rise in the value of
both gold and silver, the rise in silver being relatively slight, while
that of gold has been ruinously great. And those who do not shut their
eyes to the truth must see that the change of relation between the
metals has been effected by depriving silver of its legal-tender
function, as the want of accord between the clocks was brought about
by depriving the silver clock of a portion of its motive power--the
weights. The only thing that has prevented a greater divergency between
the metals is the limited coinage by the United States--the single
weight that, withheld from the gold clock, prevented its more ruinous
gain.

* * * * *

Everybody admits that the value of all other things is regulated by the
play against each other of the forces of supply and demand. No reason
has been or can be given why the value of the unit of money is not
subject to this law.

The demand for money is equivalent to the sum of the demands for all
other things whatsoever, for it is through a demand first made on
money that all the wants of man are satisfied. The demand for money is
instant, constant, and unceasing, and is always at a maximum. If any man
wants a pair of shoes, or a suit of clothes, he does not make his demand
first on the shoemaker, or clothier. No man, except a beggar, makes a
demand directly for food, clothes, or any other article. Whether it be
to obtain clothing, food, or shelter--whether the simplest necessity
or the greatest luxury of life--it is on money that the demand is first
made. As this rule operates throughout the entire range of commodities
it is manifest that the demand for money equals at least the united
demands for all other things.

While population remains stationary, the demand for money will remain
the same. As the demand for one article becomes less, the demand for
some other which shall take its place becomes greater. The demand for
money, therefore, must ever be as pressing and urgent as the needs of
man are varied, incessant, and importunate.

Such being the demand for money, what is the supply? It is the total
number of units of money in circulation (actual or potential) in any
country.

The force of the demand for money operating against the supply is
represented by the earnest, incessant struggle to obtain it. All men, in
all trades and occupations, are offering either property or services
for money. Each shoemaker in each locality is in competitio