"If the legal tenders should be retired," he asked, "would the danger of inflation be removed?" At any time the people desired they could demand a new issue of legal tender, or resort to some form of wild-cat banking, or, what is more probable, they would resort to some form of silver inflation. Twenty-five per cent, of the currency would be called into the treasury and burned, and the clamor for silver will be increased to that extent. Since the silver dollar actually possesses some intrinsic value, it furnishes a much more insidious temptation to inflation than do the legal tender. This fact it proved conclusively by recent events; for, although the demand for paper inflation has died out, only a few days ago a free coinage bill passed the United States Senate. So we see that the proposition of our opponents, while it would not remove the danger of inflation, it would direct the inflation movement into a channel a thousand times more dangerous to all the business interests of the country."

"I have shown you that there are fatal objections at the present to the issue of the entire volume of our paper currency by banks; that the legal tender system possesses the positive advantages of economy, and of relieving the strain upon the world's gold supply; and, lastly, that the central objection to this system is wholly without foundation.

The first of the six speeches in rebuttal was delivered by Ure, of Princeton.

After calling attention to several dis

(Continued on fifth page.)