+-----------+--------------+---------------+-----------+--------------+ [Footnote D: The figures for the last three years are taken from the Report of the Hon. R.E. Preston, director of the United States Mint, 1893 (_Report on the Production of the Precious Metals_, pp. 274-5). See _ibid_. for a most carefully compiled table of the production of the precious metals from 1493 to 1893, differing from the above in material details.] As far as this _relative_ production is concerned, the period, 1660-1840, is one of gradual and not abnormal variation, neither small nor inconsiderable in effect, but certainly not revolution-working, as had been the case in the sixteenth century with American silver, and as was to be in the nineteenth century with Californian and Australian gold, and in our own days with American silver for the second time. With regard to the _absolute_ production--gold shows a rise up to 1760, then a steady decline to 1820, followed by a second rise up to 1840. In the case of silver the decline in the absolute amount was steady from 1600 to 1680, then ensued a steady and strong rise to 1800, followed by an abrupt drop in the second decade of the present century, and then by a strong and steady recovery, commencing from 1830 and continuing until the present. [Sidenote: WIDE EFFECT OF MINT LAWS] The larger question of the relative distribution of this mass of precious metals depends for its determination upon a full understanding of the law of the various Mints. Speaking in large, during the eighteenth century the Mint ratio was in favour of silver in France, and her currency was almost entirely silver throughout the century; conversely the Mints favoured gold in England and Spain, and gold was almost the only constituent of the currency of either country for the greater part of the century. There can be little doubt that these simple facts had a great influence in actually determining the great currency legislation which closed the century and finally decided England in favour of gold, and France and the United States in favour of a bimetallism strongly favouring silver. The statement of the ratio is as follows:-- South-West Germany. 1657-80 15.10 Netherlands. 1663 14.43 England. 1663 14.48 1690 15.39 1715 15.21 France. 1679 14.91 COMMERCIAL STATEMENT OF THE RATIO (FROM 1687-1832, FROM THE HAMBURG EXCHANGE RATIO; FROM 1833 ONWARDS, FROM THE LONDON BULLION BROKERS' RATIO).