but was left in circulation as secondary or token money, and before and after that act there were 500 million of gold, 500 million of silver, and 500 million of paper money in circulation. The statement would be made after demonetization and accepted as the truth, that there was as much money in circulation as there ever was. The fact would be that before demonetization there was 1,000 million of money, and after demonetization there was only 500 million of money. In the first instance the gold and silver would be money, and in the other case gold only would be money—the silver and paper would be promises to pay money. I can see now in my mind some old college professor who imagines he is a scholar in political economy, tackling the question about like my little boy would a grizzly bear.” At the last remark, the person addressed, retorted, “Baron, it would be a good idea, then to keep up our donations to the colleges hey? But for the life of me I don’t see how you are going to get it through in the United States. I could put it through the Latin Union myself, but I am skeptical of those Yankees. They have always been too smart for us.”

“That is true,” said the baron, “in war, but not in money matters. But it will have to be nicely managed. This is a one man’s world. One man on the finance committee in the senate, and one on the same committee in the house, and one hundred thousand pounds, and the job is done. Once enacted into a law, we are safe.”

“I think you have underestimated the integrity and sagacity of the members of the American congress. The proposition will be combatted, it will raise a storm throughout the republic and your agents will be powerless,” said Sir William.

“But you do not understand the conditions to be