The only comparison allowable, therefore, between the several lines, is that between the fluctuations, both as to their times and as to their directions, both as to the larger tidal movements and as to the lesser wave-like movements within the business cycles.

The Figure does indicate that both American and German prices have risen somewhat as compared with the English and French prices, since the period before 1860.
This figure should be studied in connection with Figure 1, in ch.
4, sec.

9, on gold production.

The Figures indicate that the rapidly growing monetary use of gold offset a large part of the effects of increasing gold production between 1840-1860 and 1884-1914.

Between 1884 and 1896 prices actually continued to fall after gold production had begun to climb.