Value of the Mines of the United States

WHAT proportion of the national wealth is represented by' the producing mines of the country?' Or by the- mining and metallurgical industry-as a whole, for it is impossible to make-an economic distinction between the mines that produce the ore and the plant that is used to get the metals from it. The total national wealth in fixed property is about $270,000,000,000. How much for the mines? I do not know that any one 'else has ever tried to furnish answers to these questions. In making such an attempt I am conscious that the result can be nothing more than a rough approximation. Yet even that will give an idea of relative values. No separate valuation for the mines of the country has appeared in any inventory of the national wealth previous to that which I compiled and published for 1916. -In earlier census estimates mines were supposed to be included under the head of real estate. However, an examination of the laws and practices of the several states with respect to mine taxation will make it evident that no good idea of the value of the mines of the coun¬try is obtainable from the assessment rolls. In my previous estimate for 1916, I computed the value of the mines at $8,000,000,000, which was approxi¬mately 10 times their net income as reported to the Bureau of Internal Revenue. In making that estimate I fell grossly into error, for several reasons that it is unnecessary to explain, but chiefly because the net income of the mines of the country in that year was exceptionally large. The whole subject of valuing the mines of the country en bloc is extraordinarily difficult At the best, no one can hope to arrive at, anything more than a rough idea about it. However, elements of reason may be introduced and may be made to serve as chief bases.