1'60 JLfesiaE:.M. SCOTT

themselves just! as iiievitably against internation- al fiat ; moreover, the great nations: of Europe did not heed free coinage of silver and did not wish it. While international (inferences were held in 1867, 1878, 1881 and 1892, he kept arway ad His ^fiociplesf andiscored the conferences <;an>d; deliisioits abd "bait for gudgeons." On July 15, 1890, hdmf<^:; "tffae\[faiite& 1 States might as well invite the -fDf [Eitropento.jiDfin in > giving practical effect to the of,I^-ward)iBellarriyv : as to ask them to join in an agree- ment for f ree: coinagK: of silver."

When one considers ,that the gold standard idea made slow ublican Party sought to evade it as an s late as 1899, the perseverance of Mr. Scott appears the ialudiaMe.:; Aiffiitmatiibrt 1 of the gold standard in 1896 was ilfftnediate re<*c>very of confidence and credit and by 1 prosperity. Immense stores of gold were released.

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ly referred to the vindication of sound subsequent writings. On November 3, the prophecies of the silver propaganda by recovery of business and credit. But pi^opa^andists of silver ever since have been trying to cover up their confusion by the declaration that the recovery has been &m td'trifc increased production of gold. It is as shallow an assertion as any other pretense of the silver craze. There was ^old" enough, had it not been driven to foreign countries and mi^'hiding places at home by continual injection of over-valued Silver into the circulation of the country. . . . Foreign countries, free from fiat money demagogues, had money enough."

Again, on April 8, 1908: "Of this illusion it may be said that not the wildest dreams of the alchemist or of those adven- turers who sailed in quest of the Eldorado, were more extraor- dinary instances of the human power of self-deception. This prodigious fallacy had its origin in the equivocal use of a word." (Dollar.)

Gravest crisis in the industrial history of America, in Mr. Scott's view, was presented by the silver issue in 1896. Both