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and lower prices (Walker, 268-269). Lower prices (1) will depress industry: (International Monetary Conference 1892, pp. 240-245). (2) Will harm farmers (Taussig, Silver Situation, 112-115). (3) Will harm debtors (MacVane, Pol. Econ. p. 123). (4) Scarcity of money causes dangerous extension of credit. (b) It is a fluctuating standard. (1) Gold appreciates. (Walker, p. 254). (2) Prices of commodities have fallen as much as silver. (Silver Situation, p. 103).

II. Adoption of gold standard impracticable. (a) Gold is scarce. (1) Present supply insufficient. (Barbour, Theory of Bimetallism, p. 10). (2) Annual output small and mined largely with silver. (Walker, pp. 254, 265). (3) Much gold used in arts. (Nicholson, p. (290). (b) Monometallism cannot be universal. (1) Some countries have no gold. (2) It would entail financial loss on othes (Vandenberg in Monetary Conference).

III. Bimetallism practicable and desirable. Nicholson, Part II, ch. IV). (a) Ratio of gold and silver determined, not by relative amounts, but by relative demand. (Nicholson, pp. 214-217). (1) International legislation can regulate demand. (Barbour, p. 42). (2) A single country can do this. (Walker, p. 266). (b) Overproduction of silver impossible. (Andrews, pp. 212-215). (c) Bimetallism would give sufficient money.