The advocate., 1892-07-20
EINANCE-THE SUPREME ISSUE.
Speech of Hon. J. B. Weaver in the House Of
D,..,A4so. Ngo,, n 1870


Mr.. Speaker, the discussion Of the gys-
tenn Of finance for great government Ia
an important matter. II was remarked
once by Alexander Hamilton that gov
eminent without an adequate system Of
finance is an object Of pity. ] have not
been highly impressed with the manner
In which the gentlemen who oppose this
bill have discussed the question. They
seem to regard the bill as an un-
warranted intrusion upon the rights
Of somebody. They attack 1t alter
nately with levity, sarcasm and abuse.
It lie a question that ought to be dis
cussed In the light of the constitution,
the necessities of our people, and the
present condition Of public affairs.
Two facts strike my mind with great
force at the threshold Of this discussion:
First, silver and gold have been used as
money from the foundation OF human
society, so far as we have any history.
The next, that there ls about an equal
amount Of gold and silver bullion in the
world. Now, how any gentleman can
oppose thorough reconciliation Of silver
unless he first takes the position that
there Is too much metal money In the
world cannot understand. The annual
gold product throughout the whole earth
at this time is about $1O0OOO,O0O, land 1t
is rapidly declining) barely enough, II
we could command it all, to pay the an
nual interest Of the bonded debt Of the
United States alone. If we are to demOne-
tie silver, and have no power to create
legal-tender paper money, 1t will be
readily perceived that the proposition Is
to hitch the car of American progress
and American civilization to that de-
creaslng product, and this will lead us
into inevitable decline and psuperlsm.
The proposition to my mind is unten-
able and unreasonable. The constltu
tlon provides that congress shall have
power to "cOln money, regulate the
value thereof, and of foreign coin"
Again, by the same article and sec
tion Of the constitution, congress Is
clothed with power ITO regulate COM
merce with foreign nations, and among
the several states and with Indian tribes"
The same instrument again provides
that congress shall have power to admit
"new states into this union" These
grants Of power are affirmative and ex-
press.
Under the power to admit new states
into this union, can congress expel states
from the unIon2 By virtue of the au-
thority to regulate commerce with
foreign nations and between the states,
can congress prohibit all commerce with
foreign governments and between the
statesY Certainly no one will claim such
extraordinary construction. Then how
can congress under an express grant Of
power, "to coin money, regulate the valve
thereof, and Of foreign coin," derive the
right to prohibit the coinage of either
gold or silver? To prohibit coinage is to
exercise a power just the opposite TO
that conferred, and Is the destruction Of
the power named In the constitution. /
demand of gentlemen who oppose this
bill, that they shall tell US where con-
gress derives power to prohibit coinage.
1t strikes me that gentlemen who hold
to the opinion that the government has
no power to issue legal-tender paper
money In time of peace, place them