3d, bank notes. The smallest paper issued by the government is twenty sen, the smallest silver note is one yen and the smallest bank note is also one yen.

"Gold and silver like all other commodities," says Adam Smith, "naturally seek the market where the best price is given." Indeed, since the over issue of inconvertible paper money in 1878 both gold and silver, in spite of strenuous efforts on the part of the government, have disappeared from circulation, but from 1885 silver began to flow back into the country, because at that time the business of Japan began to increase, and there was an urgent demand for more money, and even the once depreciated paper was restored to its face value.

Now Japan opened her mints to free coinage of gold and silver, but owing to the appreciation of gold, silver alone rushed into the country. The secretary of the treasury, Count Matsukata, perceiving that it was useless to try to keep up the expensive gold standard, practically adopted the silver standard. He sold the gold reserves then in the treasury vaults, and purchased silver abroad which was coined and put into circulation.

It has been claimed by nearly all economists and financiers that bimetallism is more advantageous than monometallism, for it establishes a par of exchange between gold countries and silver ones; it assures an adequate supply of money; and the two metals held together at a fixed ratio will respond to disturbing influences far less violently than would either alone. But under the circumstances in which Japan was placed, the scheme would have been utterly visionary, because gold and silver, as Ricardo says, are subject to the law of demand and supply, and a fixed ratio can not be maintained without exerting a powerful influence on demand. Practically a small country like Japan can have but one standard. Japan has obeyed this natural

Besides these, it must be remembered that Japan has risen from an insignificant state to one of the foremost countries in the East. Her business has increased so rapidly within the last few years that England has begun. to feel anxious. In fact England has lost her coal trade in the East and also the shipping business of the East. Japan has established a steamship line between Japan and Liverpool, another line between Japan and Seattle, and there will be a third line between Japan and California. Another fact that bodes no good to Manchester is the development of the cotton industry in Japan. The rapid increase in the number of spindles and in general efficiency makes her almost able to cope with Manchester now.

Notwithstanding Japan has been prospering under the silver regime, the government introduced a gold bill during the spring session of the tenth Diet, 1897, and the bill was carried without much effort on the part of the government. The ratio was fixed at 32 to 1, and gold was to be the sole legal tender, and silver subsidiary.

"FAITH AITH is the substance of things hoped for, the evidence of things not seen." When San Franciscans asked for the '97 Convention they believed that the invitation would be accepted; and it was accepted with an implicit faith in San Francisco's hospitality. Things began to move at once - not with a rattle and bang and noise but with the silent force of an irresistible determination. All of the Endeavor societies in San Francisco, in Oakland, in fact, throughout California, began to talk, and plan, and act.

Beyond the mountains and upon the Atlantic shore, in Canada, and in the islands of the sea, people talked San Francisco and

""97" with an assurance which left no room for doubt. Many unused to hoarding, began to economize; and in a thousand homes reserve funds were established.

Thus, at the appointed time, San Francisco, as hostess, stood with outstretched arms to welcome the guests who came from distant homes to share her hospitality. Never did anxious host extend a warmer welcome to expectant guest. At the very borders of the State, at union depots, and at steamer landings, thousands of white-capped committeemen with friendly hand-clasp, cheerful smile, and happy song, ushered in the stranger-friends. The "glorious Fourth "" is not more fruitful of flags and bunting

THE ENDEAVOR ARCH ON MARKET STREET

than was this new and not-to-be forgotten red-letter day in Christian history. From every pole were the Stars and Stripes unfurled, while streamers of purple and yellow "mingled with the gorgeous dyes;" and awning, roof, and portal, were lost in sacred colors.

