Far different, on the other hand, is the second delusion--the delusion of those who mistake a transitional for a permanent prosperity, and many of whom go so far in their frenzy as to see only matter of congratulation in the very extremity of changes, which (if realized) would carry desperate ruin into our social economy. For these people there is no indemnification. I begin with this proposition--that no material extension can be given to the use of gold after great national wants are provided for, without an enormous lowering of its price: which lowering, if once effected, and exactly in proportion as it is effected, takes away from the gold-diggers all motive for producing it. The dilemma is this, and seems to me inevitable: Given a certain depreciation of gold, as, for instance, by 80 per cent., then the profits of the miners falling in that same proportion[44] (viz., by four-fifths) will leave no temptation whatever to pursue the trade of digging. But, on the other hand, such a depreciation _not_ being given--gold being supposed to range at anything approaching to its old price--in that case no considerable extension as to the uses of gold is possible. In either case alike the motive for producing gold rapidly decays. To keep up any steady encouragement to the miners, the market for gold must be prodigiously extended. That the market may be extended, new applications of gold must be devised: the old applications would not absorb more than a very limited increase. That new applications may be devised, a prodigious lowering of the price is required. But precisely as that result is approached the _extra_ encouragement to the miners vanishes. _That_ drooping, the production will droop, even if nature should continue the extra supplies; and the old state of prices must restore itself.