Middlebury register. (Middlebury, Vt.) 1886-1937, 1891-02-06
SECRETARY WINDOWS LAST SPEECH

Hon. William Window, secretary of
the treasury, had just concluded speech
on the silver question at banquet of the
board of trade of New York city at Del
monico's, last Thursday night, when he
was attacked with heart disease and in a
few minutes was dead. His address COW
cred all the points of the controversy,
but these extracts contain the gist of it:
Believing that there is not enough of
either gold or silver in the world to meet
the necessities of business, am an earn
est bi-metallist, and concede to TO one a
stronger desire than | feel for the free
and unlimited coinage of silver as soon
as conditions can be reached, through in
ternational agreement or otherwise, by
which such coinage shall be safe; but it
is my firm conviction that for this coun-
try to senter upon that experiment now,
and under existing conditions, would be
extremely disastrous, and that it would
result not in bi-metallism, but in silver
monometallism. Such an experiment
would, in my Judgment, prove a greater
disappointment to its advocates than to
any one else. They insist that it would
expand the circulation and permanently
enhance the value of silver. | believe it
would produce swift and severe con-
traction and eventually reCuce the mar
ket value of silver.
Let me briefly suggest some of my rea-
sons for this belief: Free and unlimited
coinage of silver by the United States,
while the other great nations pursue an
opposite policy, would invite all owners
of that metal throughout the world to
exchange 37lt grains of pure silver,
worth about SO cents, for 1922 grains of
pure gold, worth everywhere 100 cents.
Nearly all the nations of Europe are anx-
ious to exchange their silver for gold,
and they would at once accept so tempt
ing an offer. The mint statistics of the
treasury department show that the stock
of full legal tender silver in Europe
amounts to $l,l0l 100000, and that of
this amount the banks of France, Ger
many, Austro-Hungary, the Netherlands
and Belgium hold 1928 S,S66,665. a large
part of these vast stocks of silver would
be ready for transfer to us at once, and
the swiftest steamers would be employed
to deliver it to the treasury, in order that
with the proceeds the owners might buy
gold exchange on Europe before our
stock of gold should be exhausted.
Would our own people await the arriv-
al of these silver argOsies from Europe
before acting? Not unless the Yankee
has lost mis- quick scent of danger and
forgotten his cunning. Bank depositors,
trust companies, the holders of L. 5.
notes and gold certificates would instant
ly lock up all the gold at command, and
then join the panic-inspired procession to
the treasury, each and all anxious to be
in time to grasp the golden prize before
it is too late. Probably before the swift
est ocean greyhound could land its silver
cargo at New York the last gold dollar
within reach would be safely hidden
away in private boxes and in the vaults
of safe deposit companies, to be brought
out only by high premium for eXporta-
tion. This sudden retirement of $780,
000,0 of gold, with the accompanying
panic, would cause contraction and com
mercial disaster unparalleled in human
experience; and our country would at
once step down to the silver basis, when
there would be no longer any induce
ment for coinage and silver dollars would
sink to their bullion value. When the
silver dollar ceases to have more value
than the bullion 1t contains, there will be
! little inducement to coin our own silver,
and the cost of transportation will pre-
vent its coming from abroad. How, then,
will unlimited coinage either expand the
circulation or enhance the value of silver;