618 



APPENDIX. 



world's production of gold and silver. (Continued.) 



* It will be noted that the total here given is the "coining" value, presumably at 

 the ratio of 15.98 to 1, as the footing is that of the U. S. Mint. (Report for 1898, page 

 273.) The commercial value would of course be less than half as much. 



6. RATIO OF SILVER TO GOLD FOR 400 FEARS. 



It would be quite natural to suppose that the commercial ratio of silver to 

 gold would bear a somewhat close relation to the ratio of production. The fol- 

 lowing table was arranged and apparently, in part, computed by Mr. Geo. B. 

 Waldron, and is from his Handbook of Currency, It shows that the commer- 

 cial ratio has no apparent connection with the ratio of production. Concerning 

 this table Mr. Waldron says: "We have prepared the table below showing 

 the amount of silver produced to one unit of gold in dollars and in ounces for 

 each of the periods of the table of production. For purposes of comparison 

 we have added Dr. Soetbeer's estimates of the commercial ratio of gold to silver 

 down to 1832, the estimates of Pixley and Abell from 1833 to 1878, and those 

 of the Director of the Mint from 1879 to 1894." 



