September 26

Rockingham, NH

"I am glad to see that you are beginning to take an interest in the money question. I have no doubt that there are many people here who until thee months ago thought the money question unimportant. I thought so myself until I began to study it six years ago. Those who think that men who handle money alone understand the money question are mistaken. You might as well think that a person who knows how to cook out of necessity knows how to raise chickens. A financier may understand how much reserve to keep in his bank or the value of an American piece of paper, yet he may know nothing about the laws of finance. The principal law of finance is that the value of money depends on the amount in circulation. Scarce money means low prices. When money increases in volume, prices will rise. The gold standard means constantly falling prices. Bimetallism means rising prices. This is no new doctrine. I believe that the attempt to discredit silver as standard money has been a conspiracy for the benefit of those who will profit by falling prices and scarce money."