PRODUCT OF GOLD AND SILVER IN THE UNITED STATES FROM 1792 тo 1844, and

ANNUALLY SINCE.

[The estimate for 1792-1873, is by R. W. Raymond, Commissioner, and since by the director of the Mint.]

OWNERSHIP OF GOLD AND SILVER IN THE UNITED STATES JULY 1, 1893.

[Report of Director of Mint, 1833, p. 45.]

1894...

Total..

*Gold coin and bullion in Treasury exclusive of $92,642,189 gold certificates outstanding. + Silver dollars in Treasury exclusive of $326.828,848 silver certificates outstanding.

Includes $54,835,100 Treasury and clearing house gold certificates.

§ Includes $22,626,150 silver certificates held by national banks.

OWNERSHIP OF Gold and SILVER IN THE UNITED STATES JULY 1, 1894.
[Report of Director of Mint, 1834, p. 40.]

* Gold coin and bullion in Treasury exclusive of C6,330,310 gold certificates outstanding.

+ Silver dollars in Treasury exclusive of $326.990.7 6 silver certificates outstanding.

* Includes $74,583, 90 Treasury and clearing-house gold certificates.

§ Includes $38,075,412 silver certificates held by national banks.

OWNERSHIP OF Gold and SILVER IN THE UNITED STATES JULY 1, 1895.

*Gold and silver bullion in the Treasury exclusive of $18.381,569 gold certificates outstanding.
+ Silver dollars in the Treasury exclusive of $319,731,752 silver certificates outstanding.
Includes $53,740,600 Treasury and Clearing-house gold certificates.
Includes $30,127,457 silver certificates held by national banks.

IMPORTS AND EXPORTS OF GOLD AND SILVER COIN AND BULLION INTO AND FROM THE UNITED STATES.

Prior to 1864 the figures cannot be given for domestic exports or imports of gold and silver separately. The figures of total imports and exports for the years 1815-1863 will be found in the Report on Commerce and Navigation, 1894, p. xxii., or Statistical Abstract for 1894, pp. 51, 52. The Annual Report on Commerce and Navigation gives full details as to countries to and from which gold and silver are exported and imported.

References, Gold and Silver.-For consumption of gold and silver in the arts, by countries, see "History of Bimetallism," by J. L. Laughlin (N. Y., 1591), p. 256.-For Exports and Imports, see Report of Director of the Mint, 1894, pp. 141-153, 298, 299, by countries 150-153, 300-318.-The most generally recognized authority on production of gold and silver is Dr. Adolph Soet beer. His "Materials," translated into English, form a part of a United States Government Report on "Bimetallism in Europe," (1887). His latest work, "Literaturnachweis über Geld und Munwesen," contains the results of his researches to 1892.

460

PRICES AND WAGES.

RELATIVE PRICES AND WAGES IN THE UNITED STATES AND ELSEWHERE.
[Compiled from "Has Gold Appreciated," by C. C. Jackson.]

NOTE.-The United States price table is made from the average prices in the United States of 90 articles for each year between 1840 and 1860, and of 223 articles for each year between 1860 and 1393. In this table, differently from the other two price tables, the price of each article is given as much relative importance in computing the average as that article has in the consumption of the average citizen of the United States.

The London Economist" table is made from the prices of 22 articles in London. Four of the 22 are products of cotton.

Prof. Adolph Soetbeer's table is made from the prices of 114 articles in London and Hamburg. Mr. Sauerbeck's table is ma e from the prices of the 45 most important articles of English foreign trade. 100 average of 1867-1877.

The figures for wages in the United States are from the Aldrich report, and are averaged by weighting the figures for different industries according to their importance.

The results given in the last two columns" Purchasing Power of Gold " and " Cost of Gold Measared by Labor "are also derived from the figures of the Aldrich Report.

WAGES, PRICES AND PURCHASING POWER OF WAGES IN THE U. S., 1860-1891.

