In his report of November 7, 1867, pages 99 and 100, Mr. Ruggles said :

On all these questions the Interests of monetary unification were materially advanced by
the publication at Paris of the concise but admirable letter from the Hon. John Sherman,
Senator in Congress from the State of Ohio.
Mr. Sherman quotes Mr. Ruggles' report in advancing a coinage bill
June 9, 1868:

France, whose standard Is adopted, makes a new coin similar to our lialf-eagle. Slae
yields to our demand for the sole standard of gold, and during the whole conference evinced
the most earnest wish to secure the cooperation of the United States in the great object of
unification of coinage. — Senate Committee Report, No, in. Fortieth Congress, second ses-
sion, pages 4, 5, and 6. f



" 1. The rise in the purchasing power of gold, that is, the general fall
in the price level of commodities, was predicted by the -well-known
monetary writers, Wolowski and Ernst Seyd, in 1868, before the intro-
duction of the gold standard. Their prophecy was repeated later by E.
