mortgaged. Property in the cities was nearly all mortgaged.
"Lesson seven shows the condition with us in 1890, just before the Baring failure.
"Lesson eight shows the panic as it began in 1890—the result of the portentous financial conditions that had been brewing for a long time. A financial storm was now on the country, the rigor and duration of which was to be unprecedented in the history of the world. For it not only involved the first, second, and third columns of credit, but primary money itself was involved under the enormous strain placed upon it.
"By 1893 the conditions had grown worse, and Lesson nine will illustrate it. (Applause.)
"The best barometer of the storm now are prices of products and labor; the first is still falling, and labor is not one-half employed. Judged by these the storm is growing worse.
"Lesson ten will illustrate the present financial condition of the country. (Applause.)
"What is now needed is first to build up the redemption money of the country. By putting silver back in the column of redemption money we could increase it from its present volume of six hundred million to twelve hundred million. This amount of redemption money would warrant twelve hundred million of credit money.
"This would give us twenty-four hundred millions of money on a sound financial footing, or about $34 per capita. Whereas we now have virtually less than $20 per capita on an insufficient and unsound basis. "
As Coin made this last statement he laid his right hand on the silver bell on the table, and as its clear notes rang through the room, a signal that the school
