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this couutry, would not materially change the rate of interest, much 

 less reduce it below the average rate at which wealth increases, we 

 must decide that, in addition to its other defects, it is out of all pro- 

 portion to the economy required oi i^istitutions tofuniis/i real credit. 



But we have still another reason for rejecting this system. If in 

 the future, gold and silver cease to be mined from any cause, or the 

 supply greatly reduced, and such large quantities are consumed in the 

 arts and trades as to constantly diminish the amount until it is ex- 

 hausted, what would become of the system based on these metals ? 

 We may finally conclude to dispense with a "measure of value," and a 

 "standard of value," even if such a thing ever existed. But can we 

 have a system of money based upon silver and gold without any such 

 metals to base it upon ? \\'ho will venture to affirm that fifty years 

 from now the amount of gold and silver coin in existence will not be 

 reduced to one-half or one-fourth its present volume, or that the 

 world's commerce will not be double what it is now? And if both 

 take the place, will the advocates of specie basis still insist that we 

 must adhere to their pet system ? 



Bui, sujjpose, on the other hand, that by new discoveries of vast 

 quantities of the "precious" metals, and greater facilities and economy 

 in process of reduction, they become as abundant as copper or lead, 

 is their market or exchangeable value to l)e kept up bi^legislation ? or 

 are we to have silver cjuarters as big as saucers and gold dollars that 

 weigh an ounce ? And if so, how arc we to manage the loss that 

 such changes entail ? 



Need we extend this argument to show that there is no science 

 in a system that may be dej)rived of its base, and therefore impracti- 

 cable ? Can the impracticable be scientific ? If the term science can 

 be apjjlied to a money system, it should be because it is in every way 

 practicable, not only to-day, but for all time ; that it furnishes a mon- 

 ey that fulfills the office or functions required of money perfectly ; that 

 it is reliable absolutely at all times, jjortable and sub-divisable to the 

 greatest extent, and obtainable at the lowest possible cost, 



\\e must decide, therefore, that instead of being^ accord with 

 scientific jjrincijjles, it is a scheme to enrich bankers wd their asso- 

 ciates at the expense of the rest of mankind. 



That ii affords no security to the holders of its i)aper money. 



