"You will see from this table," continued Coin, "that from 1687 to 1873 the commercial ratio of the two metals was never lower than 1 to 14.14, and never higher than 1 to 16.25, a variation of only about two points.
"This difference is accounted for by the difference in ratios fixed by different governments, and the cost of exchange; ours being 15 to 1 prior to 1834.
"Run your eyes down these columns from 1687 to 1873 and see how smooth the commercial ratio appears.
"Now all stop, with your fingers on 1873! Up to this point through two centuries we see how the commercial value of silver and gold was kept at a parity notwithstanding the varying supplies of the two metals.
"Now run your fingers down from 1873 to 1892, and in that short period what a change, O! my countrymen.
"Instead of 15 to 16 pounds of silver being worth one pound of gold, we see it jumping rapidly, till in 1892 it took nearly 24 pounds of silver to equal in commercial value one pound of gold. And now it takes 32 pounds of silver to equal in the market one pound of gold.
"While in 200 years there was under free coinage a variation of only about 2 points, in 21 years, under demonetization there is a variation of 16 points, and during the latter period the proportion of silver to gold produced has been growing less.
We here have a demonstration of how free coinage controls the commercial value of the two metals.
"So true and accurate was this effect of free coinage or unlimited demand for both metals in fixing their parity at the ratio established, they were virtually one metal, and a difference in production of either could not have, and did not have, the least influence.
"I will illustrate it another way." In less than a minute Coin had drawn on the blackboard two reservoirs
