she had to pay, in addition, a fine of
nearly $1,000,000,000. She paid it with a rapidity that amazed the world,
but in her hour of weakness she consented to gold monometallism. She had
become a creditor nation, and could endure the new system better than any
other, except Great Britain; nevertheless, she has suffered. Her exports
had steadily increased during all her years of bimetallism, and never so
fast as during the very years in which she was exporting silver so heavily
because of the influence of cheap gold. The very year of demonetization
her exports began to decline, and but once since have they reached the old
figures.

The statistics are fearfully suggestive. In 1840 her exports were valued
at $202,231,000, and her imports at $210,413,000; in 1873 her exports were
$964,465,000, and her imports $915,285,000, and in only six of the years
after she began to be "flooded with cheap gold" did her imports exceed her
exports. In 1874 her exports began to decline, and ran rapidly down to
$822,360,000 in 1878; and 1890 is the only year since demonetization in
which they reached the figures of 1873, being $968,030,000. On the other
hand, her imports have steadily outrun her exports until the excess has
been as high as $300,000,000 in one year (1880), and has only once since
(1885) been as low as $100,000,000. Here, then, are the points
demonstrated by France's official figures:

During seventy years of bimetallism she gained steadily and rapidly in
wealth, her exports increasing much faster than her population.

During the eight years (1853-60) in which she was "ruined by cheap gold,"
importing 3,082,000,000 francs of it and exporting 1,465,000,000 francs of
silver, a bullion operation to the amount of $909,000,000, she increased
her exports most rapidly and with no corresponding increase in imports.

During the twenty years following demonetization her exports have been
stationary or declining, being $99,000,000 less in 1893 than in 1873,
while her imports have increased.

Let us turn for a moment and trace the effects of monometallism in England
as compared with bimetallism in France during the same period.

England had in 1816, when she adopted gold monometallism, about
$10,000,000,000 in property and had in 1873 about $40,000,000,000. In 1816
she had about 18,000,000 people and in 1873 about 32,000,000; her per
capita wealth, therefore, in 1816 was $555, and in 1873 $1,250, or 2-1/5
times as much. In 1803 the