In addition to the silver produced from the mines of the United States there has been a large importation of silver products from the mining districts of Mexico, which have recently become accessible to the new trunk lines of railway, consisting of silver ores for smelting and of silver bullion for refining shipped to private refineries in the United States. The value of the silver in these Mexican products refined in the United States during the calendar year 1886 was nearly $7,000,000.
During- the year 1886 the fluctuations in the price of silver were very marked. At the beginning of the year the price in London was 46f£ pence per ounce, British standard. In April commenced a rapid decline, reaching the lowest point July 31, 42 pence, at which price silver remained until August 10, when an advance commenced and continued until Xovember 20. The price then reached 47 pence. The closing quotation on December 31 was 4CJ pence. The average price of silver bullion during the year was 45| pence per ounce, British standard (.925 tine), equal, in United States money, to $0.99465. The price at the present time (May 17,1887) is 43g pence, equivalent to $0,956 per ounce fine.
The following table shows the production of gold and silver in the United States since 1804, silver being valued at the coining rate in silver dollars, equivalent to $1.2929 per troy ounce fine:
Production of gold and silver in tlie United States to December 31, 1886.
Periods.
i Gold. Silver. Total.
