_Paulus_ (Roman jurist, third century): “Money circulates with a power which is derived, not from the substance, but from the quantity.” _Blackstone_ (vol. I., page 2761): “As the quantity of precious metals increases they will sink in value and become less precious. If any accident were to diminish the quantity of gold and silver they would proportionately rise.” _Faucet_ (“Handbook of Finance,” page 146): “The decline of prices since 1872 and 1873 is explained by the increased value of gold. The first effect was to cause a collapse of speculative securities, namely, bonds of railroads, etc.” _Professor De Colange_ (“American Encyclopedia of Commerce”): “The rate at which money exchanges for other things is determined by its quantity.” _Beasey_: “Slavery is the inevitable result of poverty. Poverty is the inevitable result of low wages. Low wages are the inevitable result of a scarcity of currency.” _A. H. Gaston_: “Money is simply a measure of value, and as a nation contracts its circulation it contracts the value of all property in like proportion.” _Colton’s Public Economy_ (page 224): “We hold that money enough for the demands of trade is the tool of trade to a nation.” Page 193: “It is very desirable that there should not be sudden and great fluctuations, as such changes affect the value of incomes. For example, when the products of the American mines had raised the general prices on comforts of life as 4 to 1.” _Silver Commission Report_ of 1876, page 49: “Whenever it becomes apparent that prices are rising and money falling in value in consequence of an increase in its volume, the greatest activity takes place in exchange and productive enterprises. Every one becomes anxious to share in the advantages of a rising market, and the inducement to hoard gold is taken away; its circulation becomes exceedingly active; labor comes into great demand and at remunerative wages. It not only increases production, but increases consumption.” Page 50: “Falling prices and misery and destitution are inseparable companions. It is universally conceded that falling prices result from the contraction of the money volume.” Page 50: “Money is the great instrument of association, the very fiber of social organism, the vitalizing force of industry, the pure, true organ of civilization, and as essential to existence as oxygen is to animal life. Without money civilization could not have had a beginning.” Page 51: “It is estimated that the purchasing power of the precious metals increased between 1809 and 1840 fully 145 per cent.... They had come to regard money as an institution fixed and immovable in value, and when the price of property and wages fell they charged the fault not to the money, but to the property and the employer. Their prejudices were aroused against labor-saving machinery; they were angered against capital.” Page 53 (effects of a decreasing volume of money): “It circulates freely in the stock exchange, but avoids the labor exchange.