The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1894-07-16
Alexander Stephens OH Silver.

In 1879 Alexander III. Stephens made
he made a strong plea for bimetallisn,
and pointed out the evils resulting from
the characterization act of 1873
Mr. Stephens wanted the old trade
dollar made q legal tender again. In
reply to the objection that China might
return the twenty-eight milliop trade
dollars then held by her lie said that
we needed them, and he hoped that
every silver coin with the American
eagle on it would come back to US. But
he did not expect our trade dollar to
come back from China. That country
would never send 400 grains of silver
over here to get 412115 grains for it. The
Chinese would find that a losing bust
ness.
The great cOmmOner cOntended that
we needed all the silver bullion that
we could get, and we should make its
coinage free and unlimited The de-
monetization of silver had struck down
half the metal money of the world.
Then began ,netary revolutions In
year we had 1000 business failures,
with upward of $20O.O0O,O00 liabilities;
the following year 5000 failures, with
about S20O,000,OOO liabilities: the next
year 5000 failures. with again about
$200,00O.00O liabilities, and in another
year 10000 failures, with still heavier
liabilities.
He said that we could not afford to
wait for the action of Europe, because
as matter of justice our debts should
be paid in coin of the standard value
existing at the time the debts were
contracted. TO increase the weight of
the silver dollar would be an Injustice to
debtors. In regard to the price of sill
yer bullion the speaker held that its
depreciation was caused solely by de-
monetizatiOn which had degraded it by
depriving silver coin of it's debt-paying
power. Silver, before it was demon
cited, was or , per cent above gold.
But if the owners of bullion made a
profit out of the coinage of silver ut the
present ratio Mr. Stephens maintained
that nobody would be hurt by it, 1t
would add to the general wealth OF the
country, and would benefit not only the
owners of bullion but every man who
had anything to sell or any labor to be
employed. because there would be a
rise in prices. So far from dreadine
an influx of bullion from foreign coun-
tries. be would offer an inducement to
bring il here. He believed that it would
be impossible for us to obtain and keep
in this country too much of metal
which had been used as n standard coin
all over the world for several thousand
years.
Mr.. Stephens was student and a
deep thinker. He went to the bottom
Of every question, and no man was
more kcenly apprccative of the Gle
ments of Justice and equity involved in
every transaction great and small No
earthly consideration would have in
duced him to favor Il financial system
that would he unjust to either creditors
or debtors The false premises and mis-
leading arguments Of the gold standard
men excited his indignation and dis
gust He saw that the decentralization
of silver threatened financial distress,
the robbery of all debtors and the OPP
preston of all tOilerS. and he hated the
whole business with all the hearty
hatred of a wise and a just man who
had consecrated his life to the service
of his people
Alexander II. stephens could no more
have been n monometallist than he
could have been tool of the monOpolies
and truStSi