504 THE IMPENDING REVOLUTION. 



ed twenty-five billions, and the other indebtedness such as 

 states, municipal, railroad and other corporate debts, and 

 mortgage securities, exceeded seventy-five billions, aggre- 

 gating more than one hundred billion dollars throughout 

 ' the civilized world. The persons who contracted these 

 debts, at the time the obligations were incurred, had the 

 privilege of paying in either gold or silver. The object in 

 demonetizing silver was to make them pay in gold alone. 

 You understand that it would be much more difficult to 

 pay in gold alone, than it would be to pay in both metals, 

 or to pay in either, at the option of the debtor. In other 

 words, the reduction by one-half of the world's money, 

 caused by the demonetization of silver, would more than 

 double the days of toil of the working masses to procure 

 this one hundred billions of gold, which would be required 

 if the debtor were allowed to pay in either gold or silver, 

 according to contract. This same process more than 

 doubles the value of bonds. For example, a bond that 

 cost 50 cents in coin during the war, upon which interest 

 has been paid twenty-five years, is now worth 130 cents. 

 More than one-half of the national debt has been paid, yet 

 to-day it will take more days of labor, bushels of wheat, or 

 other products .of labor, to pay it than it would at the close 

 of the war. This is the result of contraction." 



"How long has this contraction been going on? n 



"It commenced immediately after the close of the 

 war; first, by the retirement of greenbacks to reach specie 

 payment; and secondly by the demonetization of silver to 

 reach a gold basis to enhance the value of bonds. The 

 demonetization of silver was finally accomplished in 1885, 

 when every mint in Europe and the United States was 

 closed against silver. From 1850 to 1875 the product of 

 gold and silver was nearly two hundred millions annually. 

 The prosperity of the world progressed without a parallel, 



