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of a distributer of ideas, rather than that of a producer; and he will make no complaint if he be called a mere retailer, who simply does his best to display the product of others in that manner which his judgment tells him, truly or not, may suit the general public.

The first chapter herein appeared originally in Lippincott's Magazine : and the subject matter of an essay, written for The Engineering and Mining Journal, has been divided for using now a second time. Many newspapers kindly reproduced these articles wholly or in part.

Sufficient excuse for the publication of a book of this character is thought to lie in these facts: The Senate of the United States, Fifty-first Congress, passed a freecoinage measure; the House came near agreeing to this measure; the Fifty-second Congress was elected at the time when the 66 silver craze

was said to be in possession of the wits of the people; and now prominent men in and out of Congress, and influential journals, are advocating energetically, the policy of free silver coinage, or unlimited silver purchase.

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PREFACE TO THE THIRD EDITION.

THE events of the four years which have elapsed since this work was written have not made absolutely necessary any changes in the arguments used. While it is true that the purchasing clause of the Silver Purchase Law has been repealed, and thereby one of the targets of this book removed, yet it is also true that the free-coinage movement of to-day still commands the vote of a majority of the Senate of the United States and the influence of prominent men and journals, particularly in the West and the South. Asking the reader to bear in mind that the United States no longer buys silver bullion, the author feels justified in thinking that it may be better to leave the arguments as originally put forth, for if they possessed any value at that time, they should now possess a greater value, the price of silver bullion having continued to decline, as predicted, the production of gold having grown to the vast sum of $200,000,000 worth per annum, and the world's stock of available gold having largely increased.

Foot-notes have been freely introduced.
Recent financial events are treated in a new con-

cluding chapter. There the author has taken the opportunity for giving his views on the Panic of 1893, revenue deficiency, bond-issuing, redundancy, the circulation, bi-metallism, and the present financial situation. Reasons are given also for placing the cause of Sound Money first in the coming election, even to the exclusion of all other causes.

New York, May, 1896.

PREFACE TO THE FIFTH EDITION. PUBLIC Opinion has decreed that the Election of 1896 shall settle the Currency Question. In spite of protests, tardy politicians are being swept into either the Gold Camp or the Silver Camp. Bimetallism is no longer a good fence to perch upon, and Protection is no longer a barrier against inquiries on the all-absorbing issue.

The Republican chieftain, with hands outstretched for a Protection banner, has been told to carry the Gold Standard. Two-thirds of the Democratic braves have lashed out of their camp an obstinate third, so that the regular Democracy, this year, shall stand for Silver only.

The Silver Party has an advantage in promptly awakening enthusiasm by claiming to be able to right an alleged wrong, and to rescue all who suffer from it—the alleged Crime of 1873.”

The author is sure, however, that a vast majority of the American people will be found on the right side in the final contest, if every day of the hundred intervening days be put to the best uses. Within this short time millions of voters must be taught the truths of financial and monetary science.

NEW YORK, July, 1896.

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