1792, the production of silver in this country was insignificant in amount. From 1845 to 1857 inclusive, the silver output is estimated to have been about $50,000 each year. As long ago as the year 1853 the production of gold amounted to $65,000,000, and the annual output has never equaled that amount since that time. In 1860 the silver product amounted in value to $150,000. In 1861 it jumped suddenly to $2,000,000, in the following year to $4,685,000, in the next year to $8,500,000, and so on, by leaps and bounds, until, in 1878, we were 
$10 gold piece. Clark, Gruber & Co., Denver, 1861. turning out about $45,000,000 worth of silver (commercial value) per annum. This was the real reason why the Bland bill for the restoration of the old silver dollar, weighing 41212 grains, was introduced into Congress and passed over the President's veto. It was then supposed that a maximum output of silver had been attained, but this was far from the fact. Production increased amazingly, even in the face of falling prices.
In 1878, the year the Bland bill became law, the average price of pure silver was $1.15 an ounce, and the output from American mines was less than 35,000,000 fine ounces. In 1896 the average value of an ounce of fine (pure) silver was 67 cents, but the output of silver had risen to nearly 59,000,000 fine ounces. Since that time the price of silver has fallen still lower; to-day it is about 55
12
cents per ounce. In 1837, when the 412
12
grain silver dollar was authorized, the pure silver contained therein (37114 grains) was worth 100 cents in gold. To-day the pure silver in the Bland dollar is worth 4212 cents.
The value of any raw product depends mainly upon the relation between the production and consumption; when this remains constant the price of the commodity varies but little.
The commercial ratio of silver to gold has been carefully determined by Dr. A. Soetbeer, the renowned statistician, from the years 1687 to 1832; by Pixley and Abell from 1832 to 1878; and after the latter date by the daily cablegrams from London to the Bureau of the Mint. These tables show that the ratio between silver and gold vibrated between the limits of a trifle below 15 to 1 and 16 to 1 for nearly two centuries. In 1873 the ratio was almost exactly 16 to 1; then the great flood of silver began to pour out from the famous Comstock lode and other mines in the West, so that production soon far exceeded consumption. The Government was com-
