The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1891-01-28
RESTORATION OF SILVER.
The World is Waiting for America to
Lead in the Good Work.


From Senator Aliens Speech on Free Coinage
/ firmly believe, Mr.. President, the time
is fully ripe, and the industrial and bust
ness world are anxiously looking to some
strong dominant nation like the United
States, to lead off boldly and determinately
in this movement; and the result if ac
complished; that instead of opposition, in
the very nature of things, friendly allies
must rally TO our support
1t is behtting, too, that the greatest sill
reproducing nation of the world should
be the first to assert itself in this behalf.
1t is also in place that We, the strongest,
the most vigorous, the most self-con-
tanned, and the most wealthy of nations
assume the initiative and reap the honor
and advantage resulting from such lead
ership.
There can be less hazard to such a ma
ton as our own, which, proportional TO
its consumption, purchases the least from
outside its borders and sends forth the
most of its commodities into the markets
of the world, and by its favorable trade
balances is krawing upon the finances of
almost every other people. Thus in
trenched and thus equipped for this strug-
gle. have little to fear of the disastrous
results to our nation that others may APP
prehend.
have not heard with indifference
propecies of evil resulting from such
change from men of great experience and
profound knowledge of financial questions.
And yet, Mr.. President, | can not but re-
call that many similar prophecies remain
unfulhlled. L can not forget that but a
few years ago | heard il proclaimed that
the gigantic war debt of this nation would
crush her into the earth in hopeless bank
ruptcy, and the only alternative was
through the doorway of Reputation; and
not only have we expended hundreds of
millions in pensioning our soldiery with q
Hberality and benehcence never before dis
played by any nation, but we have liquid
ated more than half our debt, and placed
the remainder in the forefront of the
worlds securities.
/ recall when wise and experienced but
somewhat timid men said we could not re-
sume specie payment, and that the attempt
must result in failure and widespread dis
aster; and yet bold secretary of the treas
ury, with good sense of the recuperative
powers and the wealth of this nation said
it could be done. and the way to resume
was to resume; and as resistiess as obedi-
ence to the nat of the Infinite, tLet there
be light, and resumption came. We can
not forget that from the initial step in
silver legislation that gold would
sert our shores as if financial leprosy in
fected them, and that we would soon sink
to the financial level of China, India and
Mexico and be excluded from commercial
relations with the gold-using states, have
while we have accumulated silver more
than many other nations, we have been
equally successful in holding gold
The late financial strlngency and result
ing business depressions, from which we
are happily emerging, afforded proof of the
public faith in silver money. The fact of
the controlling percentages of customs
n: Il Al
government in gold when silver was alike
receivable, shows the public had no dis.
trust of silver money.
Although the price of silver rapidly and
unhealthfully advanced for a number of
months after the passage of the late silver
act mot as result of that legislation, but
from extraneous and adventurous circum-
stances), this fact did not draw silver to us
from other parts of the world in any sensi-
BILE degree, nor did it cause gold to depart
from us.
The fact is Mr.. President, no money, no
currency, whether gold or silver moves of
its own volition, but only as il as impelled
or drawn in the course of circulation. Our
gold is not sent abroad except to bring
some more desirable equivalent home, nor
will the silver of other lands be
drawn hither except our people
prefer it to the commodities
they already possess. So long as there is a
limited supply of money metals, and more
especially so long as that supply does not
increase ratably with the increase of
wealth and population, its undue accumu-
lation in any given place means
corresponding depletion elsewhere
with the necessary effect of lessen
ing the unit-producing power in the
country of the abundance and aug
menting it in that of the scarcity.
This fact in turn both impels and attracts
commodities TO the place Of larger price,
which not only tends to restore monetary
level, but also aids every nation in retain
ing or recalling to its borders the volume
of currency usual in kind and necessary in
quantity for its domestic circulation.
Nor can the cons ant and indispensable
home use of gold and silver by Euro
pean nations be overlooked. The profound
realization of the commercial world today,
in the light Of its late panic experience, is
not that its affairs should be conducted
upon the gold basis alone, but rather the
utter inadequacy of gold to meet its none
tary wants. If any lesson has been i'm
pressiyely taught it is that the business
world must have larger circulation.
1t must be better prepared to meet the
shocks and strains to which il is sub
jected Ply blind distrust or well-grounded
apprehensions; that back of checks and
drafts there must be larger and more rela-
bic money balances; that at times of
shaken confidence there must be larger &C
tual money reserves to draw against in
stead CT the pawns of schemes unexecuted.
of dreams unrealized, of possibilities, of
speculations, of things hoped for, but not
seen.
These events are the days of actual ac-
counting. These are the real pay DAYS of
trade. These are the occasions when col
laterais and securities, though gilt-edged.
viii not avail, and money must be present
and perform its functions in person. At
such times, no accounting for the absence
of money, however reasonable, will be
tolerated, and no substitute, however
worthy, will be accepted, and no clamor
for it. however needless and wild, will be
unheeded. Nothing bat a prompt demon
stration that it can be had quiets fear,
nothing but its response, its exposing OF
itself for sight and touch, will relieve ap-
prehenslon or avert chaos and panic.