TJie Relative Stability of Gold and Silver. 187 



commodity like silver ; the cost of carriage being a much 

 more important element in the ultimate value of wheat than 

 in that of silver. On the other hand, an appreciation of 74 

 per cent, in the wheat value of gold since the same year, is 

 an unanswerable proof that the yellow metal possesses in 

 a far lower degree than silver, that " fixity" of exchangeable 

 value which Mr. Gladstone attributed to it. In comparing 

 with the period 1845-50 we must make allowance for the 

 removal of the corn duties. 



It may, however, be suggested that there may be a 

 fallacy in merely comparing the prices of to-day with the 

 several previous years and periods enumerated, as there may 

 have been great fluctuations meanwhile ; or, in other words, 

 that a comparison of the prices at various dates with previous 

 periods might give results rather to the disadvantage of 

 silver than gold. I have, therefore, compared the wheat 

 value of each metal in each year and period with its value 

 in the preceding year or period in the table, in order to 

 ascertain whether in each case the appreciation has been 

 more or less steadily progressive. The following table gives 

 the results : — 



Table showing the depredation or appreciation in the wheat-buyitig 

 power of gold and silver respectively in each of the under- 

 mentioned years and periods as compared zuith the previous year 

 or period in the. table. 



