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 38 were growing bigger; merchants who had been doing business on a falling market for twenty years, now felt as if they had each an interest in this money question.

Mr. Gage arose and said:

"What you have said about the commercial value of silver and gold being maintained at a parity under a fixed ratio, has been due to the enlarged use of these two metals, as money, under a free coinage law adopted by the principal nations of the world, International bimetallism would do what you say. But the United States alone could not maintain the parity of the two metals. Silver would be the cheaper, and gold would leave us. We would have no credit abroad, and a total derangement of our commerce would follow. And in this respect you have not satisfactorily answered my question."

"Then, Mr. Gage," said "we agree, do we, that the commercial value of silver and gold can be maintained at par on a fixed ratio at 15½ to 1 or 16 to 1, if their free coinage is provided for by the same nations that had such a law in 1873?"

"Yes," said Mr. Gage, "we agree thus far."

"Thanks," said "If all are as well satisfied thus far as Mr. Gage, we have gained a great deal. To understand these fundamental principles as far as we have gone, and as adapted and applied in the past, and as tested and proven a success, is essential to our further study of this subject.

"In arranging the programme for this school, I thought it best to leave the subject of independent free coinage by the United States to the last. I will not now change the order. When I answer that question it will