trade dollars by which we were supplying China and the Orient with coin, and the law in 1878 authorizing and sanctioning notes, bonds and mortgages, to be taken payable in gold only. This latter is a clause in the Bland-Allison act, a copy of which can be found in Coin's Hand Book, or can be obtained from any of your congressmen. It discriminates against all our other forms of money and allows the creditor to dictate that his credits shall be payable in gold.
"These acts have been followed up by the declared policy of the government to redeem all other money, including silver, in gold.
"The same class of legislation was simultaneously in progress in Europe, so that by the summer of 1893 silver had declined 35 per cent. Then came the closing of the mints of India to silver and the decline increased to 50 percent.
THEIR COMMERCIAL VALUES COMPARED.
"Comparing the prices," continued Coin, "of the relative commercial values of the two metals for the whole world, Mr. Sauerbeck, an English statistician, has prepared a table showing the value of silver as measured in gold for 19 years before and 19 years subsequent to 1873. The table expresses it in index numbers. It is London quotations.
"I have these tables printed," said Coin, "and will cause them to be distributed among you."
Little boys then went through the school and gave every one a copy of the table.
Coin waited till the tables were distributed and then, looking straight at Mr. Gage, he said:
"You will see from this table that during the 19 years prior to 1873, while free coinage was the law in
