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

Foint-Metallism.

By weight.

By value.

1545-1560

273,596

5,656,000

4,377,544

90,492,000

10,017,940

12,952,000

160,287,040

1561-1580

219.906

4,546,000

4,398,120

90,917,000

9,628,925

12,450,000 192,578,500

1581-1600

237,267

4,905,000

4,745,340

1601-1620

273.918

5,662,000

1621-1640

266,845

5,516,000

98,095,000 13,467,635 17,413,000 269,352,700
5,478,360 113,248,0co 13,596,235 17,579,000 271,924,700
5,336,900 110,324,000 12,654,240 16,361,000 253,084,800
5,639,110 116,571,000
11,776,545 15,226,000 235,530,900
6,154,000 5,954,180 123,084,000 10,834,550 14,008,000 216,691,000
6,921,895
7,154,000
143,088,000 10,992,085 14,212,000 219,841,700
8,243,260 170,403,000 11,432,540 14,781,000 228,650,800
253,611,000 13,863,080
17,924,000 277,261,600
327,116,000 17,140,612 22,162,000 342,812,235
275,211,000 20,985,591 27,133,000 419,711,820
236,464,000 28,261,779 36,540,000 565,235,580
118,152,000 28,746,922 37,168,000 287,469,225
76,063,000 17,385,755 22,479,000 173,857,555
94,479,000 14,807,004 19,144,000 148,070,040
134.841,000 19,175,867 24,793,000 191,758,675
363.928,000 25,090,342 32,440,000 250,903,422
6.410,324 132,513,000 32,051,621
662,566,000 28,488,597 36,824,000 142,442,986
1856-1860 6,486,262 134,083,000 32,431,312
670,415,000 29,095,428 37,618,000 145,477,142
1861-1865 5,949,582 122,989,000 29,747,913 614,944,000 35,401,972 45,772,000 177,009,862
1866-1870 6,270,086 129,614,000 31,350,430
648,071,000
43,051,583
55,663,000 215,257,914
1871-1875 5,591,014 115,577,000 27,955,068 577,883,000 63,317,014 81,864,000 316,585,069
1876-1880 5,543,110 114,586,000
27,715,550 572,931,000 78,775,602 101,851,000 393,878,009
1881-1885 4,794,755 99,116,000 23,973,773 495,582,000 92,003,944 118,955,000 460,019,722

89,986,000 7.4 92.6

63.4

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
22.0
98.3
78.0
351,579,000 2.0 98.0 24.4 75.6
327,221,000 2.I 97.9 25.2 74.8
304,525,000 2.3 97.7 27.7
280,166,000 2.7 97.3
284,240,000 3.I 96.9
295,629,000 3.5 96.5 36.6
358,480,000 4.2 95.8 41.4 58.6
443,232,000 4.4 95.6
542,658,000 3.1
730,810,000 2.0 98.0
371,677,000 1.9 98.1
224,786,000 2.I 97.9 25.3
191,444,000 3.0 97.0 33.0
247,930,000 3.3 96.7 35.2
324,400,000 6.6 93.4 52.9
184,169,000 18.4 81.6 78.3
188,092,000 18.2 81.8 78.1
228,861,000 14.4 85.6 72.9
278,313,000 12.7 87.3 70.0
409,322,000 8.1 91.9 58.5
509,256,000 6.6
594,773,000

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

1889

5,973,790

1890

5,749,306

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

1894

8,737,788 180,626,100

1895

9,820,125 203,000,000

7,608,787
8,737,787
9,820,125

5,135,679 106.163,900 5,135,679 106,163,900 93,297,290 120,626,800
5,116,861 105,774,900 5,116,861 105,774,900 96,123,586 124,281,000
5,330,775 110,196,900
110,196,900 108,827,606 140,706,400
5,973,790 123,489,200
123,489,200 120,213,611 155,427,700
118,848,700
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

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.