Thus much for the producing country itself. Let us now consider the effect of this superabundance of gold on the importing countries. The first and most important question is, whether the relative proportions in value between gold and silver is likely to be materially disturbed. We have been considering the present production of gold, let us now see how the case stands as regards silver. Mons. de Humboldt estimates the amount of silver annually produced at the commencement of this century at 870,000 kilogrammes (about [139]193,000,000 francs). In 1847, M. Michel Chevalier, considered the annual production to be 775,000 kilogrammes, (about [140]172,000,000 francs), but there is reason to suppose that this writer under-estimated the returns of the Mexican mines, which he placed at [141]18,500,000 piastres, and in a later work, the same authority states the production at [142]900,000 kilogrammes. The English paper, _The Economist_, estimated the return of 1850 at [143]191,772,000 francs; the actual production, however, appears to have been much larger. It cannot be placed at a lower figure than 1,000,000 of kilogrammes for 1851, or at about [144]230,000,000 francs. The following is the table of details: Mexico 133,000,000 francs = £5,320,000 Chili 22,000,000 ” 880,000 Peru 25,000,000 ” 1,000,000 Bolivia and New Granada 12,000,000 ” 480,000 Russia and Norway 5,000,000 ” 200,000 Saxony, Bohemia, Hungary, &c., 12,000,000 ” 480,000 Spain 16,000,000 ” 640,000 The rest of Europe 5,000,000 ” 200,000 ----------- ---------- Total 230,000,000 ” £9,200,000 =========== ========== We do not think we shall be exaggerating in supposing that the production will have reached [145]250,000,000 francs in 1852, and that it will consequently have exceeded [146]1,100,000 kilogrammes. At this rate the accumulated value of the precious metals produced in 1852 will have reached the figure of [147]850,000,000 fr., of which silver will represent the proportion of about 30 per cent; the weight of gold will then be in the proportion of 1 to 6³⁄₁₀ to silver.