The little economist began his fifth lecture with a compliment to the Chicago Board of Trade, as the greatest institution of its character in the world. He then proceeded as follows:
"The total value of all the property in the world is about 450,000 million dollars.
"The available silver and gold money of the world combined is about 7,500 million dollars. The available gold money in the world is about 3,750 million dollars.
"Their proportion in values to each other is represented by these three globes." Coin pointed, as he said this, to the three globes on the platform by him, and then picked up the two smaller ones and held them in his hand that the audience might see them. He then continued:
"The large one represents the value of all the real and personal property in the world; the larger of the two small ones represents the face value of the silver and gold in the world available for use as money; and the smallest represents the amount of gold in the world available for use as money. The proportion of these globes to each other is in the same ratio as the figures I have named.
"The large one is 60 times as large as this one," indicating the second in size, "representing silver and gold, and is 120 times as large as the small one which represents gold. In estimating this wealth of the world, property in some countries has been measured in a silver standard, in others in a gold standard, and in others in a standard gradually shifting from a bimetallic to a gold standard. All are based on figures of 1890.
QUANTITATIVE THEORY OF MONEY.
"The value of the property of the world, as expressed in money, depends on what money is made of, and how much money there is.
