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It will be noticed that during the lectures, was never asked to answer the proposition of "over-production." His attention was afterward called to this, and he replied: That he was not surprised; that under-production was now conceeded by all who had investigated it, and the newspapers seldom mentioned it. That over-production could not be claimed so long as tens of thousands were going hungry; and that the only over-production admitted by all, was millionaires.

used in his lectures the phrase "1 to 16" in speaking of ratio. This was used for convenience. The exact ratio is 1 to 15.98, but, as by common usage, the term 1 to 16 is used, the correct figures 1 to 15.98 would have been confusing.

The assessed valuation of all the property in the United States, as given by Census Bulletin No. 192, issued June 4, 1892, is $24,651,585,465.

In giving the debts of the United States, public, corporate and private, has used in part the report of the Census Bureau, as far as completed, and has added to it an estimated amount for maritime debts, accounts, pawn shops, private debts not on record, rentals, and other debts due on contracts, none of which is included in the