Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1885-03-04
MIR. Groesheck on Gold and silver

During the proceedings OF the Ameri-
can Bankers Association at Saratoga
Springs, n. Y, August Is, 1884. the
Hon. w. S. Groesbeck was called to
speak on the silver question, and made
a brief address. the following extract
from which may be read with profit
"You NAV remember that in the year
1873 had the honor to be invited by
this Association to make an address
upon the silver question, and that |
made an address in the city of New
York in favor of the bimetallic currency
of silver and gold. ] am in favor Of
the bimetallic currency Of silver and
gold to-day. as / was then. | am old
fashioned in my notions on this subject.
| do not believe in substituting any
thing for these metals, which have
answered the purpose of legal
tender money for the world through
out the past centuries. do not be-
lieye in greenbacks as substitute.
Applause | never did believe in
them. During the war, and as a war
measure, all loyal citizens acquiesced
in the course taken by the Government,
for we were willing that the Govern
ment should do anything and every
thing rather than that the Union should
be lost or imperilled. GApplause.l !
am not in favor of peace greenback,
nor do admit its constitutionality, not
withstanding the decision Of the SUI
preme Court of the United States. AS
| said in 1873 before this Association,
am in favor of the old currency Of
gold and silver, if they can be preserved
in condition Of equal value.
MIR. President and gentlemen, they
can be preserved in condition of equal
market-yalue. affirm, by the authority
of careful examination, that they were
held in equal value and with but imma-
terial variations, which were easily ad-
justed throughout the entire past-cen-
tury after century-until 1871 or
1872. What was done in the past
can be done in the future: Allow
me to say also that am one of those
who believe in an abundant currency,
if it be a sound and stable currency. |
would not fix the amount Of the cur
rency for idle capital that takes no risks,
but rather for active capital, which
takes the chances of loss as well as
profit. would not fix it for the bond
holder so much as for the business
man. 1t should be arranged for those
who carry ON the business and do the
work of the world, and it should be so
arranged as to encourage them and
stimulate to new enterprises. A scanty
currency, however good. binders bust
ness and checks development. ZAP
plause.l
II believe. furthermore, Mr.. Presi-
dent and gentlemen, that if the leading
nations will concur on this subject the
time will never come when both gold
and silver will be too abundant for the
wants and energies Of the world. For
eighteen hundred years there was not a
nation or statesman that proposed the
general demonstration Of either Of these
metals. 1t was not intimated during
eighteen hundred years prior to the
year 1850 that they were too abundant.
Since 1850 French political economist
proposed to demonetize gold because
Of its great production in California,
but he was not listened to. Let us re-
member, in considering this subject,
that the world grows in population and
develops its resources faster than these
metals increase. lcan imagine the fail.
ure at last Of the mines Of both gold and
silver; Icannot imagine the failure Of
the population and industries Of the
world. If the leading nations Of the
earth are willing TO do it. and win con.
cur to preserve both metals for curren.
cy, adjusting the relation between them
so that silver shall be as good as gold,
and gold as good as silver, they viii
serve us in the future as they have
served us in the past.
| "Down in the coal-mines, under.