i82 Mr. Faraday on 



metals in terms of each other. But such a method may, 



obviously, give any result according to the point of view of 



the investigator. If we imagine two elastic spheres, the 



larger of which at a given point of time is 15^ times the 



size of the other, and at a later period is 25 times the size, 



we cannot possibly determine whether the variation is due 



to the contraction of the one or to the expansion of the 



other, except by comparison with a third body or group of 



bodies. Thus, Mr. Gladstone tells us that as 3 per cent. 



more gold was given for a certain quantity of silver during 



the first period, gold had depreciated ; and that as 40 per 



cent, less gold is given for the same quantity of silver in 



the second period, silver has depreciated. There is no 



reason why we should not say that gold depreciated in one 



case and appreciated in the other, except in so far as we 



rest on a priori reasoning from variations in production, 



regardless of any other conditions (such as variation of 



demand) affecting value. 



In stating that during the "agony" period of gold, 



silver rose from 5s. to 5s. 3d. per oz., Mr. Gladstone is in 



error. Presumably he refers to the prices in the London 



market. According to Mr. Stewart Pixley's well-known 



table showing the monthly fluctuations since 1833 the 



price of silver during the period in question never rose 



above 62 ^d., and that price was quoted for only a few days 



in March, 1859, and again for a few days in July of the 



bame year. I have compiled the following table showing 



the average price of silver in quinquennial periods from 



1851-70, the period of maximum Californian and Australian 



gold production : — 



Gold 

 Periods. Price of Silver. 



per oz. 



1851-1855 6iT\d. 



1856-1860 6iifd. 



1861-1865 6ij^d. 



1866-1870 6oigd. 



