How literally has that been fulfilled in our sight.  At this very time, the monometallists of the United States are pointing to all sorts of causes and irreconcilable matters to explain the ruinous fall in prices.  They not only allege all the causes here assigned, but many more peculiar to this country; and, after the fashion of all who oppose any reform in the interests of producing labor, they particularly and even savagely deprecate agitation.

By the way, does not every clear-headed American, know that any system that cannot stand agitation is totally unfitted to this country?  Agitation, investigation, public discussion in the papers and on the stump, are the very life-blood of our institutions.  And if our finances were as they should be, the more thoroughly they were discussed, the more warmly would the system be approved, and the more would investigation be invited.

Hon. G. J. Goschen, former Chancellor of the Exchequer, pointed out as early as 1883 that the enormous increase in the demand for gold consequent upon the demonetization of silver was liable to create great evil.  After elaborating this subject, and saying that the fall in prices had already produced serious evils, he added:  “Some writers have appeared to show something approaching to irritation at the view of the situation that gold should have largely influenced prices.  I scarcely know why, unless through the apprehension that the bimetallists may utilize the argument.”  A little later he said:  “I must repeat that to my mind the connection between the additional demand for gold and the fall of prices seems as sound in principle as I believe it to be sustained by facts.”

We might multiply at length quotations to show that opinion is unanimous in England, regardless of party, to the effect that there has been a great increase in the purchasing power of gold.  As to the effect of this Mr. Giffen says:  “The weight of all permanent burdens is increased....  Our people, in paying annuities or old debts, have to give sovereigns, which each represent a greater quantity of the results of human energy.  The debtors pay more than they would otherwise, and the creditors receive more.  It is a most serious matter to those who have debts to pay.”

Mr. S. Dana Horton says that on the basis of prices “The national debt, regarded as a principal sum, has increased its weight upon the shoulders of the British taxpayer between 1875 and 1885 by nearly two hundred millions sterling, an amount nearly equal to the Franco-German war fine.”

This gives us the explanation of the fact that the consols on which the interest was reduced by Mr. Goschen, when Chancellor of the Exchequer, to 2-3/4 per cent., are now selling at a much higher premium than formerly; the smaller amount of money paid in interest will purchase a very much larger amount of commodities than the former larger interest did.