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taken away to countries where the metal fetched its full bullion value." What does he mean? Where are the countries to which it would go ? What will they do with it when they get it? All this has been answered again and again.

Once more, Professor Price is surprised that it should be proposed to restore the ratio of silver to gold, which is now 18 to 1 to 15 to 1, heedless of the argument that this was the ratio prior to the German demonetization, and would, no doubt, be the ratio on any resumption of silver coinage under a bi-metallic or any other system; and he goes on to say "They know well what must necessarily happen. Silver, whose value has been capriciously elevated, will pour in from abroad. It will be converted by free mintage into coins. These silver coins will be exchanged for sovereigns, getting for 15 ounces an ounce of gold really worth 18, and with it buying 18 ounces worth of goods-and there will be many ways of accomplishing the operation, -or will be applied to the purchase of bills to be paid for by other countries. The importer of the silver will now export abroad 18 ounces' worth of gold or goods-a handsome profit will be made, gold will steadily depart, and silver will fill the country." Once more it must be asked what definite meaning can he intend to convey? Let it be remembered that, by the hypothesis, there is to be universal bi-metallism, at least in Europe and America. From whence then is the silver to pour in? Why should it come here rather than to any other bi-metallic nation? Who is to take all the gold at the high price, and keep it, and for what purpose? It is roughly estimated that there may be about seven hundred and fifty millions of gold in the world, of which about five hundred millions is probably in the hands of those nations which it is proposed should accept bi-metallism. The Professor's argument assumes that some nation outside these would be able (although bi-metallism gives to the debtor the choice of metals in payment) to obtain this enormous mass of gold for silver, and to hold it at the ratio of 1 to 18, with the knowledge that no bi-metallist nation will accept it back again in payment at that rate. To such absurd conclusions does his statement, if followed out, really lead.

Again, it must be said that there is no desire in this Journal to uphold one side or the other in this controversy, but it is certain that the settlement of questions of deep importance cannot be furthered by the course pursued. Arguments do not consist in mere repetition, with the eyes shut to passing events and every answer which has previously been given steadily ignored. The writer once received, from the sister Isle, a letter desiring something which could not be done. He answered it carefully, and, he believed, exhaustively, setting forth, as he thought, very clearly the reasons which rendered compliance impossible. A few months afterwards he received another letter in precisely the same terms―

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the sender having evidently kept a copy of the first-without one word to show that any answer to it had already been given. hopeless feeling with which this was received rises again on reading Professor Price's article. We have the old statements, just as if they were new and unanswered.

The article concludes with an exposition of the plan proposed by Mr. Clarmont Daniell, who desires "to adopt as the one standard, one legal tender of money for all the world, gold, to which he adds silver, to be equally legal tender to any amount, upon condition that its value as existing in the buliion market, shall be ascertained from time to time, and the proportion in which the silver coins shall be related to those of gold shall be determined and proclaimed be competent authority. . . . Silver would then stand in its just and true relation of value to silver, and it would be a matter of indifference which of the two metallic coins was selected for monetary payments." Professor Price is "profoundly convinced" that this is the one only real remedy from the evils of a coinage composed of gold only, of which "there never will be enough to do, itself alono, the work of money needed by all civilized countries."

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SUMMARY OF AUSTRALASIAN BANK RETURNS.

Compiled from the Sworn Averages for the Quarter ended 30th September, 1881.

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New Zealand.-This includes £633,861 Government deposits. + Tasmania.-In this colony's Bank Returns, deposits bearing interest are not distinguished from those not bearing interest.

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• Including notes, bills of exchange, and all stock and funded debts of every description, except notes, bills, and balances due to the banks from other banks. Victoria-Government securities (if any) held by the banks are not separately distinguished in their returns. New South Wales,This includes 1,926,8 Government securities. New Zealand.--This includes 80,00) Government securities; notes and bills discounted, C4,149,982; debts due to the banks, exclusive of debts abanoned as bad, £7,820,170; securities not included under other heads, £437,7 6. South Australia.Includes £25,000 Government securities. Queensland.-This includes 48,217 Government ies. + Tasmania.-This includes £163,900 Government securities, and agencies of the Bank Diemen's Land. £17.510. :: Western Australia.-This includes 43,200 public securities.Australasian Banking Record,

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