262 



Mr. Faraday on 



less than 3 per cent., against an appreciation of nearly 24 per 

 cent, in gold. 



Now if gold has appreciated in consequence of its artificial 

 monopoly privilege as a legal tender, it has also appreciated 

 because it has more the character of a natural monopoly 

 than silver, its production being proportionately more pre- 

 carious. This will be apparent from the following table, 

 showing the world's production of the two precious metals 

 during each of the last twenty years : — 



Production of silver and gold throughout the world. 



Year. 



Silver. 



Gold. 





oz. 



OZ. 



187 1 \ Av. 







1872 > per 



63,267,000 



5,264,000 



1873 j ann. 







1874 



55,300,000 



4,879,000 



1875 



62,262,000 



5,242,000 



1876 



67,753^000 



.'5,575,000 



1877 



62,648,000 



6,129,000 



1878 



73,476,000 



6,397,000 



1879 



74,250,000 



5,860,000 



1880 



74,791,000 



5,725,000 



1881 



78,890,000 



5,537,000 



1882 



88,470,000 



5,483,000 



1883 



89,177,000 



5,129,000 



1884 



81,597,000 



5,467,000 



1885 



91,652,000 



5,827,000 



1886 



93,276,000 



5,698,000 



1887 



96,189,000 



5,661,000 



1888 



110,086,000 



5,910,000 



1889 



126,000,000 



6,388,000 



1890 



130,650,000 



6,675,000 



From this table we see that, while the annual production of 

 silver has steadily increased year by year, and is now about 

 double what it was twenty years ago, the out-put of gold has 

 tended to remain stationary, and although some expansion 

 has occurred during the last three years, in consequence of 



