APPENDIX. 



Mulhall attributes the depreciation in silver not to over production, 

 but to the decline in its use for plate and ornament — electro plate 

 having largely superseded it. As proof he cites the official returns of 

 Great Britain, which show an annual average of 1,091,000 ounces 

 stamped for plate in the thirty years 1821 to 50. and only 790,000 

 ounces in the decade. ending 1880. Page 11. 



The world's stock of gold and silver in 1850 and in 1885, in tons, 

 and in pounds sterling, was as follows, viz. : 



1850 4*550 118,000 



1885 10,760 201,000 



1850 £630,000,000 £1,350,000,000 



1885 1,504,000,000 1,550,000,000 



The present commercial value of silver bullion would reduce the 

 world's stock to a less sum in value than it stood at in 1850, more than 

 neutralizing the entire production of thirty-five years. 



B. 



From 1850 to 1885, the world's stock of gold increased 138 per cent, 

 while the stock of silver increased but thirty-five per cent. 



The stock of uncoined gold increased eighty per cent, while the 

 stock of uncoined silver actually decreased about one per cent, or 

 $50,000,000. 



In 1850 the world's stock of silver was thirty-two times that of gold 



The stock of coined gold increased 259 per cent, while that of coined 

 silver increased only sixty-eight per cent. Mulhall Prices, pp. 11, 12. 



Since 1860 India and China have absorbed more than the total pro- 

 duct of the silver mines of the world. Ib., pp. 15, 17. 



All these seem settled facts, and yet it is silver which has fallen in 

 value. 



