"That," replied the Professor, "is an argument for times of peace and prosperity only. The failure of one crop would so lessen the faith of the people that a serious discount would fall upon the money that was only backed by faith. And suppose Europe were to combine to fight the United States, then what would the loss be to the people? We can only estimate the amount by thinking what the United States currency was worth in 1864. "Such a combination is not at all impossible. There is a vast country to the south of us, the trade of which should be ours, and with the Governments of which we have notified Europe there must be no interference from beyond the Atlantic. There are channels for ships to be hewed through the Spanish American Isthmus, and their control is to become a question. "Above all, the light and majesty of our Republic are becoming a terror to the Old World. Think of it. The immigrants that come to us annually, together with the young men and women that annually reach their majority here, are enough to supply the places of all the people of this coast were they to go away. Who can estimate the swelling strength that is sufficient to fully equip a new state annually? "Before the spectacle thrones are toppling and kings sleep on pillows of thorns. If our soil was adjacent to Europe, the nations would combine and assail us to-morrow, in sheer self-defense. They have tremendous armies; they are accumulating mighty navies and arming them as ships were never armed before. Suppose that sometime they decide that the world's equilibrium is being disturbed by the Great Republic, even as they did when Napoleon the first became their terror, and that, as with him, they determine that our country shall be divided or crushed. What then? Of course they will maneuver to have a rebellion in our country and espouse the cause of the weaker side. This is what nearly happened in 1862; what would have surely happened had not Great Britain possessed the knowledge that if she joined with France in the proposed scheme, whatever the outcome might be, one thing was certain, for a season at least, there would be no night on the sea; the light made by British ships in flames would make perpetual day. "Then ocean commerce was carried mostly in ships that had to trust alone to the fickle winds for headway. In twenty years more steam will be the motive power for carrying all valuable freights, and will be comparatively safe as against pursuing cruisers. "Imagine such a crisis upon us, what then would the unsupported paper dollar be worth? But imagine that behind the Republic there was in the treasury a thousand millions of dollars in silver, the original money of the world, and another thousand millions in gold, what combination of forces could place the money of the Nation in danger of loss by depreciation?