cy
be the effect, there was never surely a better forecast. The fall of
prices in such a general way as to amount to what is known as rise in
purchasing power of gold is, I might almost say, universally admitted.
Measured by any commodity or group of commodities usually taken as the
measure for such a purpose, gold is undoubtedly possessed of more
purchasing power than was the case fifteen or twenty years ago, and this
high purchasing power has been continued over a long enough period to
allow for all minor oscillations."

In 1871, when the discussion may be said to have begun, the French
economist Ernest Seyd pointed out very plainly that the adoption of the
gold standard by Europe and the United States would lead to the
destruction of the monetary equilibrium hitherto existing, and then added
this singular prophecy: "The strong doctrinarianism existing in England as
regards the gold valuation is so blind that when the time of depression
sets in the economic authorities of that country will refuse to listen to
the cause here foreshadowed. Every possible attempt will be made to prove
that the decline of commerce is due to all sorts of causes and
irreconcilable matters. The workman and his strikes will be the first
convenient target; then speculating and over-trading will have their turn;
many other allegations will be made, totally irrelevant to the real issue,
but satisfactory to the moralizing tendency of financial writers."

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 dem