the least effect on the relative commercial value of the two metals.
"Mr. Mulhall, the London Statistician, has compiled statistics showing the relative quantity of silver and gold in the world at different periods, and his figures are substantiated by the official reports of the governments of the world from which they were taken.
"He gives the relative quantity in 1848, 1880 and 1890, but does not give it at any other date between these periods. But taking the dates he does give, we find that in 1848 there were 31 tons of silver to 1 ton of gold in the world. In 1880, 18 tons of silver to 1 ton of gold. In 1890, 18 tons of silver to 1 ton of gold.
"Now as the relative supply cf silver to gold was decreasing from 1848 to 1880, then this decrease was in progress between 1854 and 1872, and yet during this period it had no effect on the relative value of the two metals.
"If Mr. Sauerbeck's table was extended back to 1848 or to 1792, the variation in it would be no greater than existed between 1854 to 1872.
" And yet we find that there were 31 tons of silver in 1848 to 1 ton of gold—a large over-production of silver as compared with gold. Using the official figures given by Mr. Mulhall, and estimating from them, the proportion in 1872 was 19 tons of silver to 1 of gold. The production of silver had become materially less as compared with gold, and yet through all these years from 1848 to 1872, there was no difference in the commercial value of the two metals that would not be accounted for by the French ratio disturbance and the cost of exchanging the two metals.
"During the period between 1849 and 1854 the gold mines of California added largely to the world's stock of
