Note 115 — Chapter II · (continued 3)

So far the Australian and other discoveries have not affected the ratio of the values of gold and silver. The assertions to the contrary of Michel Chevalier are worth as much as the Socialism of this ex-St. Simonist. The quotations of silver on the London market prove, however, that the average gold price of silver during 1850-1858 is not quite 3 per cent. higher than the price during 1830-1850. But this rise in price is accounted for simply by the Asiatic demand for silver. In the course of the years 1852-1858 the price of silver was changing in certain years and months only with a change in this demand, and in no case with the importation of gold from the newly discovered sources. The following is a summary of the gold prices of silver on the London market.

PRICE OF SILVER PER OUNCE.

Year—March.July.November.

185260-1/8 pence60-1/4 pence61-7/8 pence

185361-3/8 pence61-1/2 pence61-7/8 pence

185461-7/8 pence61-3/4 pence61-1/2 pence

185560-7/8 pence61-1/2 pence60-7/8 pence

185660-7/8 pence61-1/4 pence62-1/8 pence

185761-3/4 pence61-5/8 pence61-1/2 pence

185861-5/8 pence