The larger question of the relative distribution of this mass of precious metals depends for its determination upon a full understanding of the law of the various Mints. Speaking in large, during the eighteenth century the Mint ratio was in favour of silver in France, and her currency was almost entirely silver throughout the century; conversely the Mints
favoured gold in England and Spain, and gold was almost the only constituent of the currency of either country for the greater part of the century. There can be little doubt that these simple facts had a great influence in actually determining the great currency legislation which closed the century and finally decided England in favour of gold, and France and the United States in favour of a bimetallism strongly favouring silver.
The statement of the ratio is as follows:—
| South-West Germany. | |
|---|---|
| 1657-80 | 15.10 |
| Netherlands. | |
| 1663 | 14.43 |
| England. | |
| 1663 | 14.48 |
| 1690 | 15.39 |
| 1715 | 15.21 |
| France. | |
| 1679 | 14.91 |
COMMERCIAL STATEMENT OF THE RATIO (FROM 1687-1832, FROM THE HAMBURG EXCHANGE RATIO; FROM 1833 ONWARDS, FROM THE LONDON BULLION BROKERS' RATIO).
STATEMENT OF THE RATIO, 1660-1893
| Year. | Price of Silver Pence per Oz. | Ratio. | Year. | Price of Silver Pence per Oz. | Ratio. | |
|---|---|---|---|---|---|---|
| 1833 | 59 3⁄16 | 15.93 | 1864 | 61 3⁄8 | 15.37 | |
| 1834 | 59 15⁄16 | 15.73 | 1865 | 61 1⁄16 | 15.44 | |
| 1835 | 59 11⁄16 | 15.80 | 1866 | 61 1⁄8 | 15.43 | |
| 1836 | 60 | 15.72 | 1867 | 60 9⁄16 | 15.57 | |
| 1837 | 59 9⁄16 | 15.83 | 1868 | 60 1⁄2 | 15.59 | |
| 1838 | 59 1⁄2 | 15.85 | 1869 | 60 7⁄16 | 15.60 | |
| 1839-40 | 60 3⁄8 | 15.62 | 1870 | 60 9⁄16 | 15.57 | |
| 1841 | 60 1⁄16 | 15.70 | 1871 | 60 8⁄16 | 15.57 | |
| 1842 | 59 7⁄16 | 15.87 | 1872 | 60 1⁄4 | 15.65 | |
| 1843 | 59 3⁄16 | 15.93 | 1873 | 59 1⁄4 | 15.92 | |
| 1844 | 59 1⁄2 | 15.85 | 1874 | 58 5⁄16 | 16.17 | |
| 1845 | 59 1⁄4 | 15.92 | 1875 | 56 3⁄4 | 16.62 | |
| 1846 | 59 5⁄16 | 15.90 | 1876 | 53 1⁄16 | 17.77 | |
| 1847 | 59 11⁄16 | 15.80 | 1877 | 54 3⁄4 | 17.22 | |
| 1848 | 59 1⁄2 | 15.85 | 1878 | 52 5⁄8 | 17.92 | |
| 1849 | 59 3⁄4 | 15.78 | 1879 | 51 1⁄4 | 18.39 | |
| 1850 | 60 1⁄16 | 15.70 | 1880 | 52 1⁄4 | 18.04 | |
| 1851 | 61 | 15.46 | 1881 | 51 11⁄16 | 18.24 | |
| 1852 | 60 1⁄2 | 15.59 | 1882 | 51 5⁄8 | 18.25 | |
| 1853 | 61 1⁄2 | 15.33 | 1883 | 50 9⁄16 | 18.65 | |
| 1854 | 61 1⁄2 | 15.33 | 1884 | 50 5⁄8 | 18.63 | |
| 1855 | 61 5⁄16 | 15.38 | 1885 | 48 5⁄8 | 19.39 | |
| 1856 | 61 5⁄16 | 15.38 | 1886 | 45 3⁄8 | 20.73 | |
| 1857 | 61 3⁄4 | 15.27 | 1887 | 44 5⁄8 | 21.13 | |
| 1858 | 61 5⁄16 | 15.38 | 1888 | 42 7⁄8 | 21.99 | |
| 1859 | 62 1⁄16 | 15.19 | 1889 | 42 11⁄16 | 22.09 | |
| 1860 | 61 11⁄16 | 15.29 | 1890 | 47 11⁄16 | 19.17 | |
| 1861 | 60 13⁄16 | 15.26 | 1891 | 45 1⁄16 | 20.92 | |
| 1862 | 61 7⁄16 | 15.35 | 1892 | 39 3⁄4 | 23.74 | |
| 1863 | 61 3⁄8 | 15.37 | 1893 | 35 9⁄16 | 26.49 | |
| Up to 1878 this table is derived from Soetbeer, Edelmetall-Produktion, pp. 130-2. From 1878-1890 I have calculated simply in accordance with Soetbeer's method. The figures for 1891-3 are taken from the United States Mint Report, 1893, already referred to, p. 251. In the table there printed the director of the Mint gives slightly different figures for several years from 1872 onwards. | ||||||
As far as the conditions of production of the precious metals are concerned, and the connection between those conditions and the ratio, there is historic and understandable continuity between the period already passed in review and modern times. In the method of expressing that ratio, however, there is a remarkable difference.