For these reasons I must adhere to the opinion so long
and generally maintained by the highest authorities, though
now as it seems rejected by Mr. Gibbs, that the value both
of silver and of gold, whether in the form of coin or
bullion, ultimately depends on the cost of producing them.
It is true that variations iu that cost do not cause rapid
fluctuations in the value of these metals because they are
so durable, and th6 total mass of them available in the
world at any one time is so large as compared with the
produce of a single year, that it is a good while before a
reduction in the cost of producing either metal, and an
increase in the amount produced, can cause any sensible
variation in its value as compared to the other, or to
commodities in general. Still it is proved by experience
that variations in the supply and in the cost of producing
the precious metals do sooner or later tell upon their value.
