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 98 commerce of the world, and the stronger nations are compelling the silver-using nations to settle with them on the gold basis.

"It is therefore proposed by the monometallists to measure the value of all property in gold, and to settle all debts in gold or in money redeemable in gold. If our debts were payable in wheat, wheat certificates which you handle every day would answer the same purpose, but the wheat would have to be in existence. So it is, if our debts are payable in gold—if paid in other money it must be as good as gold. To be as good as gold the other money must be redeemable in gold, just as your wheat certificates, are redeemable in wheat.

"This policy rests upon the quantity of gold in the world.

"To carry out such a financial policy the world has, as reported by the director of the U. S. Mint, about 3,750 million of dollars in gold. Under any calculation it will not exceed at the present time 3,900 million dollars.

"But let us take the larger figure, 3,900 million dollars, and see what this amount means.

"The population of the world in 1890 was about 1,400 million. It is a per capita for the population of the world of about $2.50. In bulk it is about one-half the size of this nickel I hold in my hand." And as said this he held up a 5-cent piece between his thumb and forefinger.

"The whole 3,900 million dollars of gold in the world, cast into cubic foot blocks, can be stacked up in the corner of this room in a space 22 feet square and 22 feet high, and space enough will be left of the 22 feet each way to box it in."