ave a moral and constitutional
right to use the cheaper metal at any time; that we did use gold for all
those years simply because it was easier to pay debts with it, that is, it
was cheaper, and that the use of the cheaper metal aided greatly in making
prosperity. That is all that any bimetallist claims. As the entire burden
was not then thrown upon silver, we claim that it should not now be thrown
upon gold, doubling or trebling the rate of its advancing value; and as
the privilege to use the cheaper metal then checked the advance of the
dearer and enhanced prosperity, we insist that the system of that time
shall be restored.

The subsequent figures are equally convincing. In 1861-65 the gold
products were 72.1 per cent. of the total, the silver 27.9 per cent., the
variation in ratio from 15.26 to 15.44. In 1866-70 the production stood
69.4 to 30.6, the variation in ratio 15.43 to 15.60. In 1871-75 production
was still 58.5 to 41.5, but the variation in coin value was from 15.57 to
16.62. That something had happened quite aside in its effects from
relative production was evident, but the people did not find out what it
was till late in 1875. At the time the demonetization act was passed, the
ratio was still 15.55 to 1, and one of the reasons given for the act of
February 12,1873, was that the silver dollar was worth $1.03 in gold; yet
before the close of that year, and before it was known that there was to
be any great increase in the product of silver, its relative value ran
down till it was below that of gold. Can any one doubt the cause? Surely
not if he observes the additional fact that the relative decline of silver
continued despite the greater value production of gold, and that 1882, ten
years after demonetization, was actually the first year since 1849 in
which the world's production of silver exceeded that of gold. What one
hundred and ninety years of continuous and often enormous relative
overproduction of silver had not done, ten years of demonetization had
accomplished, and that while the relative supply of gold was still the
greater. Is it possible to miss the real cause? Is there in Euclid a
demonstration more conclusive?

[Illustration: The above diagram shows the relative annual production of
gold and silver from 1870 to 1893, and ratio of values.]

Monometallists have exhausted the resources of verbal gymnastics to make
these figures fit their theories. Determined not to admit that
demonetization wa