Ottumwa weekly courier. (Ottumwa, Wapello County, Iowa) 1872-1899, 1878-02-13
BiaIne's Views on the Silver Ques.

Blaine's speech in the Senate Thurs
day presented among others, the fol-
lowing points: Gold and silver coin
are the money of the constitution.
The organic law conferred no power
on Congress to declare that either
should not be the money. Congress,
therefore, has no power to demone-
tize silver any more than gold, or
than it has to demonetize both. If
therefore silver had been demonetiz-
ed, he was in favor of remonetizing
it. lifts coinage had been prohibited
he was in favor Of ordering it to be
resumed. If it had been restricted,
he was in favor Of having it enlarged.
Congress has the exclusive power to
coin gold and silver and regulate
their value. If Germany should re-
monetize silver, and the States Of the
Latin Union reopen their mints, sill
yer would resume its former relation
with gold. He believes the European
countries will be driven to full remon-
citation. Then they must of neces-
sity adopt their old rates OF fifteen
and half of silver to one Of gold
Then we shall be compelled to adopt
the same rates instead of the former
sixteen to one. If we fail to do this
we shall lose our silver, which will
seek the highest market. Our diff
cult problem is how to re-establish
silver without the cooperation of
European powers as an advance
movement to coerce them into the
same policy. If we coin q silver dol
lar below the current value of gold
we invite Europe to take our gold
from the United States, which will
force us to the single silver standard
and cripple our relations with the
leading commercial countries. In
our present condition and at the cur
rent rates of silver, the free coinage
Of dollar containing four hundred
and twelve and one-half grains gives
an illegitimate profit to the owners of
bullion, which would defraud the man
who is forced TO take the dollar. 1t
assuredly follows that the free COIN
age and circulation Of this inferior
dollar must be at the expense of our
gold coinage, which will flow out
with the certainty and resistless force
of the tides. What gain, therefore,
would we make in the circulating
medium if, on opening the gate for
silver to flow in we open wider the
gate for gold to flow out2 Until Eu-
rope remonetizes we cannot afford to
coin dollar as low as 4l2H grains ;
after Europe remonetizes on the old
standard we cannot afford to coin q
dollar above 400 grains, because If we
do silver will leave us. He argued
the public injustice and private
wrong of making debased silver
standard, which must inevitably fix
a lower standard Of value for our pa
per money. He urged q strict re-
gard to the interest of the public
creditor which is undoubtedly bound
up with the interests of the whole
people. The evil we might inflict
upon him by paying an inferior dol.
lar would retort with vengeance as
manifold as the aggregate wealth of
the Republic, and transcend the com.
paratively small limits Of our bond.
ed debt. He repudiated the specific
demand for the payment of bonds in
gold, but they must be paid in gold
not an inferior silver dollar. Our
pledge to the public creditor in 1870
binds us to pay in tho standard ol
then existing value. A silver dollar
of four hundred and twenty-five
grains would equitably represent the
dollar of that date. Such Q dollar
will benefit In turn the miner, the
owner of bullion, the holder Of coin
and the government, and will insure
to our laborers . full dollar to pay fol
q dollars worth of work. For these
reasons he advocated unlimited coin
age and legal tender for dollar o.
that weight. He did not expect th,
adoption of his substitute in Wow o.
precluding committals and avowal
Of Senators. He was not In line will
either extreme, those who favor thu
single gold standard or those who's
views, If sustained would force us Il
Q single silver standard. We needed
both, and could have them only b!
making each the equitable of the 9th
er. In the nations where both hav'
been fully recognized and most wide
Ily ditfused, the steadiest, most con
tinued prosperity has been enjoyed
the prosperity which reaches al
classes, but begins with the day 10
borer whose toll lays the foundation
Of the whole superstructure Of wealth
The gold and silver nations lik
France exhibit no such individua
fortunes 40 abound In an exclusivel,
gold nation like England. But it ha
peasantry who with their silver saw
ings can pay . war indemnity tha
would have beggared the gold bank
ers Of London, and which the Eng
. lish peasantry could not have con
tributed q pound. He denied the az
sertion that tho people demand chez
money. They want an abundance Q
good money. They do not want
single gold standard that will exclud
i silver and benefit those already ricl
nor do they want an inferior silve
standard that will expel gold and ne
help those already poor. They waI
! both metals In full value, in equ.
. honor.