I do not want it to be understood that I am putting in any special plea for silver. As my readers might have noticed already, I have started on the basis that as the wealth of China lies in silver and as currency reform is essential for progress, any plan suggested should be such as not to "dislocate national life and depreciate national wealth. With such an end in view I believe that silver is the only standard that could be adopted by China, not only for the reasons advocated by such an eminent Chinese statesman as Chang Chih-tung but also for more cogent reasons. For this purpose, I have taken pains to show that it is fallacious to hold that gold does not change in value or silver always fluctuates. I have shown that the drop in silver has been brought about by legislative activity and not through purely natural economic causes. I will also endeavour to prove that the adoption of silver as the standard by China is not only necessary for her, but also necessary for the world - as a steadying force in the relation between money and prices.