proved a most potent cause in the decline in the value of silver. The
materials which the Indian railways, or the Indian governments require,
in order to conduct business, have to be largely imported from England,
and therefore, payments are largely liquidated in these bills, which now
average $60,000,000 per annum, while formerly they did not average
one-fifth of that sum. These bills supersede silver, and the effect is
the same as though the silver mines had been equally increased. The
export of silver to the East has decreased from $80,000,000 in 1847 to
$20,000,000 in 1884.

3. The demonetization of silver, which has taken place in various
countries. In 1865 Italy adopted unconvertible paper-money, its previous
metallic currency, nearly all silver, having been about $90,000,000,
Doubtless, nearly all this amount was thrown upon the markets of the
world. But this produced no appreciable effect upon the price of silver,
which remained as formerly (62 3-4d.) until 1872; after which it fell
rapidly, reaching its lowest point in 1876, when it stood at 46 3-4d.
During the same period $30,000,000 were also thrown upon the markets of
the world by Germany, and $10,000,000 more by the Scandinavian kingdoms.
These direct effects of the demonetization of silver down to 1876 did
not of themselves, produce any appreciable effect upon its price, as
undoubtedly its very low price in 1876 was greatly due to panic. In
resuming specie payments in 1879 the United States adopted a gold
standard; Italy resumed specie payments in gold on the twelfth day of
April, 1883; and in Europe, the previous annual absorption of silver in
the leading countries has entirely ceased. The Occident, led by England,
is abandoning silver as money, thereby reducing it to a mere metal; and
thus depriving it of the chief source of that value, which it has
possessed since the beginning of civilized society. Germany has
discarded silver, and adopted a single gold standard; so have the