Factors In The Gold And Silver Situation In The United States

DURING the closing days of the last Congress a resolution was passed, creating the Senate Com-mission of Gold and Silver Inquiry. The resolu-tion charges the Commission with the responsibility to investigate and report to the Congress on Jan. 1, 1924, upon the following subjects: 1. The causes of the continuing decrease in the production of gold and silver. 2. The causes of the depressed condition of the gold and silver industry in the United States. 3. The production, reduction, refining, transportation, mar-keting, sale, and uses of gold and silver in the United States and elsewhere. 4. The effect of the decreased production of gold and silver upon commerce, industry, exchange, and prices. The personnel of the Commission is as follows: Senators Pittman, Sterling, Goodling, Walsh and Oddie. At a meeting on May 8, H. N. Lawrie, a mining engi-neer and economist, was appointed as Assistant to the Commission. The present situation with respect to the gold and silver mining industries is well illustrated by the follow-ing data: The total world production of gold (in dollars) for 1915 was $468,724,918, and for 1921, $329,915,101; as shown by the reports of the U. S. Mint; and for the year 1922, $306,793,000, which is based oh a prelimi-nary estimate; this indicates a decrease of 34.5 per cent. between 1915 and 1922. The total world production of silver (in fine ounces) for 1915 was 178,850,000 oz.; for 1921, 175,268,234 oz., a decrease of 2 per cent.