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be made of or issued against gold or silver, these metals immediately take on an artificial, government-created value, because of the new use which arbitrary power enables them to monopolize." Mr. Fisher meets this by attempting to belittle the restrictions placed upon the issue of paper money, as if all vitally necessary liberty to compete with the gold-bugs were even now allowed. Let me ask my opponent one question. Does the law of England allow citizens to form a bank for the issue of paper money against any property that they may see fit to accept as security; said bank perhaps owning no specie whatever; the paper money not redeemable in specie except at the option of the bank; the customers of the bank mutually pledging themselves to accept the bank's paper in lieu of gold or silver coin of the same face value; the paper being redeemable only at the maturity of the mortgage notes, and then simply by a return of said notes and a release of the mortgaged property,—is such an institution, I ask, allowed by the law of England? If it is, then I have only to say that the working people of England are very great fools not to take advantage of this inestimable liberty, that the editor of the Herald of Anarchy and his comrades have indeed nothing to complain of in the matter of finance, and that they had better turn their attention at once to the organization of such banks as that which I have just described. But I am convinced that Mr. Fisher will have to answer that these banks are illegal in England; and in that case I tell him again that the present value of gold is a monopoly value sustained by the exclusive monetary privilege given it by government. It may be true, as Mr. Fisher says, that just as much gold would be used if it did not possess this monopoly. But that has nothing to do with the question. Take the illustration that I have already used in this discussion when I said: "If government were to decree that all plates shall be made of tin, would not the value of tin rise and the value of china fall?" Now, if the supply of tin were limited, and if nearly all the tin were used in making plates, and if tin had no other use of great significance, it is quite conceivable that, if the decree prohibiting the use of china in making plates should be withdrawn, the same amount of tin might continue to be used for the same purpose as before, and yet the value of tin would fall tremendously in consequence of the admitted competition of china. And similarly, if all property were to be admitted to competition with gold in the matter of representation in the currency, it is

possible that the same amount of gold would still be used as