The record-union., 1896-08-24
GOLD And SILVER.
Mckinley Wants Both the Metals Used
Freely.
Speech Made in the House of Repre-
sentatives in Eighteen Hun
dred and Ninety.

The following speech by Hon. William
Mckinley was delivered in the House OF
Representatives at Washington on the
18th of June 1890, and the occasion for
it arose out of the consideration of an
amendment which the Senate had made
to House Bill, No. 5,3S1, directing the
purchase of silver bullion and the issu-
ance of silver certificates thereon. The
amendment proposed by the Senate
changed the entire character of the
House bill by providing for the free and
unlimited coinage of silver at the ratio
of 16 to l. The Senate amendment was
voted down by the House Immediately
upon the conclusion of Mr.. McKinley's
speech, the vote standing: Yeas $50,
nays 152 not voting 40. No one can
read the plank in the Republican plat
form and the following convincing ad-
dress of Major Mckinley without being
assured that the position of Mr.. Nc
kinley on the financial issue is thor
oughly in accord with the position OF
his party. Indeed, his speech in Con-
gress in 1890 was prophetic of the St
Louis platform of 1896:
MIR. Speaker: 1t seems to me that
the subject now under consideration is
grave enough in every aspect to cause
as, even at this last moment of the dis
cUssion, to pause and thoughtfully con-
slider whether by our votes here to-day
we shall reverse the we'll established
financial policy of the country. From
1893 to 1873 we had the free and un-
limited coinage of silver in the United
States, the two metals fluctuatlng IN
value from time to time, rarely If ever
at a parity, sometimes so varying and
UNEQUAL that the President of the United
States was compelled to suspend the
coinage of the silver dollar-a rule made
by Jefferson in 1900 and followed for
thirty years afterward. What we are
considering here to-day, and what we
have been considering almost without
intermission for the last ten days, has
been only the struggle of the century
which has VeXed the statesmen of all
periods of our history, and that struggle
has been to preserve the concurrent cir
culation of gold and silver, each on a
parity with the other. And We have
never been able to do 1t until now At
no time in the history of the United
States have gold and silver so circulated
side by side, in equal volume, as gold
and silver have circulated concurreatly
since 1873.
Nov 1 believe, Mr.. Speaker, that we
should preserve these two moneys side
by side And it is because 1 want to
preserve these equal standards of value
that I have opposed and shall oppose
concurrence in the Senate amendments.
1 do not want silver at a discount, or vice
versa, but l want both metals side by
side, equal in purchasing power and in
legal tender quality, equal in power TO
perform the functions Of money with
which to do the business and move the
commerce of the United States. To tell
me that the free and unlimited coinage
of the silver of the world, in the absence
of cooperation on the part of other COM
mercial nations, will not bring gold to
premium, is to deny all history and the
weight of all financial experience. The
very instant that you have opened our
Inints TO the silver bullion Of the world
independently of international action,
that very instant, or in a brief time at
best, you have sent gold to premium;
and when you have sent gold to pre-
MUM, then you have put it in great
measure into disuse and we are remitted
to the single standard, that of silver
alone; we have deprived ourselves OF
the active use of both metals. 1t is only
because of the safe and conservative
financial policy of the Republican party,
aided by the conservative men Of both
carties, which has more than once re-
eeived the approval of the country, that
since 1878 by our legislation we have
compelled gold and silver to work to-
gether upon an equality, both en-
ployed as safe means of exchange in the
business of our country.
Let the silver bullion of the world
come into this market from Europe and
Asia, and then, whether gold flows out
Of this country or not, it flows out Of the
channels Of business and the avenues of
trade, and we are in danger Of being
driven to the use of silver alone. 1 OPP
pose the Senate amendments because I
want the use of both silver and gold.
The gentlemen who favor the amend
ments of the Senate want silver to do
the work alone, to be the sole agent of
cur exchanges. Those of US who be-
lieve in conservative legislation want to
utilize both metals and make both re-
spond to the wants of trade. They talk
about silver being cheap money. And
gentlemen no longer conceal on that
side and on this that fha roo son that