On this basis the silver in a dollar is worth about 45 cents. The Chinese manufacturer who can pay his workmen tbeir low wage with silver worth its face. and sell his product for gold that is con. vertible into silver at twice its face. has an advantage which we can not ignore or escape. This. then. is not a question of tariff. it is a great problem of exchanges. and always will be. unless and until we do the impossible thingthe erection of a prohibitory. instead of at socalled Chinese wall. between this Govermuent and Asiatic Governmentsor else. until we shall have recognized the importance of this great problem and the menace which it involves whenever capital shall. perhaps. in the distant future. enlist itself in aid of the development of the resources beyond the seas and agree upon some fixity of exchange whereby the world can do Its business upon an accepted basis. As it is now. all trade with that country is very largely a gamble. because of the constant fluctuations between their kind of money and our kind of money. Fortunately. however. there is no prospect of any immediate realization of Mr.