The Standard of Value. 



was two of silver to one of gold. (Delmar — Precious Metals, 

 239.) 



It is evident therefore that gold and silver through all ages of civil- 

 ized man have been accepted as the best material for measuring values. 

 It is also evident from an examination of history, that while in 

 some parts of the world in the very early ages, silver was valued higher 

 than gold, and that among all peoples of the early historic ages, 

 silver was counted of much higher value compared with gold than its 

 present relative value. There is no doubt that the discovery and the 

 working of gold preceded that of silver. Gold is found in the pure 

 state ; silver, nearly always in combination with other substances, 

 requiring skill, machinery, and some chemical knowledge for its 



History makes it evident, also, that the quantity of silver production 

 of the world, has pretty steadily increased over that of gold ; and, 

 further, that the relative values of the two metals have, from the 

 earliest times, through the ages, kept pretty even pace, in inverse 

 ratio to the production. M. Leon Faucher, writing about forty years 

 ago, says: 



"When we seek to examine minutely the various monetary changes 

 which have occurred, and to lay hold of some principle to guide our 

 inquiry, we quickly recognize the fact that the difference in value be- 

 tween gold and silver increases in proportion to the development of 

 civilization and industry. " {Remarks on Production of the Precious 

 Metals, page 9.) 



We accordingly find that the modern appliances of machinery and 

 steam power, with scientific and chemical knowledge, are brought 

 into requisition to cheapen and largely increase the production of 

 silver; while gold is still chiefly the product of individual personal 

 labor, as of old. There is every reason, therefore, in the nature of 

 things, why the modern ratio of value of the two metals should be 

 wider apart than formerly; and that this ratio should continue further 

 to widen. There is good reason to believe that the quantity of silver 

 which, two centuries ago, cost a dollar to produce, is now readily pro- 

 duced at a cost of fifty cents. And this, although the wages of labor 

 have quadrupled in the mean time. The same cannot be said of gold 

 production in any thing like equal degree. 



As the general judgment of the nations had thus early led to the 

 adoption of gold and silver as the medium of effecting the exchange 

 of the products of labor, of manual service and objects of desire; the 

 next step of progress was the deciding upon some means of determin- 



