Act of Dec. 4, assumed the sovereign right of coinage and adopted the gold standard ; the mintage of silver was discontinued. Discovery of the great Crown Point-Belcher bonanza in the Comstock lode. The mines of Big and Little Cottonwood, Utah, made large shipments. 1872 : Discovery of silver at Georgetown, New Mexico. The Ontario vein (silver). Park City, Utah, was located June 19. 1873: The United States, by Act of Congress, Feb. 12, discontinued the coinage of silver dollars. This Act did not demonetize silver in words, although it did so in effect. The silver dollar is not named in it. Precisely what the Act did was to authorize the coinage of silver half-dollars, quarter-dollars, and dimes below standard weight, and of a new silver coin for Asiatic commerce, of standard weight, to be called the " trade dollar," and to prohibit these coins from being legal tender for more than five dollars in any one payment. 50 UNIVERSAL BIMETALLISM AND Discovery of the " Big Bonanza " in the Consolidated California & Virginia mines on the Comstock lode. The German Government, by Act of July 9, provided for the retirement of its silver coins and the sale of the bullion. By a Treasury order, Sept. 6, France limited the amount of silver to be accepted by its mint. 1874 : A year of great excitement on the Comstock, the " Big Bonanza " begin- ning to yield largely, while another bonanza was discovered in the Ophir mine. Silver was demonetized by the Scandinavian States. Discovery of promising silver mines, including the Silver King, in the Pinal Eange, Arizona. Early in the year argentiferous lead- carbonate ore was found on Iron Hill, Leadville, and the Lime and Eock claims were located. By an agreement made in January of this year, the Latin Union was to limit the coinage of silver, exclusive of subsidiary coins, to the following sums for three years: 1874, 140,000,000 francs; 1875, 150,000,000 francs; 1876, 108,000,000 francs. Any nation in the Union had the right to decline coining its. quota of this amount any year. 1875 : Holland, by Act of June 6, suspended mintage of silver for private ac- count, and established gold coinage with unlimited legal-tender functions, with a ratio of 15.604 to 1; this was a provisional law, to last only until Jan. 1, 1877. Switzerland declined to coin its quota of silver assigned by the agreement of the Latin Union. 1876 : First shipments of silver-lead ore from Leadville, Colo. Discovery of silver-lead ore at Frisco, Utah, and the Horn Silver mine was opened this year. In July was brought the first suit of the farmers in California against hydraulic miners, and from this time the debris question became a burning subject of dis- cussion. The gold-fields of Black Hills, Dakota, began to attract much attention. Discovery of the Drumlummon ledge (gold) at Marysville, Mont. Belgium suspended the coinage of silver. France discontinued the mintage of silver, except for subsidiary coins, until January, 1878, by proclamation of the President, in accordance with the Act of August 5, 1876. A royal decree was issued in Spain interdicting the coinage of silver except on Government account, and declaring it to be the intention of the Government to limit the legal-tender function of silver to 150 pesetas (about |30) after it had obtained a sufficient amount of gold to make this step practicable. Eussia suspended the coinage of silver for individuals, excepting the amount of silver money needed for trade with China. By Act of Congress of the United States, August 15, a silver commission was 'created which reported on March 2, 1877. 1877: Discovery of rich silver veins at Silver- Cliff, Colorado, including the Bassick and Bull-Domingo mines. The curious argentiferous sandstone deposits of Silver Eeef, Washington AN INTERNATIONAL MONETARY CLEARING HOUSE. 51 County, Utah, had been known since 1871 and a mining district was organized there in 1 874, but the mines did not commence to produce until 1876. 1878: On Feb. 28, the Congress of the United States passed an Act ordaining the coinage ($2,000,000 per month at least, $4,000,000 at most) on Government account of silver dollars of 412^ grains, 900 fine, and made them full legal tender except where expressly stipulated otherwise by contract. An international monetary conference was held in August at Paris. Great excitement at Leadville, Colo., where many new discoveries were made. The first locations at Tombstone, Ariz., were filed, and the next year the mines (silver) there commenced to produce largely. Discovery of the silver-lead deposits of Sierra Mojada, Coahuila, Mexico. 