The value of silver varies from day to day and some times from hour to hour, in terms of gold; and the argument against silver will be that, if the silver standard is continued, there will still remain the uncertainties of exchange that are inseparable from China trade at present. It should be the object of every reform to bring to a minimum the chance of fluctuation in exchange, although it is beyond human power to do away with fluctuating exchange altogether. But minimising the fluctuations in exchange has nothing to do with the economic forces which determine the variations in the prices of different articles, and which again have nothing to do whatsoever with the currency or standard. Therefore, the statement that the adoption of the silver standard will only result in the retention of all present uncertainties of exchange is utterly wrong, and is based on an incorrect appreciation of the situation in countries where the sole medium of exchange is silver coins.