Panics and hard times, causes of, 45; panic of 1857, collapse of credit in, 90; panic of 1873, 91. Paper money, 71, 78; Prof. F. A. Walker on, 77. _See_ Money. Patten, Prof. Simon N., quoted, 7. Prices, declining, evils of, 101; Professor Sherwood on stability of, 48. Production, cost of, 10. Purchasing power, 5. Ricardo, David, quoted, 14, 17, 34, 46. Sauerbeck, Mr., quoted, 83, 84, 87. Sherwood, Sidney, quoted, 48. Silver, _see_ Money; the silver standard, _see_ Monetary system. Silver, free coinage of, 138, 139. Silver famine of the Middle Ages, 82. Silver production in Nevada, 91. Silver standard, the, 65. Silver-standard prices, 94. Smith, Adam, referred to, 14. Soetbeer, Dr. quoted, 83, 84, 87. Stability of gold and silver values, 81-97; gold standard prices, 81; European economists on prices, 83; decline in prices, 90; silver-standard prices, 94. Standard of value, the, 12, 158. Supply and demand, 8; the immediate determiner of value the relation between supply and demand, _ib._; the demand for a commodity determined by its subjective or exchange value, 9, 10; close connection between value and the ratio between demand and supply, 10. Tauschkraft, 5. United States, the, stops free coinage of silver, 70. United States Senate Finance Committee Report on 'Wholesale Prices, Wages, and Transportations,' 83. Value and the standard of value, 1-20; definition of value, 1; the two classifications--'Value in use,' and 'Value in exchange,' 3; Böhm-Bawerk on 'Value in the subjective sense,' 4; John Stuart Mill's aphorism--'every rise of value supposes a fall, and every fall a rise,' 7; Simon N. Patten on 'objective values,' _ib._; standard of exchange value, 12; exchange value, what determines its constancy or variability, 19; only one real standard of value, 20. Walker, Prof. F. A., quoted, 21, 24, 25, 77, 78, 82, 156. Wells, David A., quoted, 50 _sqq._, 94, 95, 98, 100, 101, 105-111, 119, 120. [Illustration: ---- Value or Purchasing Power of Gold .... " " " " " Silver in per-centages on Values of 1860; assuming that the list of 223 commodities in report of Finance Com. U. S. Senate No. 1394, weighted according to importance, fairly represents all commodities, and that their average is therefore of constant value.] [Illustration: Diagram of Price Variations Showing average per-centage of change, from prices of 1860, of each of four lists of commodities, Gold prices. Platted from tables in Senate Report No. 1394 Finance Com. 2nd Session, 52nd Con. === U. S. Senate Finance Com. List 223 Commodities --- Mr Sauerbeck's List. English prices. 56 " ... Economist List. " " 22 " ,,, Mr Soetbeer's List. Hamburg and Eng. prices 114 Commodities. ] Transcribers' Notes: