The buying of silver and treating it as a commodity does not do it. There can be no increase in the volume of money. but it must shrink continually without the free coinage of silver. for if that metal is not to be used and you adhere to gold there is no prospect in the world but continued contraction. I make the statement that there is not a farm in England or in the United States where it has not been affected by immigration that will sell for 50 cents on the dollar for what it would have brought eighteen years ago. and that corresponds precisely with the shrinkage of the volume. There is only half as much real money of ultimate redemption as there was eighteen years ago. You circulate paper and you circulate silver. but when you come to your reserves. in which all credits must be ultimately paid. you have only half as much as you had eighteen years ago. and that is the trouble.
Keywords matched
immigration