the beginning of this second period, 1851, the Bank of France held in its reserves approximately only 3 1⁄2 millions sterling of gold, whereas its silver amounted to more than 19 millions. At the close of the period indicated, 1866, the bank was holding 23 millions sterling of gold against nearly 5 1⁄2 millions of silver. In the former case the proportion of silver formed 85 per cent. of the total, in the latter only 19 per cent.
| Year. | Gold (Million Francs). | Silver (Million Francs). | Percent of Silver to Total. | Year. | Gold (Million Francs). | Silver (Million Francs). | Percent of Silver to Total. | |
|---|---|---|---|---|---|---|---|---|
| 1851 | 83 | 478 | 85 | 1864 | 273 | 94 | 27 | |
| 1852 | 69 | 442 | 86 | 1865 | 238 | 208 | 44 | |
| 1853 | 102 | 214 | 67 | 1866 | 576 | 136 | 19 | |
| 1854 | 301 | 193 | 39 | 1867 | 697 | 318 | 31 | |
| 1855 | 72 | 147 | 66 | 1868 | 662 | 474 | 42 | |
| 1856 | 94 | 104 | 53 | 1869 | 461 | 798 | 63 | |
| 1857 | 110 | 126 | 52 | 1870 | 429 | 69 | 14 | |
| 1858 | 294 | 260 | 47 | 1871 | 554 | 80 | 13 | |
| 1859 | 250 | 329 | 56 | 1872 | 656 | 134 | 17 | |
| 1860 | 144 | 272 | 65 | 1873 | 611 | 148 | 19 | |
| 1861 | 225 | 100 | 30 | 1874 | 1013 | 314 | 24 | |
| 1862 | 187 | 108 | 36 | 1875 | 1168 | 504 | 30 | |
| 1863 | 119 | 72 | 37 | 1876 | 1349 | 540 | 28 1 ⁄ 2 |
The statistics of the Latin Union, up to the suspension of the bimetallic system will be separately dealt with.
Speaking only of the experience of France during these years of bimetallic régime, the ebbing and Page 187 flowing experience which has throughout