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 Rh unlimited demand for one metal (silver) was taken away—the unlimited demand for the other metal (gold) was continued. The whole disturbance since then has come from the demand being taken away from silver."

Mr. Gage had remained standing for a time, then resumed his scat, and became interested.

continuing, said:

"England demonetized silver in 1816, but as Germany, France and the Latin Union, and the United States had their mints open to the free coinage of silver and gold, the demand thus created was sufficient to maintain the parity (equal value) of the two metals, and the action of England had no effect on the price of silver.

"No one in England would part with his silver for less than an equal value in gold, when he could cross the channel into France and get an even exchange—so the price of silver as measured in gold was during all the years prior to 1873 substantially at par in England and the world over.

"The United States closed its mints to silver and made gold the sole measurement of values in February, 1873.

"Germany followed and passed the same law in July, 1873. The action of these two large nations caused a drop in the commercial value of silver as measured in gold of 2 per cent by the end of that year.

"France and the Latin Union closed their mints to the free coinage of silver in January, 1874, and by the end of that year silver as measured in gold had declined 4 per cent.

"Then came the gradual breaking down of the com-mercial price of silver as measured in the new standard—gold—and acts were passed tending to this end. Among them were the acts of 1876 stopping the coinage of the