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70 "France, Belgium, Italy, Switzerland and Greece," was the reply.

"Then," said Mr. Eustis, "the Latin Union, Germany and the United States, by free coinage had maintained the commercial value of silver at par with gold?"

"Yes," was reply.

"And the United States," said Mr. Eustis, "was the first of these to attack silver and demonetize it?"

"Yes," said

Mr. Eustis took his seat, and some one near him was heard to mutter, "It was old John Sherman."

Mr. J. A. Montgomery, Superintendent of Mails at Chicago, then arose and asked this question:

"What would silver and gold be worth if neither were used as money?"

"That would depend," said the little financier, "on what was adopted as money to take their place and the quantity of it. Primary money becomes the measure of all values; and the value of any other commodity is more or less, as the quantity of primary money is more or less. That is the reason you hear gold referred to now as the standard or measure of values.

"The most impartial way to get at what the value of silver and gold would be if not used as money would be to suppose there was no money of any kind.

"Then there would be no measure of values, and only an exchange value would exist. If under these circumstances the arts and sciences progressed, the demand for silver and gold would cause other property to be exchanged for it, and as they are used in so many ways in the sciences and arts, and for domestic and