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As soon as the doctrine of the persistence and convertibility of energy was grasped, about the middle of the century, it became clear that this was one of the most puzzling of questions.

The doctrines of the convertibility or specific equivalence of the various forms of force, and of its conservation, which is its logical consequence, are very generally accepted, as I believe, at the present time, among physicists. We are naturally led to the question, What is the nature of force?

Convertibility, prompt and certain convertibility, into coin is generally acknowledged to be the best and surest safeguard against them; and it is extremely doubtful whether a circulation of United States notes payable in coin and sufficiently large for the wants of the people can be permanently, usefully, and safely maintained.

With the exception of the above-mentioned per capita coinage restriction, the LMU had no uniform money supply policies or management. The amount of money in circulation was determined by the markets. Even at its apex, the LMU was unable to move the world prices of these metals. The Union had to suspend silver convertibility and thus accept a humiliating de facto gold standard.

The Herrick was done mainly, if I mistake not, before he had been to England, and it remains, in the light of this fact, a singularly touching as well as a singularly promising performance. The eye of sense in such a case had to be to a rare extent the mind's eye, and this convertibility of the two organs has persisted.

The line, again, might certainly be taken that the difference in structure and instincts between neuter and fertile bees is due to the specific effects of certain food and treatment; yet, though one would be sorry to set limits to the convertibility of food and genius, it seems hard to believe that there can be any untutored food which should teach a bee to make a hexagonal cell as soon as it was born, or which, before it was born, should teach it to prepare such structures as it would require in after life.

A somewhat lofty isolation is still manifested here and there; a few regular attenders appear heavily oppressed with the idea that they are not only as good as anybody else but much better. Still this is only human nature and no process of convertibility to the most celestial of substances can in this world entirely subdue it.

Unless the machinery which long experience has shown to be the only effective remedy for an adverse balance of trade and an undue growth of credit is once more brought into play there will be very grave danger of a credit expansion in this country and a foreign drain of gold which might jeopardise the convertibility of our note issues and the international trade position of the country.... We are glad to find that there was no difference of opinion among the witnesses who appeared before us as to the vital importance of these matters."

Convertibility, prompt and certain convertibility, into coin is generally acknowledged to be the best and surest safeguard against them; and it is extremely doubtful whether a circulation of United States notes payable in coin and sufficiently large for the wants of the people can be permanently, usefully, and safely maintained.

The immediate convertibility of each such document, engraven on a small piece of metal about two inches long by one in breadth, and the fortieth part of an inch in thickness, is the ultimate cause and permanent guarantee of its value.