1879: The German Government discontinued its sales of silver on May 16. Eesumption of specie payments by the United States. Discovery of promising veins of silver ore at Aspen, Colo., and in the San Juan region in the southwestern part of the same State. 1880: Eeported existence of promising gold veins in the Colar fields of Mysore, Southern India, which were subsequently opened and became large producers. 1881 : Discovery of silver ore at Lake Valley, New Mexico. First important discoveries of silver ore in the Calico district, California. 1883: Decision of the courts prohibiting hydraulic mining in the valleys of navigable rivers of California. 1883 : The Mount Morgan gold mine, at Eockhampton, Queensland, began to produce. The Broken Hill mine (silver-lead) in New South "Wales, Australia, was dis- covered in September. 1884: Discovery of gold in De Kaap district of the Transvaal, South Africa. 1885: Discovery of the silver-lead deposits of the Cceur d'Alene region, Idaho. The first important discoveries in the "banket" formation, Witwatersrand, Transvaal, South Africa, were made during this year, but active operations were not commenced until 1887. 1890: Act of Congress, July 14, repealing the law of 1878 and providing for the purchase of 4,500,000 ounces of silver monthly, against which certificates are issued, redeemable in either gold or silver. Establishment of the silver-lead smelting industry in Mexico. 1891 : The gold-fields of Mashonaland, South Africa, began to attract attention. Large exports of gold from New York and purchases by Eussia. Discovery of silver ore at Creede, Colo., and gold at Cripple Creek, in the same State. 1892 : The price of silver reached 82 cents per oz., the lowest point ever recorded, Austro-Hungary adopted the gold rri'onetary standard. Third international monetary conference held in Brussels on invitation of the United States, adjourning in December without result. At the close of the year large exports of gold from the United States, causing a very unsettled feeling in financial affairs. INDEX, Africa, Gold and Silver Production, 39, 40, 41, 43. Argentina, Coinage, 44. Gold and Silver Production, 39, 40, 41, 42. Australasia, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Austria-Hungary, Adopts the Gold Stand- ard, 61. Banks of Issue, 31. Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6, 39, 31. Recent Monetary Re terms, 39. Banking and Monetary Systems of the World, 19. Belgium, Adopts Silver Standard, 47. Banks, 34. Coinage, 44, Joins Latin Monetary Union, 48. Limits Silver Coinage, 14. Monetary System and Stocks, 6, 7, 34. Returns to Double Standard, 48. Bimetallism, Amount of Gold Required to Establish, 10. Conditions for Permanency, 11. Bolivia, Coinage, 44. Gold and Silver Production, 37, 39, 40, 41,43. Brazil, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. British Africa, Coinage, 44. British West Indies, Coinage, 44. Brussels, International Silver Conference, 51. Burchard, Horatio C, Director U. S. Mint, 39. Canada, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6. Central America, Gold and Silver Produc- tion, 41, 43. Monetary System and Stocks, 6. Chile, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. China, Gold and Silver Production, 41, 43. Clearing House. See International Mone- tary Clearing House. Cochin China, Coinage, 44. Coinage of Nations, 44. United States Silver, 43. Colombia, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Congo Free State, Coinage, 44. Costa Rica, Coinage, 44. Cuba, Monetary System and Stocks, 6. Demonetization of Silver, Effects of, 14. Denmark, Banks, 33. Coinage, 44. Demonetizes Silver, 50. Ecuador, Coinage, 44. Egypt, Coinage, 44. Monetary System and StockSj 6. Engineering and Mining Journal, 35. Eritrea, Coinage, 44. France, Adopts the Double Standard, 46. Banks of Issue in, 33. Coinage, 44. Colonies, Coinage, 44. Gold and Silver Production, 40, 41, 43. Joins Latin Monetary Union, 48. Monetary System and Stoclis, 6, 7, 31, 33. Suspends Silver Coinage, 50. German East Africa, Coinage, 44. Germany Adopts the Gold Standard, 49. Banks, 38. Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6, 37, 39. Gold, Amount Required to Establish Bi- metallism, 10. Gold and Silver, Chronology of, 45. Commercial Ratio, 13, 43. Regulation of Ratios, 43. Stocks, Fluctuations of, 37. World's Production, 13, 37, 38, 39, 40, 41, 43. Gold, Coinage, All Nations, 44. Purchases, Effects of, 15. Great Britain Adopts the Gold Standard, 47. Bank of Issue, 30. Coinage, 44. Gold and Silver Production, 40, 41, 43. Greatest Creditor Nation, 16. Monetary System and Stocks, 6, 7, 19, 20. Great Comoro, Coinage, 44. Greece, Banks, 25. Joins the Latin Monetary Union, 49, Monetary System and Stocks, 6, 7, 81. Guiana;, British, Gold and Silver Produc- tion, 41, 42. Dutch, Gold and Silver Production, 41, 43. Haiti, Coinage, 44. Monetary System and Stocks, 6. Hay, Sir Hector, Estimate of Gold and Sil- ver Production, 38. Hawaii, Coinage, 44. Honduras, Coinage, 44. Hong Kong, Coinage, 44. India, British, Banks, 21. INDEX. 53 India, Coinage, 44. Gold and Silver Production, 41, 43. Monetary System and Stocks, 6, 20. Ingalls, Walter Eentan, Chronology of the Precious Metals, 45. International Monetary Clearing House, 8. Certiflcates of, 11. Functions, 9, 11. Government, 10. Influence, 16. Objects, 9. International Monetary Conferences, 49, 51. At Paris, 49, 51. At Brussels, 51. Italy, Banks, 35. Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Joins the Latin- Monetary Union, 48. Monetary System and Stocks, 6, 31, 34. Japan, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43.' Monetary System and Stocks, 6. Latin Monetary Union, Banks, 33. Established, 48. Monetary System and Stocks, 31, 35. Leech, Edward O., Director U. S. Mint, 39. London Silver Prices, 43. Mexico, Coinage, 44. Gold and Silver Production, 37, 39, 40, 41, 43. Monetary System and Stocks, 6. "Mineral Industry for 1893," 35. Monaco, Coinage, 44. Monetary and Banking Systems of Europe, 19. Clearing House. See International Monetary Clearing House. Problem of the Future, 17. Standard, Effect of Changes, 7. Systems and Stocks of the World, 6, 7. Unions, 8. Money and Standards of Value, 5. International Control of, 5. Proportion Held by Different Nations, 7. Stocks and Systems of the World, 6. Netherlands Adopts Double Standard, 47. Banks, 37. Coinage, 44. Monetary System and Stocks, 6, 36, 37. Returns to Silver Standard, 47. Suspends Silver Coinage, 50. New York Silver Prices, 43. Nicaragua, Coinage, 44. Norway, Banks, 33. Coinage, 44. Demonetizes Silver, 50. Gold and Silver Production, 39, 40, 41, 43. Peru, Coinage, 44. Gold and Silver Production, 40, 41, 43. Portugal, Banks, 33. Coinage, 44. Monetary System and Stocks, 6, 33, 33. Postal Unions, 8. Ruumania, Banks, 35. Monetary System, 35. Russia, Banks, 33. Coinage, 44. Russia, Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6, 33, 34. Suspends Silver Coinage, 50. Scandinavian Union, Banks, 33. Monetary System and Stocks, 6, 31, 33. Servia, Banks, 35. Monetary Sy.stem, 35. Siam, Coinage, 44. Silver and Gold, Chronology of, 45. Coinage, Al I Nations, 44. Commercial Ratios, 13, 43. Stocks at Different Dates, 37. World's Production, 87, 38, 39, 40, 41, 43, Silver Coinage Limited, 14, 50. Demonetization by Different Nations, 13, 14, 39, 51. Effects of, 14. Prices, New York and London, 43. Standard, Populations Using, 7. United Siates Coinage, 43. Purchases, 43. Soetbeer, Dr. Adolph, "Economic C'lndi- tions Affecting the Precious Metals," 37, 38. Estimate of Gold and Silver Produc- tion, 38. South America, Monetary System and Stocks, 6. Spain, Banks, 36. Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6, 35, 36. Suspends Silver Coinage, 50. Straits Settlements, Coinage, 44. Monetary System and Stocks, 6. Sweden, Coinage, 44. , Gold and Silver Production, 39, 40, 41, 43. Suspends Silver Coinage, 50. Switzerland, Banks, 35. Coinage, 44. Joins Latin Monetary Union, 48. Monetary System and Stocks, 6, 31. Tunis, Coinage, 44. Turkey, Banks, 39. Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Monetary System and Stocks, 6. 34. United States, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. Mint Report, Estimate of Gold and Silver Production, 38. Monetary System and Stocks, 6, 7. Silver Coinage, 43, 50. Coinage Act of 1878, 51. Purchase Act of 1890, 51. Values, Changes in, 7. Venezuela, Coinage, 44. Gold and Silver Production, 39, 40, 41, 43. World's Coinage, 44. Gold and Silver Production, 37, 38, 39, 40, 41, 43. 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