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Commercial Ratio of Silver to Gold for each Year since 1687.

[Note.—From 1687 to 1832 the ratios are taken from the tables of Dr. A. Soetbeer; from 1833 to 1878 from Pixley and Abell's tables; and from 1878 to 1896 from daily cablegrams from London to the Bureau of the Mint.]

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The silver product is given at its commercial value, reckoned at the average market price of silver each year, as well as its coining value in United States

dollars.

See page IO6.

* Estimated.

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Appendix. II 3

The following table exhibits the value of the pure silver in a silver dollar at prices of silver per ounce fine from $o.5o to $1.2929, or parity :

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The silver unit is the dollar which contains 412% grains of standard silver 90o fine. The amount of fine silver in the dollar is 371% grains, and there are 4% grains of copper alloy. The standard silver dollar was first authorized by the act of April 2, 1792. Its weight was 416 grains, 892.4 fine. It contained the same quantity of fine silver as the present dollar, whose weight and fineness were established by the act of January 18, 1837. The coinage of the standard silver dollar was discontinued by the act of February 12, 1873, and it was restored by the act of February 28, 1878. The total amount coined from 1792 to 1873 was $8,031,238, and the amount coined from 1878 to June 30, 1896, was $430,790,041. The coinage ratio between gold and silver under the Act of 1792 was 15 to 1, but by the act of 1837 it was changed to 15.988 to 1 (commonly called 16 to 1). This is the present ratio.

* Parity.

Statement of the coin and paper circulation of the United States from 1860 to 1896 inclusive with amount of circulation per capita.

Coin in United Coin, bul- Money CircuStates. Paper money lion, and . United lation Year. including in United |Total money. paper Circulation. Population. Št. per bullion in States. money in per capita. Treasury. Treasury. capita.

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Note 1,–Specie payments were suspended from January 1, 1862, to January #& During the greater part of that period gold and silver coins were not in circulation except on the Pacific Coast, where, it is estimated, the specie circulation was generally about $25,000,ooo. This estimated amount is the only coin included in the above statement from 1862 to 1875, inclusive. - - - - - ith No. 2.—In 1876 subsidiary silver again came into use, and is included in this statement, beginning

with that year.

NotE 3.—The coinage of standard silver dollars began in 1878 under the act of February 28, o: ld

Note 4-Specie payments were resumed January 7, 1879, and all gold and silver coins, as we 1 as go and silver bullion in the Treasury, are included in this statement from and after that date.

Note 5–This table represents the circulation of the United States as shown by the revised stateme" of the Treasury Department for June 30 of each of the years specified.

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