_Prof. Francis A. Walker_, Yale (“Money,” page 57): “The value of money in any country is determined by the quantity existing. Its power of acquisition depends not upon its substance, but upon its quantity.... That prices will fall or rise as the volume of money be increased or diminished is a law that is unalterable as any law of nature.” Page 210: “Gold and silver undergo great changes of value and become in a high degree deceptive. Prof. Jevons estimates that the value of gold fell, between 1789 and 1809, 45 per cent.; from 1809 to 1849 it rose 145 per cent., while in the twenty years after 1849 it fell again at least 30 per cent.... When the process of contraction commences the first class on which it falls is the merchants of the large cities; they find it difficult to get money to pay their debts. The next class is the manufacturer; the sale of his goods at once falls off. Laborers and mechanics next feel the pressure; they are thrown out of employment. And lastly the farmer finds a dull sale for his produce.” _Robert Ellis Thompson_, M. A., University of Pennsylvania (“Political Economy,” page 151): “The influx of money into a progressive country is one of the most powerful promoters and increasers of production. When it is plenty all sorts of productive work is stimulated. Labor is the master of capital, and industrial enterprise gains a more than proportionally large return for its outlay.” Page 209: “The possession of a large quantity of money enables any country to organize its industries upon such a scale as to carry its division of labor to such perfection as will bring down the prices of all the products of industry, while affording a larger return to both capitalist and laborer. It therefore makes such a country a cheap place to buy in, mainly because of that accumulation of money which was to make everything dear.” _Professor Thompson_ (“Political Economy”) quotes Thomas Tooke, page 208: “If money has increased, industry and trade are increased.... If iron and cotton are scarce, those who need them suffer by the scarcity, but it has no effect upon the prices of other materials. If, on the other hand, money is scarce, the price of everything else is affected. Every one must make exchanges, just as when the water falls in the rivers traffic is interrupted because the vessels are aground.”