not dissent. I am now satisfied that there has been an appreciation of gold greater than I suspected when I signed the Report, and I should not be able to concur in the same paragraph again.

I have no doubt as to the fact of appreciation; I believe it to have been serious;

With the rupture of the bimetallic tie, the ratio has changed enormously, though there has been nothing like the same alteration in the relative production of the two metals.

Five years ago I joined with my friends in deprecating any attempt to establish an international agreement for the free coinage of both gold and silver as standard money. I have advanced with further experience and reflection to the belief that such an agreement is to be desired, and that it could be accomplished with the minimum of change and with great advantage to the empire and the world on the conditions I have suggested.

LEONARD COURTNEY.

Product of Gold and Silver in the United States from 1792-1844, and Annually since.

[The estimate for 1792-1873 is by R. W. Raymond, Commissioner, and since by the Director of the Mint.] See page 112.

Slatement of the Production of Gold and Silver in the World since the Discovery of America. [From 1493 to 1885 is from table of averages for certain periods compiled by Dr. Adolph Soetbeer.]

Percentage of production.

106

Joint-Metallism.

By weight.

By value.

1521-1544

230,194

4,759,000

5,524,656

114,205,000

2,899,930

1545-1560

273,596

5,656,000

4,377,544

90,492,000

10,017,940

1561-1580

219.906

4,546,000

4,398,120

90,917,000

9,628,925

1581-1600

237,267

4,905,000

4,745,340

98,095,000

1601-1620

273.918

5,662,000

5,478,360

1621-1640

266,845

5,516,000

5,336,900

1641-1600

281,955

5,828,000

5,639,110

1661-1680

297,709

6,154,000

5,954,180

1681-1700

346,095

7,154,000

6,921,895

1701-1720

412,163

8,520,000

8,243,260

1721-1740

613,422

12,681,000

12,268,440

13,467,635
113,248,000 13,596,235
110,324,000 12,654,240
116,571,000 11,776,545
123,084,000 10,834,550
143,088,000 10,992,085
170,403,000 11,432,540
253,611,000 13,863,080
327,116,000 17,140,612
275,211,000 20,985,591
236,464,000 28,261,779
118,152,000
76,063,000
94,479,000

28,746,922
17,385,755
14,807,004
134,841,000 19,175,867
363.928,000 25,090,342
662,566,000 28,488,597
670,415,000 29,095,428
614,944,000 35,401,972
648,071,000 43,051,583

572,931,000 78,775,602 495,582,000 92,003,944

1,511,050 $ I,954,000

1866-1870 6,270,086 129,614,000 31,350,430 1871-1875 5,591,014 II5,577,000 27,955,068 577,883,000 63,317,014 1876-1880 5,543,110 114,586,000 27,715,550 1881-1885 4,794,755 99,116,000 23,973,773

$ 54,703,000 II.0 89.0 66.4
89,986,000 7.4 92.6
55.9 44.I
207,240,000 2.7 97.3 30.4 69.6
248,990,000 2.2 97.8 26.7 73.3
348,254,000 1.7 98.3 22.0 78.0
351,579,000 2.0 98.0 24.4 75.6
327,221,000 2.I 97.9 25.2 74.8

3,749,000
12,952,000 160,287,040
12,450,000 192,578,500
17,413,000 269,352,700
17,579,000 271,924,700
16,361,000 253,084,800
15,226,000 235,530,900
14,008,000 216,691,000
14,212,000 219,841,700
14.781,000 228,650,800
17,924,000 277,261,600
22,162,000 342,812,235
27,133,000 419,711,820
36,540,000 565,235,580
37,168,000 287,469,225
22,479,000 173,857,555
19,144,000 148,070,040
24,793,000 191,758,675
32,440,000 250,903,422
36,824,000 142,442,986
37,618,000 145,477,142
45,772,000 177,009,862
55,663,000 215,257,914
81,864,000 316,585,069
101,851,000 393,878,009
118,955,000 460,019,722 594,773,000

33.6

66.5

63.4

58.6

57.5

33.7 24.4 75.6

66.3

24.I 75.9

67.0

64.8

47.I

Statement of the Production of Gold and Silver in the World since the Discovery of America.—Continued.
The production is the annual estimate of the Bureau of the Mint, for the years 1886-1895.

Appendix.

5,330,775 110,196,900

5,330,775

110,196,900 108,827,606

1889

5,973,790 123,489,200

5,973,790

1890

5,749,306 118,848,700

5,749,306

1891

6,320,194 130,650,000

6,320,194

1892

7,102,180 146,815,100

7,102, 180

1893

7,608,787 157,287,600

7,608,787

1894

8,737,788 180,626,100

8,737,787

1895

9,820,125 203,000,000 9,820,125

5,135,679 106.163,900 5,135,679 106,163,900 93,297,290 120,626,800
93,297,290
120,626,800
5,116,861 105,774,900 5,116,861 105,774,900 96,123,586 124,281,000 96,123,586 124,281,000
140,706,400 108,827,606 140,706,400
123,489,200 120,213,611 155,427,700 120,213,611
118,848,700 126,095,062 163,032,000
130,650,000 137,170,919 177,352,300
146,815,100 153,151,762 198,014,400
157,287,600 166,092,047 214,745,300
180,626,100 167,752,561 216,892,200
203,000,000 174,796,875 226,000,000

Total.

424,900,202 8,783,467,400

8,011,122,035 10,357,814, 100

5

95

45.9

54.I

For commercial value of the production of silver in the world from 1873 to 1895 see page III.
These estimates are revised by the Bureau to conform to later reports as received from the various countries.

107

a July 1, 1896; all other countries, January 1, 1895.

b Estimate, Bureau of the Mint.

c Information furnished through United States representatives.