1 88 The Relative Stability of Gold and Silver. 



It will be seen that the variation in the wheat-value has 

 been, since 1871, in each instance more extreme in the case 

 of gold than in that of silver ; and that in 1871, before the 

 demonetisation of silver, the wheat value of both metals was 

 depreciated to an approximately equivalent degree, but 

 that silver (taking the price in London where there was no 

 free mintage) was less depreciated than gold. 



The figures vindicate Ricardo's prediction that silver 

 would prove a steadier standard than gold, and Cobden's 

 practical recommendation of silver as a standard of deferred 

 payments. 



General Meeting, March 21st, 1893. 



Professor Osborne Reynolds, M.A., LL.D., FR.S., 

 Vice-President, in the Chair. 



Mr. C. H. SCHILL, Merchant, Manchester, was elected 

 an ordinary member. 



