The eighth and last lecture in the course on "Bimetallism" was given by Gen. Walker last evening. He began by reviewing at some length the substance of the ground covered in former lectures. He then traced the effects produced on the industry and trade of oriental nations by the demonetization of silver in other countries. While in other countries silver had fallen to one-half its former value, in the east its value remained almost constant. Oriental countries held silver as their greatest metal. This tended to discourage other nations in their trade with the orient. As a consequence, industry was very seriously affected. But in the eastern countries new industries sprang up, the foreign depreciation of silver acting as a protection to them.
But the chief controversy has raged round the question of the fall of prices, which has taken place so largely since 1873. General Walker inclined to the view that the appreciation of gold was the cause of the fall of general prices.
In closing, General Walker showed that owing to the demonetization of silver production has not increased as it should have done. The reason of this, he thought, was the dislocation of foreign exchanges, due to the differing standards in the various countries.