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The proportions Of specie to paper exerts wonder.
fu nau prices and raises deprssses them
the proportion may be. Supply and demand have, Of
course, very great effect, but the currency has
much any other In 1886 and s the years Of heavy
importatons, tie proportion Of specie to paper,
smaller than before since.


The proportion given in the above table was Tor the
country generally, and shows much more favorable
rate than actually existed in those States where specua.
tion carried extsnsivey and where the prn-
cpa portion Of the foreign imports into the country first
landed In the State Of New York the proportions OF
SPECIE to paper in 1885, to 2 1885, to 4; 1887 to
n; 1885, to 3; ls4s to II; 1884, toll Asa proof Of
the influence Of this state Of the currency prices
here annex table showing the proportion Of specie to
paper, and prices at several periods =


VALUE THE CuRREScy AND PRIcEs ron THE PRrrcirAL


2r OE (,orvt NrvV Va