; and what a given thing will exchange for
depends on the ratio of the supply of it to the demand for it. A piece
of money is worth what it will buy. Other things remaining the same,
it will buy more when the stuff out of which it is made is plentiful,
and less when that is scarce. The proposition of the bimetallists
rests on only time-honored doctrines of political economy as justified
by the experience of mankind. We desire to restore the parity of gold
and silver by perfectly "natural causes" set in operation by
"artificial means." We propose to invoke the law to equalize their
opportunity and to make them interchangeably and indifferently
responsive to the same money demand.

Space has not permitted reference to all the errors committed at this
wonderful banquet, nor a complete discussion of even those cited. I
have endeavored only to point out the most glaring ones in the hope
that some persons inclined to accept, somewhat carelessly, the
assumedly authoritative statements of these eminent men, may be led to
study this great subject whose proper understanding and wise
management are of such vast importance not only in American politics
but in the progress of the race. For the cause of bimetallism must
commend itself to the intellect and the conscience of the country or
it cannot win. Those who have spent some time in an earnest and
thoughtful investigation of the matter and are convinced that the
success of silver coinage is the first step in a series of rational,
safe, and necessary reforms, are ready to be judged as much by the
reasonableness of their doctrine as by the sincerity of their motives.
They intend from now on to force the fight. The enemy will be sought
out and assailed wherever found. No pretentious claims of
infallibility will be accorded immunity from criticism. No authority
will be permitted to shelter folly. It is time to expose the
preposterous assurance of the gold-standard pundits. Nonsense will be
called nonsense whoever utters it, and, what is more, it will be
proved to be nonsense.

DOES CREDIT ACT ON THE GENERAL LEVEL OF PRICES?

BY A. J. UTLEY.

It is conceded by all standard writers on political economy that the
value of money--that is, its purchasing power--is fixed and regulated
by the amount of money available for use.

John Stuart Mill says:

If the whole money in circulation was doubled prices would be
doubled. If it was only increased one-fourth, prices wo