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the close of the Napoleonic wars in 1866, and they first started the Jewish game of the single standard of gold by which they doubled the value of their holdings.

SENATOR: What is the economic basis of present prosperity for the uncrowned kings and barons?

PRESIDENT: Speaking as counsel for the people, I should say if the sevenfold chorus of hallelujahs and harping symphonies over the Queen of the fantastic realm of Prosperity should ever cease, and sensible men have time to pause and consider, I would commend to their consideration a rare specimen of vigorous eloquence; the high and statesmanlike tone, the wise foresight with which an economist who fills an eminent place among the great men of America, by fresh, vivid, and powerful facts has intellectualized the subject. From this grave review I select a few passages. (Reads:)

But is it not a startling fact that notwithstanding the world has owed us this $2,986,687,833, we have obtained only $211,052,108 in gold as the result; have in fact, made a net loss in the eleven years and six months of one hundred and eleven millions of gold, because between 1889 and 1897 our exports over imports of gold were three hundred and twenty-three millions? Where should we have been if the balance of trade had been even or against us? Where could we have obtained the gold to send abroad? Would it have been wise for our citizens to have gone into the markets of Europe to there borrow the sum of $2,775,635,725?

This balance of trade in our favor not received in gold may be partly accounted for by our securities owned abroad and sent home for collection and sale in our money markets. There is no way of estimating the amounts thus sent home. Various estimates are, however, made of the other amounts we have to settle with Europe. Mr. Muhleman, outside of statistical information as to our exports and imports, including gold and silver, estimates that the United States pay and receive annual amounts as follows:

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This makes an annual balance against us, not reckoning interest paid and allowing the above estimate as to our receipts, of..... $155,000,000 And if we pay the $100,000,000 interest money annually, we have to provide by new borrowing abroad, or by gold remittances, annually...

Or in ten years.

250,000,000 $2,500,000,000

which fairly uses up the balance of trade in our favor in eleven years and six months of $2,775,635,725. I repeat the pertinent inquiry, What would have been our condition if the balance of trade had not been in our favor? Are we sure it will always be in our favor?

In truth, in spite of the temporary present conditionsthe apparently vast balance of trade in favor of the United States and the recent largely increased production of goldthe world-wide case in favor of bimetallism still remains unimpaired and is liable at any moment to become acute and dangerous.

What, then, will be the situation? The real money will be four billions of gold (subject to be increased by such portions of the six or seven billions of existing gold bullion and of the annual gold product as it may be possible, by reason of the new conditions, to draw into the mints), and the credit money of the world, including the silver money, will be ten billions; and upon this gold and this credit money are to be built all the checks and other credits in trade throughout the world. How broad is the summit and how narrowest is the base! This change in the world's financial system which the gold class intend to bring about can be seen at a glance.

dred and eleven millions of gold, because between 1889 hundred and twenty-three millions? Where should we

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The total gold and silver money of the world is as

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So that the metallic money in gold and silver has been in excess of the paper money.

$2,864,200,000

But under the proposed gold monometallism the total metallic or real money is the gold money..

$4,135,100,000

The total money which must be redeemed is—

Silver...

Paper..

$4,494,000,000
5,764,900,000

10,258,900,000

$6,123,800,000

The money which must be redeemed is in excess of the real money by the amount of..

The situations may be well illustrated by diagrams as follows:

Under bimetallism.

Money which must be redeemed.

54 billions of dollars.

8 billions of dollars. Real money with which to redeem it.

Under gold monometallism. Money which must be redeemed.

10 billions of dollars.

4 billions of dollars.

Real money with which to redeem it,

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