capital held by the enemy. She four
times changed her form of government. Once she was subjected to the
payment of enormous war expenditures, and again not only to the payment of
still greater expenditures but to a fine exceeding in amount the largest
sum of gold ever held in the United States. During a large part of this
time the world's production of silver was in excess of that of gold to an
extent very much greater than it has been in recent years, and then, after
a very brief interval of something like equal production, there was a
sudden and tremendous increase in the production of gold until it exceeded
that of silver more than 3 to 1 in value. During these years, also,
several of the neighboring nations, including seventy million people,
demonetized gold and threw the whole burden of sustaining its equality on
the continent of Europe upon France, and during another portion of the
time there were monetary disturbances so far-reaching that they shook the
foundations of credit in every civilized country in the world. And yet,
through all these convulsions, France for seventy years maintained a
substantial parity, by welding the two metals together for monetary
purposes.

The contrasted figures are simply amazing. In the decade of 1811-20 there
were produced 47 ounces of silver to 1 of gold, and yet the market ratio
outside of France never stood higher than 16.25 to 1. In the decade of
1821-30 the production was 32 ounces to 1 and the average ratio 15-80/100
to 1. In 1831-40 the production was 29 ounces to 1 and the average ratio
15-75/100 to 1. In 1841-50 the production was 14-9/10 ounces to 1 and the
average ratio 15-83/100 to 1. The demonstration is as complete as that of
any proposition in Euclid. In spite of the enormous overproduction of
silver, the maintenance of the mint ratio in France held the two so nearly
together that in three years out of four the difference in other countries
only amounted to the cost of transporting the silver to the French Mint
and of coinage.

[Illustration: The above diagram shows the relative annual production of
gold and silver during the bimetallic period in France. The ratio given is
the commercial ratio, that of the mint being 15.50 to 1. Note the
marvellous steadiness of the commercial ratio and contrast it with the
enormous fluctuation in the relative annual production of the two metals
during this period.]

To this should also be added the fact that French coins would h