188 RELATIVE VALUE CHAP. XXIII. 



nine pounds of silver ; nor did the relative value 

 of the metals fluctuate more in the long course of 

 centuries to the time when the new sources of 

 mineral wealth in the western world were in full 

 activity. Since that period the relative value o 

 the two kinds of metal has been gradually changed, 

 and gold is become near fifteen times as valuable 

 as silver, or one pound weight of gold is nearly 

 equal to fifteen pounds of silver. Humboldt has 

 estimated the quantity of gold and silver produced 

 from the whole of America, since the discovery up 

 to the year 1803, to be one hundred and sixty-two 

 million pounds weight of the former, and seven 

 thousand one hundred and seventy-eight million 

 pounds of the latter. The weight of silver to that 

 of gold has been thus about as forty-four to one. 



Thus the value of the silver produced since the 

 discovery of America is three times that of gold ; 

 but the loss by wear on silver is four times that of 

 gold. In process of time, therefore, it is clear 

 that, from its durability, gold would gain in value 

 upon silver ; that is, a pound of gold would be- 

 come worth more than fifteen pounds of silver. 

 This effect was produced at first in part from the 

 greater proportionate quantity of silver that was 

 procured, and in part by a less quantity of the 

 gold which existed at the time of the discovery of 

 America having been lost by wear than of the 

 silver then in use. In what degree each of these 

 causes tended to preserve the equable proportionate 



