Although
the output of gold was less than one-thirteenth the output of silver in
quantity, its value was about twice that of the silver.
The average commercial value per fine ounce of silver for the 128
J
years contributing to
the total domestic production was nearly $0,815. fluctuations in value
of silver per fine ounce are shown in the curve in figure 17. For the
years shown (1871 to 1920, inclusive), the average annual value was
more than $0.80 before 1893, and it has been less than that figure
every year since until 1917, when it was $0.82; 1918, when it was
$0.98; 1919, when it was $1.12; and 1920, when it was $1.09.
IMPORTS AND EXPORTS.
Value of gold and silver imported into and exported from the United States, 1919 ana
1920.
1919.
