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 82 "The exchange value of uncoined silver with the other products is substantially the same now as it ever was. Where silver producers are hurt is only in common with all producers—stagnation, falling prices, paralysis of business, and confiscation of property by taxation and debts that do not shrink with all other values."

answer was satisfactory. This was evident not from applause, for there was none; but from the intense stillness and breathless attention. It was also attested from the further fact that there sat in the audience men ready to leap upon him at the least show. His answers had to be absolutely convincing, or an antagonist was there ready to puncture the weak places. Not one opened his mouth. was like a little monitor in the midst of a fleet of wooden ships. His shots went through and silenced all opposition.

There was Professor Laughlin still irritated at his unsuccessful attack on the little bimetallist. As the professor in a chair of political economy, endowed with the money of bankers, his mental faculties had trained with his salary, but his views had been those of theory. Those views now encountered the practical statesman. He moved nervously in his chair, but said nothing.

Here was a study and an object-lesson. Combined capital all over the world had been using professors of political economy to instruct the minds of young men to a belief in the gold standard. This is not hard to do, as these students, being young, their minds are easily molded. The error is planted deep and strong.

Anything can be proved by theoretical reasoning. In the practical application of a theory is the proof of