Other desirable things show nothing analogous. No matter how many others share our deficiency one pair of shoes can never be to us an equivalent for two pairs. But this difference between money and other things, though one of the most significant differences existing, is so obviously a reason why the government should be less rather than more solicitous to increase the supply, than is the case of other desirable things, that no further time need be spent upon it.

There seems to be no reason in the peculiar nature of money, therefore, why any of the lawmaking force of government should be expended in efforts to increase the supply of it; nor are we any more encouraged to such efforts by our knowledge of the effects which, despite the wishes of those who make them, they are adapted to produce. They usually take the direction of reinforcing the currency of the country with currency of an inferior kind; reinforcing currency, to speak explicitly, whose value is that of the metal in it, with currency which is made to pass at a higher value than it intrinsically has, by being allowed a higher power in paying debts. The added currency (which may be merely overvalued, as is proposed with silver, and may be intrinsically worthless, as with promissory notes) can only have this higher debt-paying power as far as the legislation of the country extends, and therefore the practical tendency of this measure is always to accumulate the inferior kind within the country, and send the superior abroad, according to a principle known as Gresham's law, which is after al! only an application of the larger truth, that things go where they fetch the best prices.

Thus it is not an addition to our currency that we gain by this devise, but a substitution of one sort for another. We have therefore no warrant for expecting any lasting addition to our currency supply from any form of the project for the free coinage of silver, at a valuation higher than that intrinsic in the metal; for that can only result in making the demand for silver relatively higher, and that for gold consequently lower here than in countries where silver is not so favored, and hence in banking up our silver at home and sending our gold abroad. This very

effect has been produced by the artificial demand for silver created in this country by another agency: the "pawnbroker act" of the 14th of July, 1890, often called the "Sherman bill"-a reproach from which the Ohio senator, by his earnest endeavors to mitigate the graver vices of the measure, is by this time entitled to be cleared. The fiscal year ended June, 1891, was marked by a strong demand on us for specie, owing to the financial crisis in London; our excess of exported gold increased from $4,000,000 of the previous year to $68,000,000. And yet, under the influence of this act, our silver exports actually diminished, the export excess being $14,000,000 in 1889-90, and but $4,500,000 in 1890-91. The figures for the fiscal year just closed will show the same character; and the effect of this artificial demand for silver in holding that metal at home, while hastening the export of gold, is plainly to be read in them. The number of years that such a process can continue, before bringing us to an era of gold premiums and reducing us to the rank of a silver-using country, is quite calculable, and not very great.

The ways in which our good forefathers used to try to hold the best money in the country, by laws punishing the export of it, and by laws punishing the import of foreign merchandise, have often been discussed, and their futility has been thoroughly exposed. Indeed, we might almost say if a measure of legislation could be more foolish than that for supplementing the better money of a country by inferior money to increase the currency, it is that for securing the retention of the better money by penalties.

In considering this question on its theoretical side, we must not fail to recognize experience as the true teacher, and general principles, however carefully reasoned, as suitable for guidance only so far as experience confirms them. The history of governmental efforts to expand the currency-by its own promissory notes, even though secured (as in the assignats of a century ago), by embarking in banking enterprises (as in the famous Missis

*See, for example, Chapter III. of " Economic and Industrial Delusions," where the proof is detailed, elaborate, and it may be added, conclusive.

sippi scheme, the recent Argentine land bank, and other instances in the history of every country), by depreciating the coinage (which no country has failed to try, at one time or another, and most of them repeatedly), and by discriminating against gold exports—is an extensive history, and it is a history of failures. Space does not permit an adequate discussion of this history, and this is the less necessary, since the work has been recently so well done in a series of editorial articles in the Century Magazine-whose publishers have wisely reproduced it in book form. History there speaks, in the same voice with theory.

What can the government prudently and properly do to insure its citizens an adequate currency supply? Just what it does to insure them an adequate supply of shoes and other desirables it can secure the possession of property and enforce contracts. Beyond that, nothing. What private enterprise may do, by government permission, "is another story."

A. B. AND H. FARQUHAR.

A

EDUCATION AND POLITICS.

BY C. H. REEVE.

TRUE and practical education will enable us to recognize and make the best and most judicious use, legitimately, of the opportunities that may come to us, or that we may be able to create for ourselves, in all the relations of life. The plane on which we live and act will be fixed by our mental organism, our environment, and education.

Education is the acquisition of knowledge. True education is knowledge of facts and their relations to each other. The word facts is here used in the broadest sense-to include conditions, their origin, outgrowths, ultimates, and the operative forces throughout. Whatever the source of the knowledge, whether scholastic or only from observation permitted by the environment of the individual, every impression created that produces perception, is education. Whatever impression creates impulse that amounts to perception, producing thought, will be a fact for the time to the individual; and if old enough to reason he will form a conception and have an opinion. His opinion will dictate his action. However erroneous the opinion may be in the light of more knowledge, to him-for the timeit is fact; and he uses it as such for reasoning and for action.

The origin of mental energy to each individual, is dependent in the first place on physical conformation and adjustment. With the dawn of consciousness and perception education begins, and the character and trend of that energy is dependent first, on the organism, and second, on the education; while the latter is dependent on the environment.

The word "education" is so associated with teaching and book knowledge that the thought is apt to apply it only in that way; but when considering the subject we must think of it as

being, whatever makes impressions that produce corrected thought.

If a child be born in which the organism is so formed and adjusted that it will have large development of acquisitiveness, secretiveness, and caution, without conscientiousness, reverence, love of approbation, and good moral perceptions (I speak of mental impulses and faculties, not phrenological bumps) with the acquisition of knowledge of surroundings, the natural trend of his impulses would be toward stealing. If born and reared in the slums he would become a thief. If born and reared among conditions that would bring example and teaching tending to create counteracting impulses and give practical knowledge of the right use of its dominant propensities, he might become a millionaire. If benevolence, love of approbation, reverence, and self-esteem should be developed to a proper degree by education, his ability to acquire riches would be coupled with a philanthropic use of wealth. But if to these three active. impulses should be added combativeness, firmness, reverence, and self-esteem, abnormally developed, with dull perception of even-handed justice, naturally, he would be a religious fanatic and bigot; and, if his environment should be in keeping with the natural impulses, he would be an intolerant radical, persecuting all who refused to accept his opinions, however much he might change them at any time.

Its

When the infant begins to become conscious, one of its first responsive impulses is to impressions through the eye and ear; noticing the person and voice of the mother, and laughing. education has begun. In time it will reach out for things and begin to acquire a perception of distance. The developing mental energy, which is the natural outgrowth of its physical formation and adjustment, will appear in the impulses responsive to impressions; and the character of the demonstrations will disclose the trend of the impulses. As it grows, and consciousness increases, and it takes more notice, the demonstrations will be stronger and more marked.

At the earliest moment of susceptibility to impressions creating mental impulses, education begins; and thence onward,