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38
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MINERAL RESOURCES.
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The
following table shows tbe production of gold and silver in the United
States since 1804, silver being valued at tbe coining rate in silver
dollars, equivalent to $1.2929 per troy ounce flue:
Product of (/old and silver in the United States to December 31, 188S.
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The price of silver in
London at tbe commencement of the calendar year 1888 was 44-1/2 pence.
There was a steady decline until May 19, when the price reached 41-5/8
pence, the lowest on record. It quickly rose to 42 pence, and remained
almost stationary for tbe succeeding tbree months, June, July, and
August, the price not varying more than five-sixteenths from 42 pence.
Early in September a rapid rise took place, owing to a demand for
Spanish coinage, coupled with speculation, so that the price rose 2
pence in one week, from 42-3/16 pence to 44-3/16 pence. When the orders
for Spanish coinage were filled, no improvement in the rate of
exchange, which had been depressed, baving occurred, the price of
silver fell rapidly to 43 pence, from which rate the variations were
only tbree-eigbths pence up to December 1. At that date, owing to a
stringency in the Loudon money market, there was a further fall in the
price, and on December 20 it reached 42-5/16 pence. Subsequently it
rose to 42-5/8 pence, at which rate it closed on December 31, 1888.
The
average price in London of silver, British standard, .925 fine,
according to daily dispatches to the Bureau of the Mint, was 42.809
pence, equivalent at the par of exchange to $0.93974 per flue ounce. At
this price tbe bullion value of the silver contained in tbe staudard
silver dollar was $0.72083. At the highest rate for silver during the
year, 44-9/16 pence, the bullion value of the silver dollar was
$0.75554, and at the lowest rate, 41-5/8 pence, $0.70574. The following
table exhibits tbe highest, lowest, and average price of silver in
London each month during the calendar year, and the equivalent value of
an ounce of fine silver at the par of exchange, and also at the average
mouthly rate of exchange:
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