The subsequent figures are equally convincing.  In 1861-65 the gold products were 72.1 per cent. of the total, the silver 27.9 per cent., the variation in ratio from 15.26 to 15.44.  In 1866-70 the production stood 69.4 to 30.6, the variation in ratio 15.43 to 15.60.  In 1871-75 production was still 58.5 to 41.5, but the variation in coin value was from 15.57 to 16.62.  That something had happened quite aside in its effects from relative production was evident, but the people did not find out what it was till late in 1875.  At the time the demonetization act was passed, the ratio was still 15.55 to 1, and one of the reasons given for the act of February 12,1873, was that the silver dollar was worth $1.03 in gold; yet before the close of that year, and before it was known that there was to be any great increase in the product of silver, its relative value ran down till it was below that of gold.  Can any one doubt the cause?  Surely not if he observes the additional fact that the relative decline of silver continued despite the greater value production of gold, and that 1882, ten years after demonetization, was actually the first year since 1849 in which the world’s production of silver exceeded that of gold.  What one hundred and ninety years of continuous and often enormous relative overproduction of silver had not done, ten years of demonetization had accomplished, and that while the relative supply of gold was still the greater.  Is it possible to miss the real cause?  Is there in Euclid a demonstration more conclusive?

[Illustration:  The above diagram shows the relative annual production of gold and silver from 1870 to 1893, and ratio of values.]

Monometallists have exhausted the resources of verbal gymnastics to make these figures fit their theories.  Determined not to admit that demonetization was the cause, they have given so many explanations that, expressed in the briefest words, they would cover many pages like this.  The first was that the opening of the “Big Bonanza” on the Comstock lode had given notice that silver was coming in a flood; but that was only for popular use in this country.  Scientific men knew that to be a rare find indeed, not likely to occur again for centuries.  The next explanation was that China and India, so long the reservoir into which the surplus flowed, had ceased to absorb it; and the next, demonetization of silver by Germany and her throwing her old silver on the market.  And with this the people began to get at the true reason—­the general demonetization by so many nations.

The following table gives the annual production of gold and silver from the discovery of America to and including the year 1892; and the highest and lowest ratio of silver to gold from 1681 to and including the year in which silver ceased to be in this country primary money: 

    Years.  Gold.  Silver.  Ratio.