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1857.] the same qualities everywhere and at all times. Accordingly, all the civilized nations, from the time of great-great-great-grandfather Moses down to the time of President Buchanan, have used the precious metals for their standard of values; while your barbarians only, your silly Sandwich-islanders, your stupid troglodytes of interior Africa, your savage red men, have used for that purpose fish-bones, beaver-skins, cowries, strings of beads, or a lump of old rags. Q.E.D., then, on Paley's principles, the precious metals were meant by Divine Providence for use as money, at least more than anything else, because nothing else is so well adapted to the end. Intelligent man everywhere has been glad to recognize the Divine teaching; and the American man—holding himself the most intelligent of all men—has incorporated the lesson in his fundamental law. Nothing can be money for him, constitutionally, but metal which has a genuine ring in it.

2. Being the established standard, the precious metals, so long as they continue unchanged in amount, have a precise and definite relation to all other commodities. But they do not continue unchanged; and neither do other commodities continue unchanged. There is more gold at one time than another, and more wheat at one time than another; so that the relation between the two is not a determinate, but a variable one; and it is this variation which causes or constitutes the fluctuation of prices. If wheat increases in quantity, more of it will be given for the same money; and if it decreases, less of it will be given for the same money; on the other hand, if money increases, more of it will be given for a specific quantity of wheat, and if it decreases, less will be given; while if they increase or decrease together, a relative equilibrium will be maintained. But the beauty of the precious metals, as we have said, is that they are not liable to very sudden or considerable increase or decrease; only twice in the course of history, on the occasion of the discovery of the South American mines by the Spaniards, and of the California mines by the Americans, has there been recorded an unusual production of gold and silver; and in both cases, it is important to note, the same effect followed,--a very considerable enhancement of prices; that is, all other articles seemed to grow dear, although the real fact was that money had only grown cheap. In Spain every commodity rose; everybody experienced that delicious feeling, which we sometimes enjoy in dreams, of going up without spring or effort; and Spain was considered to be enviably prosperous and happy. As for San Francisco, we all remember the fabulous prices which ruled in that vicinity. An acquaintance of ours wrote us then, that he gave five dollars for a dinner consisting of half a pullet and two potatoes, and when he added a pint of champagne, it came to five dollars more. He allowed his washerwoman one hundred and fifty dollars a month, paid fifty dollars for a pair of second-hand cow-hide boots, and hired a cellar, seven feet by nine, and six feet under ground, at the rate of fifteen thousand dollars a year. But both in Spain and in San Francisco this ludicrous exaggeration of values cured itself. The manufacturers and merchants of all the world sent their goods of all sorts to such tempting markets; and it was not long before the goods, not the money, were in excess. Prices came down, as sailors say, by the run, and Spain and San Francisco were reduced once more to rationality and comfort. These were exceptional cases, but they illustrate the general principle, that the increase of money raises prices, and the decrease of money lowers them, which is all we wish to state. In ordinary cases, however, when the currency is in its normal condition, this rise and fall of prices is like the rise and fall of the tides, the mere pulsations of the great sea, which drown and damage nobody, and rather keep the waters more clear and wholesome by their gentle agitation.

3. The same law is observed to