Page:Coin's Financial School.djvu/47

 Rh the nations I have named, the commercial value of silver in the London market—in gold standard Eng-

land—did not vary either way more than 2 per cent.—$8⁄10$ of 1 per cent under was the least, and 2 per cent over was the greatest. The average for the 19 years shows a premium on silver over gold, which is explained by the disturbance created by the difference in ratios in France and the United States.

"If the same ratio had existed in all these countries, then the only difference would have been the exchange difference, the cost of freight in the movement of bullion when unevenly distributed as between silver and gold when needed at different points.

"Nor did the varying quantities of silver and gold in the world, during this period from 1854 to 1872, have