to one or whatever figures you may adopt, while the bullion value of silver in the commerce of the world is constantly fluctuating, would be like making a law that the water in your river shall never rise above, and never fall below a certain water mark. It is evident, therefore, that while silver coin will be largely and conveniently used in the small transactions of retail trade as a sort of token money, it will not long be able to maintain itself anywhere in the civilized world as a standard of value, and as an unlimited legal-tender in the great transactions of business. There are still some European countries in which silver money is a full legal-tender; but they have prudently limited the coinage of silver, and as was shown in the recent international conference at Paris, held at the request of our Government, they carefully abstain from entering into any international understanding concerning that subject, which would in any way bind them to the maintenance of silver as a fixed standard of value.
Congress at its last session restored the full legal-tender character of the silver dollar, and ordered the coinage of not less than two and not more than four millions of silver dollars per month. How will this work? Great predictions have been made of relief and prosperity to follow immediately upon the passage of this act, and on the other hand of evil consequences. So far no great effect either way has been visible. The mints have steadily coined their millions per month, but although the people of the United States were represented as fairly burning with love for the dollar of the fathers, nobody seems now anxious to hear its jingle in his pocket. The bullion value of the silver dollar is at present about eighty-seven cents in gold, with a downward tendency. Now, it is possible that silver dollars will be at par as long as the quantity issued remains within that volume which can be used in small retail transactions. How large that quantity is
