MR. LABORINGMAN: Mr. Lawyer, I have been sitting here with a very hazy kind of an idea about this credit matter, until this moment, but that last point you made seems to me to clinch things, for I saw in the "Evening Journal" last night that there was about one hundred and twenty-five billion dollars' worth of property in the United States. Of course you can't cash that all in tomorrow, nor next week, nor next month, nor next year even, and the fortunate thing about it is that the owners don't want to. When you come to think of it, there is a mighty small part of it that the people want to turn into cash each day. MR. BANKER: Mr. Laboringman, that is the point exactly, and our problem is to make it absolutely sure that those who have a right, and want to demand cash, can always get it. This can only be accomplished by two things, adequate gold reserves to protect all current demands, and such assets or commercial credits as can be converted into gold, at once to meet any extraordinary demands--yes, even satisfy the panic-stricken mob, and carry the country through such crises as 1893 and 1907 without unnecessary loss, indeed, prevent the recurrence of any such experiences again. MR. LABORINGMAN: Do you really think that that can be done? What a blessing that would be to labor. MR. BANKER: I certainly do believe it can be done; indeed, I know it. But every banker must be compelled to do his part; that is, be ready at all times to carry his proper share of reserves against his deposits. One half of the bankers of this country cannot ride the other half, that is certain. MR. MERCHANT: Mr. Banker, what amount, or percentage of reserves do you think a banker should carry? MR. FARMER: Now, hold on, just a minute. You can't get into that subject, because I want to hear it, and I've got to go home right now. MR. BANKER: Very well, gentlemen, we will put it off, if you say so, until next Wednesday night. UNCLE SAM: This is the second time you men have said that you would take up reserves. Indeed, it has been so long since you talked about taking it up before, that I was afraid that it would be overlooked entirely, and yet nothing but the standard of value itself is more important. Now, mark this, we want the right kind of reserves, and plenty of them. Good Night. TENTH NIGHT RESERVES UNCLE SAM: Here we all are, every man in his accustomed place for the tenth night. Not a man has been late on a single occasion, although Mr. Farmer just got in under the wire one night by the skin of his teeth. It is most agreeable and satisfying to note that there has been no lagging in interest since we began. Indeed, there seems to me to have been a most pronounced gain in your enthusiasm, at times amounting almost to religious fervor. MR. LABORINGMAN: That's the way it always is; the more you know about anything, the more interesting it becomes.