What are the known applications of gold in the old state of circumstances, which may be supposed capable of furnishing a basis for extension in the altered circumstances? I will rapidly review them. First, a very large amount of gold more than people would imagine is annually wasted in gilding. Much of what has been applied to other purposes is continually reverting to the market; but the gold used in gilding is absolutely lost. This already makes a drain upon the gold market; but will that drain be materially larger in the event of gold falling by 50 _per cent._? Apparently not. Amongst ourselves the chief subjects of gilding are books, picture-frames, and some varieties of porcelain. But none of these would be bought more extensively in consequence of gold being cheap: a man does not buy a book, for instance, simply with a view to its being gilt; the gilding follows as a contingency depending upon a previous act not modified in any degree by the price of gold. In the decoration of houses it is true that hitherto our English expenditure of gilding has been very trifling compared with that of France and Italy, and to a great extent therefore would allow of an increased use. Cornices, for instance, in rooms, and sections of panels, are rarely gilt with us; and apart from any reference to the depreciation of gold, I believe that this particular application of it is sensibly increasing at present. Of course an improvement, which has already begun, would extend itself further under a reduced price of gold; yet still, as the class of houses so decorated is somewhat aristocratic, the effect could not be very important. On the Continent it is probable that at any rate gilding will be more extensively applied to out-of-doors decoration, as for example, of domes, cupolas, balustrades, etc. But all architectural innovations are slow in travelling! And I am of opinion that five to seven thousand pounds' worth of gold would cover all the augmented expenditure of this class. It is doubtful, indeed, whether all the increase of gilding will do more than balance the total abolition of it on the panels of carriages. In the time of Louis XIV. an immense expenditure occurred in this way, and the disuse of it is owing to the superior chastity of taste amongst our English carriage-builders, who, in this particular art, have shot far ahead of continental Europe. But the main consumption of gold occurs, first, I should imagine, in watches and watch chains; secondly, in personal ornaments; and thirdly, in gold plate. Now we must remember, at starting, that what is called jewellers' gold, even when manufactured by honourable tradesmen, avowedly contains a very much smaller proportion of the pure metal than our gold coinage. Consequently an increase in the use of watches and personal ornaments, or of such trinkets as snuff-boxes, supposing it in the first year of cheapened gold to go the length of 20 per cent., would not even in that department of the gold