On the theory I have propounded therefore 3-1/3 per cent. of $1,700,000,000, or $56,000,000, is the minimum amount of money that should be added to the currency of this country during the present year. Assuming the population of to-day to be 65,000,000 and the ratio of its annual increase 3-1/3 per cent., the population of next year will be 67,166,600. The percentage of monetary increase to be provided for that year should therefore be baaed on the increased number. And so on for each succeeding year. I have thought best to collate a variety of citations from the most distinguished authorities on financial economy to support my contention that, _ceteris paribus_, the value of each dollar depends on the number of dollars in circulation. John Locke, in his "Considerations," etc., published in 1690, said: Money, while the same quantity of it is passing up and down the kingdom in trade, is really a standing measure of the falling and rising value of other things in reference to one another, and the alteration in price is truly in them only. But if you increase or lessen the quantity of money current in traffic in any place, then the alteration of value is in the money. Locke further said: The value of money in any one country, is the present quantity of the current money in that country, in proportion to the present trade. The historian, Hume, says: It is not difficult to perceive that it is the total quantity of the money in circulation, in any country, which determines what portion of that quantity shall exchange for a certain portion of the goods or commodities of that country. It is the proportion between the circulating money and the commodities in the market which determines the price. Fichte says: The amount of money current in a state represents everything that is purchasable on the surface of the state. If the quantity of purchasable articles increases while the quantity of money remains the same, the value of the money increases in the same ratio; if the quantity of money increases, while the quantity of purchasable articles remains the same, the value of money decreases in the same ratio. James Mill, in his treatise on political economy, says: And again, in whatever degree, therefore, the quantity of money is increased or diminished, other things remaining the same, in that same proportion the value of the whole, and of every part, is reciprocally diminished or increased. John Stuart Mill (Political Economy) says: The value of money, other things being the same, varies inversely as its quantity; every increase of quantity lowering the value, and every diminution raising it in a ratio exactly equivalent. And again: Alterations in the cost of the production of the precious metals do not act upon the value of money, except just in proportion as they increase or diminish its quantity.