The subjoined extract from Professor Raymond's report for 1874 shows his figures for the States and Territories west of the Rocky Mountains :

Production of Gold and Silver in the United States for year ending December 3lst, 1874.

For 1875 another authority gives the total including Mexico and British Columbia at $80,889,037; deducting the last two items except 1,000,000 for New Mexico, the same amount Dr. Linderman gives, we should have the production of 1875 $77,703,413. Now, if we state the gold the same as in 1874 ($42,000,000) the silver production would be $35,703,413. Bringing forward Professor Raymond's figures of the yield of the mines since 1847 to 1874 inclusive, and for 1875 adding the totals as above stated, we should have the total production as follows :

Gold and Silver production of the United States since

1847.

Since 1860 the addition to the supply of the United States up to the twelve months ending June, 1875, is seen from the following figures of Professor Raymond.

Messrs. Wells Fargo of the United States, who keep in their own books statistics of the precious metals produced in the states and territories west of the Missouri river including British Columbia, and the west coast of Mexico, give the following figures as the results of the operations in 1876. The aggregate yield of $90,875,173 is greater by $9,986,136 than that of 1875.

" The notable increase is in Nevada, which produces more gold than any other State or territory and of gold and silver combined, five ninths of the whole product of the United States. A large gold yield is often claimed for Arizona and New Mexico, but as $2,710,000, or an average of less than $100,000, per year, is the total amount deposited in United States Mints since 1848 as from those territories combined, we think such claims cannot be substantiated. The total yield west of the Missouri River for 1877 may equal that of 1876, but it does not now appear probable. The lead product of Utah, Nevada, and California about equals that of Missouri, Illinois, and Iowa:

"The method and form of the foregoing is exactly similar to that of statements which we have compiled since 1870, wherein no attempt was made to show the amount of gold contained in silver or dore bullion, or the lead and copper in base bullion; but the violent fluctuations of silver as compared to gold during the present year render an analysis desirable, and we have spared no pains to arrive at a correct conclusion, and the results are as follows :-In round figures, of $37,000,000 produced from the Comstock Lode this year, $17,125,000, or quite 46 per cent., was gold; of the whole product of Nevada 35 per cent. was gold, and of the total silver product, so called, $18,647,925, or 31 per cent., was gold. The gross yield is constituted as follows:-Gold, $44,328,501; silver, $41,506,672; lead and copper, $5,040,000 = $90,875,173. Following the method indicated and the percentages arrived at, for 1871 to 1876 inclusive, for which years we have our own compilations to depend upon, the products separated are as follows :

"We hoped to segregate the gold, silver, etc, for the years from 1870 to 1861 inclusive also, but no data is obtainable that will stand the test of so careful an analysis as the years of 1871 to 1876, inclusive, have been subjected to, and we see no way of reconciling the discrepancy between $66,000,000 gold and silver published as the estimate of United States officials for 1870 and $56,184,000 shown here for 1871, which was a more productive year by at least $4,000,000 than 1870. We are confident that similar discrepancies or exaggerations as to the product of the United States exist in the estimates usually accepted for the years from 1870 to 1861, inclusive, and possibly all the way back to 1848. Reasoning from what is known as our own country's product as compared with estimates frequently put forth, we are inclined to believe that there is almost universal exaggeration as to the amount of gold and silver produced throughout the world,"'

As regards the rupee currency of our Indian Empire no little disturbance was caused in that dependency in consequence of the fall in silver and the loss which servants of the Government sustained through the fall in the Indian exchanges. The Government were petitioned on the subject by the Bengal Chamber of Commerce, which resulted in a published statement to the effect that no action would be taken in the matter for the present. Considering all the circumstances, and the important fact that the price of silver had remained steadily at no inconsiderable recovery from the lowest point touched, the decision was no doubt a wise one.

We have given rather much space to the setting forth of the circumstances connected with this currency scare which smote the European governments having a silver standard in 1876, because it preceded what we believe is the beginning of a great currency revolution. The price of the metal having recovered materially, fears which were aroused by its sudden depreciation have been allayed, and may be its value of 58d. or more per oz. will be maintained perhaps for a long time; but we are of opinion that as a standard of value silver has had its day with the foremost nations. It is very desirable that it should be retained as a token currency for several reasons, and its usefulness for this purpose cannot be overestimated. The yearly development of economic science points distinctly to an adjustment of international debts on the 'clearing' system. The transmission to and fro of masses of gold simply for the purpose of gaining a fractional profit is on the face of it a hybrid trade which the national banks should find some means of checking. The Bank of England has taken some steps in this direction by raising its price for United States eagles on different occasions, and we doubt not that the exercise of a little more ingenuity will suffice to reduce this trafficking in gold for a ridiculously small profit can be still further diminished as we have suggested in a previous chapter.