and for gold consequent
upon the demonetization of silver was liable to create great evil. After
elaborating this subject, and saying that the fall in prices had already
produced serious evils, he added: "Some writers have appeared to show
something approaching to irritation at the view of the situation that gold
should have largely influenced prices. I scarcely know why, unless through
the apprehension that the bimetallists may utilize the argument." A little
later he said: "I must repeat that to my mind the connection between the
additional demand for gold and the fall of prices seems as sound in
principle as I believe it to be sustained by facts."

We might multiply at length quotations to show that opinion is unanimous
in England, regardless of party, to the effect that there has been a great
increase in the purchasing power of gold. As to the effect of this Mr.
Giffen says: "The weight of all permanent burdens is increased.... Our
people, in paying annuities or old debts, have to give sovereigns, which
each represent a greater quantity of the results of human energy. The
debtors pay more than they would otherwise, and the creditors receive
more. It is a most serious matter to those who have debts to pay."

Mr. S. Dana Horton says that on the basis of prices "The national debt,
regarded as a principal sum, has increased its weight upon the shoulders
of the British taxpayer between 1875 and 1885 by nearly two hundred
millions sterling, an amount nearly equal to the Franco-German war fine."

This gives us the explanation of the fact that the consols on which the
interest was reduced by Mr. Goschen, when Chancellor of the Exchequer, to
2-3/4 per cent., are now selling at a much higher premium than formerly;
the smaller amount of money paid in interest will purchase a very much
larger amount of commodities than the former larger interest did.

The matter is very clearly set forth by Hon. Samuel Smith, M. P.: "If the
question of protection is to be introduced into the discussion, then it
will be found to tell more forcibly against our opponents. What do they
seek for, but the protection of gold as against silver? They wish, as far
as lies in their power, to boycott silver and throw the world upon gold
alone, even though such a course should change the value of gold. In
trying to boycott silver, they are giving protection to the wealthy
capital class, just as truly as the old corn laws did to the landed owners
of this c