the rate of from $500,000 to $2,000,000 a day. Is a drought of gold to be more desired than a flood of silver? It is only a question of time under a gold system when England will take it all. The way to keep our gold is to remonetize silver. Remonetization will give us higher prices for our exports, and will make a balance of trade in our favor large enough to bring us English gold and silver.
"Now, Mr. Gage," said Coin, "may I ask you a question?"
"Certainly," replied Mr. Gage.
"Is it not a fact," said Coin, "that no estimate has been placed on American (United States) bonds held in Europe at less than 5,000 million dollars?"
"Yes, I believe that is true," answered Mr. Gage.
"And is not the largest part of this sum owned in England?" continued Coin.
"I suppose it is," answered Mr. Gage.
"And has not," said Coin "the large shipments of gold to England recently given rise to the opinion in commercial circles that our bonds are held there to a larger amount than 5,000 million dollars.
"Yes," said Mr. Gage.
"Does not these securities," Coin went on, "consist largely of railroad, municipal and other bonds drawing from 4 to 6 per cent interest?"
"I suppose so," assented the banker.
"Then would you not," said Coin, "consider 4 per cent as a fair average interest on our bonds held in England?"
"Yes, I should think so," replied Mr. Gage.
"Mr. Gage" said Coin, "4 per cent on 5,000 million dollars is 200 million dollars. It has all been made payable in gold. The total production of gold in the
