* Laughlin's History of Bimetallism, 1st ed., p. 42.

The effect of the increased production of gold after 1850 is not questioned by any one. The only marvel is that the value of this metal did not fall to a much lower point than was actually the case. The facts regarding the matter are as follows:* On account of the exploitation of very rich gold mines discovered in Australia and California the annual production of that metal increased from about $15,000,000 in 1840 to an average of more than $137,000,000 for the five years 1850 to 1855, and to an average of more than $143,000,000 for the succeeding five years. It did not fall to so low a figure as $100,000,-000 until 1874, and then for two years only. While the production of silver began to increase greatly at about the same period and has continued at a high rate ever since, its proportion to that of gold fell tremendously in 1851 and has never been restored. While in weight it was 50.2 times as great in the decade 1801 to 1810, it was only 4.4 times as great in the period 1851-60, and between six and seven times as great during the next ten years, + The fall during this period in the purchasing power of gold over commodities has been variously estimated, but it was probably not less than nine nor more than fifteen per cent. The change in its ratio to silver is indicated in the table on p. 323. On account of its overvaluation at the mint France received more than her share of this metal, and silver began to disappear from circulation, causing a scarcity of small coins and finally compelling the government to make all silver coins, except the five-franc piece, subsidiary.

* Laughlin, pp. 217, 218. + Ibid., p. 42.

In 1865 the history of bimetallism in France entered upon a new phase, before describing which, however, it will be well to note some of the early monetary experiences of the United States. Regarding the general results of its operation during the period here under discussion, there can be no question, however much people may differ regarding the explanation of specific phenomena. It did not succeed in preventing divergence between the legal and market ratios of the two metals, and the dominance now of one and now of the other in the circulating medium, and it did subject French commerce to great inconvenience by rendering it difficult and at times impossible to keep in circulation an adequate supply of small change, not to speak of the uncertainty attending the change of the standard in 1851 from silver to gold. As compared with the peaceful course of England, the continued occupation of the French government with harassing coinage questions during the entire century is an object lesson which should not be overlooked.