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upon the Boston out givings, and it naturally has a marked effect in reviving the financial craze which had begun to abate after the repeal of the silver-purchase act. There is really no ground for the belief that public sentiment in Massachusetts on the silver question is any less sound to-day than it has always been, but it is not strange that the recent developments should deceive people at a distance. This is the most deplorable aspect of the matter.

SECOND LETTER ON JOINTi METALLISM.

JOINT-METALLISM.

SECOND LETTER.

To the Editor of the "New York Times":

The publication of my letter on jointmetallism, which appeared in your issue of February i8th, has brought me numerous criticisms, some entirely favorable, others that think me right, but inopportune, and others that appear not to fully understand the results of the plan I have proposed.

Now that Congress has passed the Seigniorage bill, I again trespass upon your kind hospitality for a few further lines regarding this plan of joint-metallism, by which gold and silver together, at ratios always based on their relative market values, may be made the metallic basis of currency and afford a sound, honest, self-regulating, and permanent currency on the only possible safe and adequate final basis, the two precious metals together, limited by the quantities in existence and by the costs of production.

The new silver coins I have proposed, especially those containing iooo standards each, would, for the most part, at first, be deposited in the Treasury, together with an equal amount in value of gold coins, the two together forming the appropriate basis for the Government currency issued against them. Whenever more currency should be required, gold and silver together would be taken to the mint and the coined proceeds deposited in the Treasury. Whenever less currency should be required, gold and silver would be together withdrawn from the Treasury and used in the arts, and less would be mined.

As to the present silver dollars and other silver tokens, when the ratio becomes settled and remains unchanged for a considerable period, if the silver dollars and

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