Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-13

for the speech reported to have been
made by the late James G. Blaine in ia
vor of silver, and the Register is en-
abled to place before its readers the ex-
act words of the great Republican
leader The speech was made February
Z. 1873, in the Senate during the debate
on the BIZ for the recOnage OF the ST.
yer dollar and to fix its standard value.
The speech in full is as follows;
Mr.. President-The discussion on
the question of remOnetizing silver has
been prolonged and exhaustive. | may
not expect to add much to It's value, but
promise not TO add much 20 its length.
I shall endeavor to consider facts rath-
er than theories, TO state conclusions
rather than arguments.
81 believe gold and silver coin to be
the money of the cons,iJution-indeed,
the money of the American people an
terror to the constitution, money which
the organic law of the republic recog-
nized as independent of its own exis-
tence. No power was conferred on
Congress to declare that either metal
should not be money. Congress has,
therefore, in my judgment, no more
power to demonetize silver than to de-
monet.ze gold; no more power to de-
monetize either than to demonetize
both. In this statement l am but re-
peating the wa!ghty dic,um Of the first
constitutional lawyers. I am certain
ly of opinion said Mr.. Webster that
gold and silver, at fixed rates by Con-
gress. constitutes the legal standard Of
value in this country, and that neither
Congress nor any State has authority
to establish any other standard or to
displace this standard Few persons
can be found, l apprehend, who will
maintain that Congress possesses the
power to demonetize both gold and sill
yer, or that Congress could be justified
in prohibiting the coinage of both; and
yet in logic and legal construction it
would be difficult to show where and
why the power of Congress over silver
is greater than over gold-greater over
either than over both. If. therefore,
silver has been demonetized l am in
favor of remonetizing it. If its coinage
has been prohibited, I am in favor Of
ordering it to be resumed. If it has
been restricted, l am in favor of order
ing it to be enlarged.
What power, then has Congress over
gold and silver? 1t has the exclusive
power to coin them; the exclusive pow
err to regulate their value-yery great,
very wise, very necessary powers, for
the discreet exercise of which a critical
occasion has now arisen. However men
may differ about causes and processes,
all will admit that within few years a
great disturbance has taken place in
the relative values OF gold and silver,
and that silver is worth less or gold is
worth more in the money markets OF
the world in 1873 than in 1873, when the
further coinage of silver dollars was
prohibited in this country To remon-
etize it now as though essential conG:-
tiCns had not changed, is willfully and
bl,ndly TO deceive ourselves. If our de-
m0netizaci0n were the only cause for
the decline in the value Of silver, then
reconciliation would be its proper and
effectual cure. But other causes, be-
yond our control have been far more
potentially operative than the simple
fact that Congress prohibited its furth-
er coinage. As legislators We are bound
TO take cOgnizance of these causes. The
demonstration of silver in the German
empire and the consequent partial, or
well-nigh complete, suspension OF coin
age in the governments of the Latin
union. have been the leading causes for
the rapid decline in the value OF silver.
| do not think the Oversupply Of silver
has had. IN comparison with these other
causes. an appreciate influence in the
decline of its value, because its over
supply with respect to gold in these
later years has not been so great as was
the oversupply years after the mines
of California and Australia were open
ed: and the oversuppiy Of gold from
those rich sources did not affect the
relative positions and uses CT the two
metals in any European country.
Il believe then if Germany were to
remonetiZe silver andothe kingdoms and
States Of the Latin union were to reopen
their minis. silver would at once re-
sumo its former relation with gold. The
European countries, when driven TO full
remonjtization. as believe they will be
in the end. must Of necessity adopt their
old ratio of 1919 of silver 10 one or gold,
and we shall be compelled TO adopt the
same instead of our former ratio or 10
to l. II we fail to do this we shall, as
before lose our silver, which like all
things else seeks the highest market;
and if 15h pounds Of silver will buy as
much gold in Europe as 16 pounds will
buy in America, the silver, of course,
will 20 to Europe. But our line OF
policy in a joint movement with other
nations to remonetize is simple and d.
rect. Tho difficult problem is what we
shall do when we aim TO re-establish
silver without the cooperation Of Euro
mean powers, and really an advance
movement TO coerce those powers into
the same policy. Evidently the first die
tate of prudence is 10 coin such dollar
as will not only do justice among our
citizens at home. but will prove a pro-
| tection-an almost barr,c2de-a against
the gold monOmelaliis-s Jt Europe, VINO,
whenever the opportunity CTers, viii
quickly draw from us the $3.50 100000 or
! gold coin we now hold. Ii we coin
/ silver dollar of full legal tender. obyl-
ouslv below the current value Of the gold
dollar. we are simply opening our doors
and inviting Europe TO take our gold.
! u-i.l nnr enld nnMing ON from Us we