Page:Coin's Financial School.djvu/66

 48 only the kind of horses desired, but also other horses upon which there would be a demand to take the place of the horses sold to the government."

The hand-clapping that followed this reply, and smiles on many faces, indicated two things—one was, that the reply was satisfactory; the other, that the school was making progress for—it was the first applause had received.

"The government" continued "can create a demand for a commodity."

"The prospect of a law being passed will sometimes add to the value of property. The tariff law was recently being considered by the Finance Committee of the Senate, and on its becoming known that the committee would report in favor of a high tariff on sugar, the market value of the stock of the American Sugar Refining Company advanced 15 per cent. Its total stock is eighty million dollars. This prospect of a law passing added twelve millions of dollars to the wealth of the stockholders of that company. If Mr. Walsh will read the proceedings of yesterday's school, he will see how free coinage fixes the commercial value of silver.

"In the free coinage' of silver as money, the effect is not to