; so, in the belief
that the yearly payment, when it is reduced to forty pounds, will
be well within his reach, he puts his head into the halter."

THE "DUMP" OF SILVER.

All the world will dump its silver on us if we adopt free coinage, says
the monometallist. How much, and where will it come from? asks the
bimetallist. Oh, the world has billions of it ready for us, is the vague
general reply; but when we ask for a bill of particulars we get instead a
fine confusion of prophecy.

One answers that it will come from Spanish America. But we have already
shown that all nations from the Rio Grande to Cape Horn have but
$100,000,000 for their 60,000,000 people. The South Americans have but 83
cents apiece. The Mexicans have $4.54. The Central Americans have $2.14.
And the South Americans have $550,000,000 in paper money, to bring which
to par and maintain it there will require at least $300,000,000 more in
silver than they now have. No "dump" from there.

From France, says another. Well, France has $487,000,000 in silver coin,
and some bullion; only $12.94 per capita in coin, and valued at 15-1/2 to
1 of gold. At her ratio an ounce is worth $1.3336; at ours $1.2929. Will
she rob herself of coin, when she has none too much for business, and sell
it to us at a loss of 4 cents on the dollar and freight charges? Germany
has but $215,000,000 in silver coin, less than half as much as France,
though having 13,000,000 more people, and Great Britain has but half as
much as Germany. All the other Europeans together have much less than
these three nations, and used at a higher valuation than ours. How then
can they "dump" any on us?

From India, say a few. Well, India has a deal of silver--$950,000,000,
according to our Director of the Mint. But she has 296,000,000 people, so
it is but $3.21 apiece. And the best evidence that she has not too much is
found in the fact that she is importing more. China has but $2.08 per
capita; Japan has but $4, and is importing heavily; Australia but $1.49,
and the black and brown races still less. In short, all the world outside
of the United States has but $3,444,900,000 in silver coin, or $2.46 per
capita. It is a plain case that there will be no "dump" from the coined
silver.

But the bullion, the old silver, the scrap heap, will they not ship that
to us by billions? Well, how much is there, and where is it? Will the
nobility and gentry of Europe melt down their family plate, t