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compared with gold. The decline was painfully steady.

"These conditions caused new debts to be contracted to pay old debts, and the volume of new debts were rapidly augmented.

"Those who could make nothing in their business borrowed money on their property to go into new ventures, and to meet their living expenses. Old debts were refunded.

"Falling prices continued, and borrowing continued until the spring of 1893, when the 3rd column of credits had grown enormously. It had now reached the incredible sum of nearly forty thousand million dollars.

"The bonded indebtedness of the railroads alone was five thousand million. Every town and city nearly felt the weight of a debt. Farms were