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Page 15
[Illustration: The above diagram shows the relative annual production of
gold and silver from 1870 to 1893, and ratio of values.]
Monometallists have exhausted the resources of verbal gymnastics to make
these figures fit their theories. Determined not to admit that
demonetization was the cause, they have given so many explanations that,
expressed in the briefest words, they would cover many pages like this.
The first was that the opening of the "Big Bonanza" on the Comstock lode
had given notice that silver was coming in a flood; but that was only for
popular use in this country. Scientific men knew that to be a rare find
indeed, not likely to occur again for centuries. The next explanation was
that China and India, so long the reservoir into which the surplus flowed,
had ceased to absorb it; and the next, demonetization of silver by Germany
and her throwing her old silver on the market. And with this the people
began to get at the true reason--the general demonetization by so many
nations.
The following table gives the annual production of gold and silver from
the discovery of America to and including the year 1892; and the highest
and lowest ratio of silver to gold from 1681 to and including the year in
which silver ceased to be in this country primary money:
YEARS. GOLD. SILVER. RATIO.
1493-1520........ $3,855,000 $1,953,000
1521-1544........ 4,759,000 3,749,000
1545-1560........ 5,657,000 12,950,000
1561-1580........ 4,546,000 12,447,000
1581-1600........ 4,905,000 17,409,000
1601-1620........ 5,662,000 17,538,000
1621-1640........ 5,516,000 16,358,000
1641-1660........ 5,829,000 15,223,000
1661-1680........ 6,154,000 14,006,000
1681-1700........ 7,154,000 14,209,000 14.81-15.20
1701-1720........ 8,520,000 14,779,000 15.04-15.52
1721-1740........ 12,681,000 17,921,000 14.81-15.41
1741-1760........ 16,356,000 22,158,000 14.14-15.26
1761-1780........ 13,761,000 27,128,000 14.52-15.27
1781-1800........ 11,823,000 36,534,000 14.42-15.74
1801-1810........ 11,815,000 37,161,000 15.26-16.08
1811-1820........ 7,606,000 22,474,000 15.04-16.25
1821-1830........ 9,448,000 19,141,000 15.70-15.95
1831-1840........ 13,484,000 24,788,000 15.62-15.93
1841-1850........ 36,393,000 32,434,000 15.70-15.93
1851-1855........ 131,268,000 36,827,000 15.33-15.59
1856-1860........ 136,946,000 37,611,000 15.19-15.38
1861-1865........ 131,728,000 45,764,000 15.26-15.44
1866-1870........ 127,537,000 55,652,000 15.43-15.60
1871-1872........ 113,431,000 81,849,000 15.57-15.65
1873............. 96,200,000 81,800,000
1874............. 90,750,000 71,500,000
1875............. 97,500,000 80,500,000
1876............. 103,700,000 87,600,000
1877............. 114,000,000 81,000,000
1878............. 119,000,000 95,000,000
1879............. 109,000,000 96,000,000
1880............. 106,500,000 96,700,000
1881............. 103,000,000 102,000,000
1882............. 102,000,000 111,800,000
1883............. 95,400,000 115,300,000
1884............. 101,700,000 105,500,000
1885............. 108,400,000 118,500,000
1886............. 106,000,000 120,600,000
1887............. 105,000,000 124,366,000
1888............. 109,900,000 142,107,000
1889............. 118,800,000 162,690,000
1890............. 118,848,700 172,234,500
1891............. 126,183,500 186,446,880
1892............. 138,861,000 196,458,800
Thus we see that, for twenty-seven years after the discovery of America,
the gold production was double that of silver; for the next eighty years
the production of silver was considerably more than double that of gold;
for the next one hundred years the production of silver was more than
2-1/2 times that of gold, and for the next century and a half, to wit,
from 1701 to 1850, inclusive, despite the fact of the tremendous gain of
gold in the last few years, the production of silver fell but little short
of twice that of gold. And yet, the variations in coin value were of the
trifling character previously stated. When taken by shorter periods, the
argument is still more startling. Thus in 1801-20 the production was
almost exactly 4 of silver to 1 of gold; for the next twenty years a
minute fraction less than 2 of silver to 1 of gold; for the next twenty
2-1/2 of gold for 1 of silver; and for the next twenty nearly 2 of gold
for 1 of silver, while during these awful years since 1873, in which there
has been so much said about the "flood of silver," its production has
never once been twice that of gold, and for the entire period has exceeded
it by the merest trifle. Is it any wonder that Dr. Eduard Suess, the great
German authority on the metals, and Professor of Geology at the University
of Vienna, concluded his recent work with these strong statements:
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