en equally increased. The
export of silver to the East has decreased from $80,000,000 in 1847 to
$20,000,000 in 1884.

3. The demonetization of silver, which has taken place in various
countries. In 1865 Italy adopted unconvertible paper-money, its previous
metallic currency, nearly all silver, having been about $90,000,000,
Doubtless, nearly all this amount was thrown upon the markets of the
world. But this produced no appreciable effect upon the price of silver,
which remained as formerly (62 3-4d.) until 1872; after which it fell
rapidly, reaching its lowest point in 1876, when it stood at 46 3-4d.
During the same period $30,000,000 were also thrown upon the markets of
the world by Germany, and $10,000,000 more by the Scandinavian kingdoms.
These direct effects of the demonetization of silver down to 1876 did
not of themselves, produce any appreciable effect upon its price, as
undoubtedly its very low price in 1876 was greatly due to panic. In
resuming specie payments in 1879 the United States adopted a gold
standard; Italy resumed specie payments in gold on the twelfth day of
April, 1883; and in Europe, the previous annual absorption of silver in
the leading countries has entirely ceased. The Occident, led by England,
is abandoning silver as money, thereby reducing it to a mere metal; and
thus depriving it of the chief source of that value, which it has
possessed since the beginning of civilized society. Germany has
discarded silver, and adopted a single gold standard; so have the
Scandinavian kingdoms; and France has closed her mint, since 1877,
against silver, to avoid being deluged with the metal, discarded by her
neighbors.

Silver, owing to the lesser amount in existence, and its less convenient
portability, is fast being superseded by gold in monetary circles. Of
the amount of the precious metals in existence, $8,166,000,000 are
furnished by gold; and of their annual product $98,000,000 are furnished
by it. The ratio of silver to gold has risen from fifteen and one-half,
which it has maintained since 1700, to nineteen and one-half, at the
present time, and with a still rising tendency. Owing to the great loss
by abrasion of coin the amount of silver in existence has gained but
little within the last forty-two years, it having increased but nine per
cent, while that of gold has increased three hundred and thirteen
per-cent. The price of the precious metals follow the great
politico-economic law of supply and