1861 1863 1865 1867 1869 1871 1873 1875 1877 1879 1881 1889 1885 1887 1889 189

COURSE OF WASES & PRICES IN UNITED STATES FROM 1860 TO 1891

Currency Wages

75

AUTHORITY ALDRICH SENATE REPORT PART PAGES 13.14.93 AND 100

1861 1863 1865 1867 -1869 1871 1873 1875 1877 1879 1881 1883 1885 1887 1889 189

References-Prices and Wages.

Aldrich Report.

The most complete compilation of wages and prices in this, or any other country, is that contained in the Report of the Senate Finance Committee, known as the Aldrich Report on Wholesale Prices, Wages and Transportation, March 3, 1893 (Washington, 1893, 4 vols.).

This investigation covers the course of wages and prices in the United States from 1840-1892. The Statistician of the Committee has reduced prices and wages to percentages, using the prices and wages of 1860 as 100. In addition, simple and weighted averages are given, so that the two methods show in an undisputed way the relative variations from year to year. The report takes first prices and

then wages.

Prices.-(1) The course of wholesale prices of from 200 to 300 articles in common use in distinctive markets, 1840-1891, Tables XI. and XII., vol. ii.. 65-293; vol. iv., 1880-1892. (2) The wholesale prices of agricultural products in New York, Chicago and Cincinnati for the same period, Table X., vol. ii., pp. 2-64. (3) The wholesale prices of the articles included in Table XI. for October, 1891, and October, 1892, Table XII., vol. iv., pp. 1843-1902. Results of the investigation of prices will be found in tabular form, vol. i., pp. 8-11.

Wages.-Wages are also taken up, and the variations from year to year are shown by the same method as that used in the price investigation (1) The rate of wages in nearly 100 establishments, covering 22 distinct industries, 1845-1891, Table XII., vol. ii., pp. 238-626. (2) Special investigation into the rates of wages and earnings in the coal, iron, glass and pottery industry for 1840-1891, Table XII., vol. ii., pp. 293-627. (3) Salaries of teachers during the period, Table XIV., vol. iv., 1573-1902. (4) Rate of wages in July, 1891, and October, 1892, Table XXIV., vol. iv., pp. 1851-1902. The result of the wages investigation will be found in vol. i., pp. 11-16.

Other References.

"A Statistical Study," an article by Mr. Carroll D. Wright, giving a summary review of wages investigation in the United States. "Forum," vol. 15, p. 221.-Prices in New York and Chicago 1862-1891, "Journal of Political Economy," December, 1892. Prices of two hundred commodities in the United States, 1860-1891, compiled by Dr. Sarah McLean Hardy, Journal of Political Economy," March, 1895."Prices and Wages in India," published by Statistical Department of Indian Department of Finance and Commerce, Calcutta, 1894, pp. 162-170, 290-295. See also Herschell Report on the coinage of silver in India (Washington, 1893), pp. 440-447, 633; "Quality of Money and Wages," Frank L. McVey (Sound Currency, No. 19, pp. 12-13.-Sauerbeck's Table of Prices of forty-five commodities in England, reprinted by the Bureau of Statistics, Treasury Department, Washington, D. C., 1895. Contains London Economist" table of prices, pp. 16-18, and a chart showing price variations in food, materials and silver. To be found also in Report of Senate Finance Committee, vol. i., pp. 229-256; "Royal Statistical Society's Journal," 1886, pp. 592, 648, and 1893, pp. 220 and 247; brought down to date in "Journal of Political Economy," March, 1894, p. 231-Soetbeer's Table of Prices of 114 commodities at Hamburg, Report of Senate Finance Committee, vol 1, pp. 282-295. Also found in "Bimetallism in Europe," Report by Edward Atkinson, 1887.-Table of Relative Prices and Wages, accompanied by charts of French, Eng ish and United States Prices, in A Stable Monetary Standard," by Henry Far quhar (Sound Currency, No. 15), pp. 8-9. Prices in England in 1262-1702, "Journal of Political EconDecember, 1893, p. 92.-Gold and Prices since 1873," by J. Laurence Laughlin (“ Quarterly of Economics," April, 1897. reprinted separately 1894), contains all the more noted price tables , with full discussion of the merits of each.