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Rh to do so, actual resumption following the war, and a return to the system of property money, with credit money based thereon, did not take effect till January 1, 1879.

"For some time it was not generally known that silver was demonetized, and for many years since then its true position in our currency was disputed.

"It slowly dawned on the country that silver was neither fish nor fowl; that like Mahomed's coffin it swung half-way between the floor and ceiling.

"Finally the silver men, pushing their cause, forced the declaration from the administration that all paper money was redeemable in gold or silver at the option of the holder. This meant that they demanded the most favored and valuable of the two—gold. The government had stored most of the silver and issued paper money on it, which was declared to be redeemable in gold.

"This cut the base of the column half in two, and left us with only half a foundation for our financial system.

"This defined the position of silver as token money, and if not redeemed directly—gold for silver—the exchange of the silver for its paper representative would get the gold. The administration only wants a little more time to declare that silver is directly redeemable in gold—the true position of token money.

"In the meantime, during these years, all property gradually declined in value as