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 40 "We have seen," replied "how the commercial value of the two metals were parted. By the same laws that produced this result, silver was made redeemable in gold, and ceased to be redemption money. Silver now circulates like paper money, both redeemable in gold. It is now subsidary coin or token money.

"Strictly speaking, nothing is money but redemption money—all other forms of so called money are money only in the sense that certified checks are money.

"In the sense in which you say silver is money, nickel and copper are money, but they form no part of our stock of redemption money. Gold now takes the place formerly occupied by both gold and silver, and is our only redemption money. Silver, as now treated, cuts no figure in our currency that could not be substituted by paper or other metals. What is meant by demonetization is, that silver has been destroyed as primary money.

"We are now on a single gold standard, and have come to it through a period of limping bimetallism."

Mr. Fred Miller, cashier of the Bank of Commerce, announced a desire to ask a question and proceeded to state it.

"It appears," said Mr. Miller, "that whenever the ratio has been changed, the number of grains of pure silver in the silver dollar has not been disturbed, while the quantity of gold in the gold coin has been changed;