I may observe, in conclusion, that, as regards the effects of the depreciation of silver on a silver-using country, we have, in the case of Mexico, circumstances exactly parallel to those in India, and in the "Times" of October 21st, 1893, a most interesting analysis is given of the report of our consul at Mexico Mr.

It is a common belief at home that fluctuations in the value of silver are not felt when purchases are confined to a silver-using country. This is quite a mistake. China is a silver-using country, yet the standard of value maintained by her four hundred million souls is neither silver nor gold but copper cash, and the ultimate cost of everything of native origin is regulated by its value in cash.

The adoption by the United States of a silver-using policy led the statesmen of those countries to anticipate the more extended and continuous use of silver leaving to them a monopoly of gold, while we should sink financially to the level of the degraded states of the world.