Leon Faucher - Remarks on the production of the precious metals

Divers causes appear, however, hitherto to have prevented such a desideratum. In the first place, gold and silver producing countries have generally been in a rude state of civilization; and as unable to apply rules for the public weal, as to employ machinery to aid their industry. Thus, even in the registry in Mexico under the Spanish rule, of all the money coined at their mint, and for ascertaining the amount produced in the mines by the proportion of the tax due to government, which ought to be levied thereon by the hundred-weight, – it is absolutely necessary to take into account all that quantity which escapes the vigilance of the tax-collector, and which is either sent into the interior, or exported clandestinely.

What is the sum of the precious metals really produced at any given time? What is the proportion of such production which, when exported, acts as a regulator of the prices in Europe? How are the channels formed which sometimes direct the stream of commerce towards the east, and sometimes towards the west, in the distribution of the metallic wealth of the world? All such problems, as regards the past, must probably remain unsolved. The enquiry becomes more easy when referring to our own times; but even then large allowances for incorrectness of data must necessarily be made.

At the beginning of this century, according to M. de Humboldt, gold and silver were imported annually into Europe in the relative proportions of about 1 to 55; that is, 13 13 lbs. 42,336=£1,975,000 15,800 kilogrammes of gold to 14 14 lbs. 2,331,070=£6,923,210 869,960 kilogrammes of silver. M. Michel Chevalier, stating, not the import but the production, calculates it at 15 15 lbs. 63,504=£2,962,500 23,700 kilogrammes of gold against 16 16 lbs. 2,411,562=£7,234,686 900,000 kilogrammes of silver, or in the proportion of 1 to 38; but the gold of Africa and Asia, comprised in this statement, never really found its way into European markets except in the smallest quantities, and in such amounts as could have no appreciable influence on the commercial prices of the metals. From 1810 to 1830, according to Mr. Jacob, the produce of America diminished by one half. As the reduction refers principally to silver, that is to say, to those mines which required both capital and labor, it is fair to assume that, at least during the first part of this period, the relative proportion of gold to silver would have increased; but we have no means of verifying figures which appear to justify what would otherwise rest solely on the analogy of the case.

In 1847, when the general working of the auriferous region of the Oural Mountains was at its meridian, M. Chevalier considers the annual production of gold throughout the world to have been 17 17 lbs. 169,479=£7,906,250 63,250 kilogrammes, and that of silver 18 18 lbs. 2,344,574=£7,033,792 875,000 kilogrammes. This would be 19 19 lbs. 66,989=£200,967 25,000 kilogrammes less of silver, and 20 20 lbs. 80,386=£3,750,000 30,000 kilogrammes more of gold, than at the beginning of the century. At these figures gold stands in reference to silver as 1 to 14. The return from these gold regions appears to have been greatly over-estimated. I find in a table, published in the “ Times ” of May, 1852, statements which appear to be founded on correct data, and which bring the production of gold up to 42,800 kilogrammes – that is, to 21 21 £5,896,000 147,400,000 francs.

This result, then, is remarkable. The 17th century produced 1 lb. of gold to 60 lb. of silver. In the 18th century the production was as 1 lb. to 30 lbs. At the beginning of the 19th century silver was again abundant, and appeared in quantity as 1 to 50. Towards the year 1847 the production of gold again increased, and the relative proportions were as 1 to 20. The development of the Siberian mines, which has so materially changed the relative production of the two metals, has produced no sensible alteration in price. Will it be the same with the wonderful discoveries in California and Australia? To solve this question, it will be desirable to examine accurately the actual state of the production of gold and silver throughout the world.

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£20,000,000

£24,000,000

lbs. 797,629=£37,209,423

£4,000,000

A kilogramme is equal to about 2 lbs. 8 oz. 3 dwts. 2 grs., and is worth about £125; 30 kilogrammes would therefore weigh about 80 lbs. 3oz. 20 dwts. 12 grs., and would be worth about £3750.

£5,960,000

lbs. 6,381,530=£297,700,000

lbs. 295,717,106=£887,151,318

£1,280,000,000

£320,000,000

£240,000,000

£80,000,000

lbs. 42,336=£1,975,000

lbs. 2,331,070=£6,923,210

lbs. 63,504=£2,962,500

lbs. 2,411,562=£7,234,686

lbs. 169,479=£7,906,250

lbs. 2,344,574=£7,033,792

lbs. 66,989=£200,967

lbs. 80,386=£3,750,000

£5,896,000