San Marcos free press. [volume] (San Marcos, Tex.) 1877-1892, 1878-02-23

they must agree that with us metallic mopsv
shall not be shorn OF its function, that Of z
circulating medium
silver would 20 out OF the country should the
dollar of AJAX grains be coined; that, rs ali.
yer was undervalued In the dollar OF Ii9x
grains rs compared with its valuation In ths
States OF the Latin Union, 1t will leave here
| and flow into those States To open their mints
to an unlimited coinage OF 1--WE frame pieces
but he thought they would not do 80.
| Another objection to the bill was that II IL
should become law, we would be flooded with
silver; that Germany wonld pour her surplus
silver on us, and our mines would produce
so much that we would haye more than we
Germany. IL was said that she had SSO.OO0
600 to spare. suppose II was all poured into
| the United States, we could absorb 1t all with.
out injury. But 1t would not be poured into
this country. Germany could not spare her
silver. But II she could, the greater part of
1t would be much more likely to go to Asia
and to Russia, Austria and spain, to say moth.
ing of the Latin states, than to come to the
United States, which UNDERWRITERS silver, as
compared with the rest OF the world. Heidi
not think we had any thing to fear from an ex.
considered an inflationist. but he knew of no
valid reason against enlarging our specie ba.
sis, and If we are to have and maintain specie
payments, it must be enlarged.
Another objection to the bill was the well
known argument against bimetalism; and
most gloomy pictures had been drawn of the
ruin that would befall our country il we
adopt bimetalism. He argued that Il was bv
was less variable in Il mOnometallic than It
was in n Dimetallic country. An absolute un.
varying standard OF value was an imposs.
bility. Had there ever been a more prosper.
Gus country than the United States from 1889
to 1861? Did any nation ever exceed the
progress we made in population, wealth,
education, refinement and general well.be.
ing of the people in these Y years.? And yet,
during all that period, we had bimetalism;
for we gave no preference to gold over silver,
or silver over gold. Those metals tuctuated
then as they have since, and probably ever
will do. But no American statesman OF that
period thought of demonetizing either.
And now let us turn TO Europe for a mo.
ment. What do we hear? The wailings of
thousands of laboring men, women and chill.
dren thrown out of employment. The cries
of anguish of thousands of other men, who
but a year ago were rich, but now bankrupt
In Il word, the same notes of sorrow that so
affect our ears in our distressed land. But
from what countries do they mainly come?
Two-from gold monometallic England and
gold monometallic Germany-while bimetal-
lie France, the land of silver as well rs gold,
enjoys prosperity hardly exceeded by any
people on earth.
1t had been argued that our foreign com.
merce would be destroyed, would be dis
jonted, by the passage of the pending bill.
Had we not carried on business during the
past sixteen years with an interconvertible
paper currency, and was not the balance of
uIuuc Ill our laNoE HOW. ASulll, IL uuu Dpcu
argued that national credit would be destroy.
ed. How destroyed? By the United States
paying our bonds rs we promised to pay
them. The United States needed no such
prop as a single gold standard to support its
credit. The resources of this country were
too well known for her credit to be injured.
He lOnged to see our indebtedness held at
home and not abroad. There would then be
no annual drain from America to enrich Eu.
rope A telegram this morning informed us
that 100000 worth of our bonds were on the
way home from England. They would be get.
ting back there soon, whether this bill passed
or not, rs the interest upon our bonds was
greater than that upon any safe Eul Opean
stocks. If our bonds should be sent home,
they must find purchasers in the United
purchasers, would not every one in the land
be glad that our bonds were held ut home?
The English debt was held by Englishmen,
the French debt by Frenchmen and he hoped
that the day would come when the American
debt would be held by Americans.
Our currency would continue to be small
paper money, and the problem for Congress
to solve was upon what basis it should rest.
We could not maintain paper currency con-
vertible at all times into coin unless we EN-
ployed silver as well as gold for its base.
Unless silver should be made full legal ten.
der, the idea of specie payment in the United
States would soon be abandoned. Every OPP
ponent to an irredeemable paper currency
and every friend of specie currency should
insist upon the full reconciliation of silver.
If this bill should become law, its tendency
would be to put II stop to the demonstration
of silver in other countries. Should we post
pone RECOMMENDATION of silver till compact
with other nations be made, it would never
be remOnetiZed. He hoped that our country
would be ranged by the side of the bimetallic
States. Let the commercial world know that
we do not intend to abandon the use of silver.
Silver was an American product. Many mil.
lions of dollars and the labor of thousands OF
men were employed in its production in this
and to destroy or cripple this indus
try would be cruel and unjust.e