The Bay State Monthly — Volume 2, No. 6, March, 1885Various
History
The Bay State Monthly — Volume 2, No. 6, March, 1885
Various
Massachusetts -- Periodicals; New England -- Periodicals
Gold, to the amount of $2,171,000,000, was obtained from the surface and
mines of the earth from the earliest times to the commencement of the
Christian era; from the date of the latter event, to the discovery of
America, $3,842,374,000 was obtained; from the date of the latter event
to the close of 1847 an addition of $3,056,000,000 was obtained; the
triple discovery of the California mines in 1848, the Australian in
1851, and the New Zealand in 1861, has added, to the close of 1884,
$5,558,626,000; making a grand total of $14,628,000,000, of which
$5,818,626,000 has been obtained since 1843. The average loss by
abrasion of coin is estimated by Professor Bowen at one-twentieth of one
per cent. per annum, and the loss by consumption in the arts, and by
fire and shipwreck, at $4,000,000 per annum. A cubic inch of gold is
worth, at 3£ 17s. 10 1-2d., or $18.96 per ounce., $193; a cubic foot,
$333,504; and a cubic yard, $9,004,608.
Gold to the amount of $1,081,000,000, is estimated to have been in
existence at the commencement of the Christian era. At the period of the
discovery of America it had diminished to $135,000,000; after that
event, it gradually increased, and in 1600 it attained to $154,000,000,
in 1700 it reached $398,000,000, in 1800 it amounted to $1,156,000,000,
in 1853 it attained to $3,332,000,000, and at the present time the
amount of gold in existence is estimated to be $8,166,000,000; which, if
melted into one mass, could be contained in the basement of Bunker Hill
Monument, which is a cube of thirty feet. Of the amount of gold in
existence $6,000,000,000 is estimated to be in coin and bullion,
$1,000,000,000 in watches, and the remainder in plate, jewelry, and
ornaments. Of the amount of gold in existence $2,374,000,000 is
estimated to have been obtained from North America, $1,739,000,000 from
South America; $1,858,000,000 from Asia (including Australia, New
Zealand, and Oceanica), $945,000,000 from Europe, and $1,250,000,000
from Africa. The amount of the precious metals now in existence is
estimated to be $13,670,000,000.
Gold, as compared with former periods, in regard to its annual product,
has attained, within the last forty-two years, to enormous proportions.
At the date of the discovery of America it was but $100,000; after the
occurrence of that event it gradually increased, and in 1800 it was
$17,000,000, and in 1853 it reached its acme, when it was $236,000,000;
it soon afterwards gradually decreased, and now it is but $98,000,000.
Public-domain text, read in full here on John Shaqi.
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