St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1893-11-22

ureS, not equal In value, it is evident
| that one OF them must be false meas
ure: and If they were of equal value, it
Is evident that, no matter what the
law might declare, there would be, in
tact, but one measure, although com.
posed of two different kinds of material.
Ii, for instance, the silver dollar and the
gold dollar were of precisely the same
value and could be SO kept at all times,
there would be, in fact, but one STAN
dard. one unit for the measurement of
values. Whatever the actual standard
may be as established by the laws of
trade and finance, whether it be so
many grains OF fine gold or Sc many
grains of fine silver, it is the duty of the
government to conform to it in the pay
ment of its obligations and in all its
dealings with the people.
Ii does not follow from anything I
nave said that nothing shall circulate or
be recognized as money or currency ex-
cept gold or paper issued against gold,
nor that the
PRICE OF COMMODITIES
ought TO be, or will be, fixed upon the
hypothesis that gold is the only money
In the world; but it does follow that no
part of our currency, whether it be
silver or paper, should be permitted to
depreciate below the established and
recognized standard. Any financial
policy which would encourage or per.
init such de expectation, OF create rea-
SonaDle apprehension of such depreS-
sion, would unsettle values, paralyze
business, arrest the growth and eXpan-
sion of our industries, and ultimately
bring almost universal bankruptcy and
ruin upon the country, 1t must be re-
membered, however. that it is the func-
ton aud duty of the legislative depart
n tah hlicL ha a.
erGment upon this and all other SUBJ
JectS, and to clothe the executive with
the necessary authority and means to
carry it out. When the authority and
means are granted, the executive de-
partment is responsible for the manner
III which the law is executed, but be-
yond this it has no power to act, and,
consequently, no duty to perform.
Gentlemen, the question whether the
obligations of the United States will be
paid i'll coin current in all the markets
IN the world has already been settled.
and 1t has, in MY opinion, been settled
for all time to come. 1t has been set
tied. not by any specific act of congress
prescribing the exact mode of payment,
but by the spirit and obvious purpose
of the whole body of existing legislation
upon the subject, and by the deliberate
Judgment of the American people and
the declared purpose of those who have
been lntrusted with the
EXECUTION OF THE LAWS.
The disposition and ability of the
government to maintain Its own credit
at the highest possible standard, and to
preserve the integrity of all the forms
of currency in circulation among the
people, can not be reasonably doubted,
and ought not to be subjects of serious
controversy hereafter.
This does not imply that silver is to
have no place in our monetary system.
What is to be the ultimate fate of that
metal is one of the problems which
time and events alone can
solve; but for many years.
Notwithstanding. all our legislation in
IN Its support, the fluctuations in it's
value have been so rapid and so great
as to demonstrate the fact that it
cannot be safely coined without limita-
tlons into money Of final redemption at
the existing ratio or at any other ratio
that might be established. 1t is not pos
slDle, under existing circumstances, for
any one government to establish and
maintain stable relation between the
Two metals. and for this reason alone, If
there we've no others, we are bound to
place some reasonable limitations upon
the coinage and use of silver. How
much OF IL can be safely coined, and
upon what conditions it can be safely
used, are questions upon which there
Will be wide differences of opinion; but
after all that can be said on 9th sides,
they will be finally determined by cir
cumstances which cannot now be fore
seen, and by the natural increase of
OUR POPULATION
and the natural growth of our industries
and trade.
Ii is enough to say at present that we
have already on hand a stock of silver,
coined and uncOined, sufficient to meet
all the probable requirements of the
country for many years to come. The
mlnts of the United States have coined
1885,, $50 standard silver dollars. and
we now have 140,699,760 fine ounces of
silver bullion, which. at the ratio of 16
l, would make S1S1, ,914, S41, or S601. .247,-
39l In the aggregate. Besides this, we
have $76,977,002 in subsidiary silver
coin, which is legal tender to the amount
OF SlO, and is by law redeemable in full
legal tender money on presentation
Our total stock of gold coin and gold
bullion is 1868, 167.949.
Ihe i've countries constituting the
Latin Monetary union, with a combined
population of more than S0,OOO,0OO eX-
elusive of their colonial possessions,
have 100000 in gold, S725, 5,000, 900 of
full legal tender silver, and S95,000,OOO
OF subsidiary silver coins; and yet they
found 1t necessary several years ago to
discontinue the coinage of legal tender
silver and enter into an arrangement by
winch each country agreed to redeem in
gold all Its own legal tender silver
coins when presented by any other
member of the union. Thus gold has
been made to support limited q quantity
OF silver coin at par in France, Belgium,
Italy, Greece and Switzerland, as it has
been required to do i'll the United
States since 1878, and as
IT MUST CONTINUE
to do hereafter, here and elsewhere, un-
less a great change shall occur in the
relative values Of the two metals.
Being the greatest silver-producing
country in the world, aud having on
hand large amount of silver coin and
bullion, the United States can not be
otherwise than deeply interested in
every measure designed to enhance It's
value and increase its use as money
upon safe and sound basis. but we can
not alone maintain its unlimited coin
age as full legal tender in opposition to
the policies of the other great nations of
the earth; and the country Is to be con-
gratalated upon the fact that we have
at last placed ourselves in a position
winch enables US to preserve our own
monetary system intact and exercise a
potent influence in any movement that
may be hereafter made for the perma-
nent adjustment of this very important
and difficult question.
1t is great mistake to suppose that
the supporters of our recent legislation
upon this subject were animated by any
feeling of hostility to the continued use
OF silver as money to the largest posi-
bic extent consistent with the stability
of our currency and the preservation of
the public faith. The wisest and safest
friends of that metal are those who
have had the sagacity to foresee the In
evitable effect of its continuous accu-
mutation in the form of bullion i'll the
VAULTS OF THE TREASURY,
and the courage to remove from the
statute book an experimental law which
from the time OF its enactment was a
constant menace to the welfare of the
whole country,
In conclusion, Mr.. President per NIT
me to thank you and the Chamber of
Commerce of the State of New York