We would be unwise to contemplate the situation of to-day as one that can or should perpetuate itself.

Suppose we accept, the governing responsibility in the Philippines.

It is not beyond the range of reasonable conjecture that American labor can educate the laborers of the Philippines out of their state of servitude as cheap laborers, and lead them to co-operate rather than compete with us, and not to go into the silver question further than to consent that it exists, and is in the simplest form of statement, whether the change in the market value of the two money metals is natural or artificial.

It is necessary in common candor to state that the most complete solution of the money metal embarrassments would be through the co-operation of Asia and America.

Europe is for gold, Asia for silver, and the Americas divided.