Conquering hero never marched more proudly 'neath triumphal arch than did the Endeavor hosts march under the arch of welcome, spanning Market street. An army twenty-six thousand four hundred and fifty-four strong, and friends numbering fourteen thousand five hundred more. Verily their name was Legion. So very great was the host that trains were delayed for days; and thousands found their baggage heaped up in piles, taxing the capacity of the large though incomplete depot. But what cared they? Tribute was levied upon convenient stores for change of linen; and after brushing the dust from their travelstained clothes, without sound of tocsin or reveille, they assembled at the rendezvous. Twelve thousand seats had been prepared in the great pavilion. How inadequate! Yet, the members of the committee were not caught napping. Not they. The pavilion at Woodward's Gardens had been prepared in anticipation of a possible emergency. The doors to the Odd Fellows' Temple and the churches were thrown open and overflow" meetings were easily and quickly organized. Of course, it was not possible for one to have his choice at all times; but, if belated, he could go elsewhere and gain admission. Thus the bill

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of fare presented everywhere not choice morsels only, but a great soul-satisfying feast, substantial, palatable, life-renewing, and life-giving.

The evening before the formal opening, the concert by a chorus of fifteen hundred voices was such as to send every one away assured of the unbounded success of the great meeting. The vast audience was on the tip-toe of expectancy, when the march was played and the singers marched in to their respective places; and then, when quietly and as by the impulse of one person, those fifteen hundred people rose to their feet the pleasure of that audience broke forth in a storm of applause. Again, again, and again was that applause repeated as sweet, beautiful, over-mastering strains, airs, and choruses, succeeded one another. Let him. whose pen may be attuned in harmony with the zither and the lute attempt description.

The next morning "Father" Clark, as he is affectionately styled, called the meeting to order; and the work was on. Want of space forbids even a cursory glance at the program. Suffice it to say, that it was wonderful for its completeness and the amount of work outlined; and still more wonderful was the work accomplished. Great men and women there were on that program great, not alone in expounding the distinctive tenets of a creed-but, greater still in the councils of the church that church whose children, knowing no dividing line, kneeling "with malice toward none and charity for all" say, "Our Father," when they pray.

When those men and women rose to talk they found that, as on the day of Pentecost, "they were all with one accord in one place." And those talks addresses, sermons, or whatever you please, in keeping with the spirit of the hour, were simply grand, and grandly simple, they struck a responsive chord in every heart.

Strange, strange the scene! and how different far from that enacted there but the other day when the hurdle-leaping horse, goaded by the stinging whip, sped swiftly around the ring leaping obstructions in his way, or when men, abased by brutish instinct, were exalted high because of their degradation. Strange, strange the scene! Policemen here, not to preserve the peace, but to prevent anxious people from obstructing exits from the building, policemen

here to join in songs of praise and to stand two dozen strong before the assembled host and sing until storms of echoing plaudits called them back again. Strange, strange the scene! Long, long may those walls echo and re-echo the voices of song and praises which thence must resound, strengthened by very distance, unto the uttermost bounds of Christendom.

But "Who are these that fly as a cloud and as the doves to their windows ?" Christians, whose religion is broader than their creeds and whose love outweighs prejudice,

Christians who must go back to their homes despising bigotry and anxious to be "of those who love their fellow-men."

Within the short space of sixteen years, "Father" Clark has seen the handful with which he organized the first society increase in numbers, until the people of all lands and

nearly all creeds are marshaled into the ranks. Nor has success hurt the man. He is simple, hopeful, joyful. A comparatively young man, he looks back upon his work, not with vain-glorying, but with joy; and then he turns to the future with humility, assurance, and hope. The people have exalted him to no pedestal, but have enshrined him within their hearts.

They have come and gone. San Francisco has thrown wide her gates and entertained her guests, the greatest assemblage, distance of travel considered, under the Christian dispensation. Tens of thousands have crossed the continent and the sea to break bread with one another, and have returned to their homes with the spirit of Christian charity and brotherly love, saying, as did the audience at the close of that last impressive meeting, "The Lord watch between me and thee while we are absent one from another."

room for her individual use, is taught the grace that charms in the drawing room, dresses for dinner, dines en famille, gives little musicales in the evening, enjoys the splendid tennis courts, croquet grounds,

ENTRANCE TO SCHOOL ROOMS, RADCLIFFE HALL