The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1896-08-08
JAMES G. BLAINES SILVER SPEECH,
Argument of the Man From Maine In Favor of a
Parity of the MetaIs--Some Dangers to Be
Avoided

tides. Gold has indeed remained with
us in considerable amount during the
circulation Of the inferior currency of
legal tender: but that was because
there were two great uses reserved by
law for gold-the collection of customs
and the payment OF interest on the
public debt. But IL the inferior sill
yer coin is also to be used for these
two reserved purposes, then gold has
no tie to bind it 10 ns. What gain,
therefore, should we make for the cir
culation medium II on opening the
gate for silver to flow in, we open still
wider gate for gold to flow out? II
were to venture upon dictum on the
silver question, | should declare that
untilEurope remonetizes silver we can
not afford to coin adollar as low as 4l24
grains. After Europe remonetizes on
the old standard, we cannot afford to
coin dollar above 400 grains. II we
coin too low dollar before general ro-
monetization our gold will leave us.
If we coin too high dollar after gen.
eral reconciliation our silver will
leave us. 1t is only an equated value
and after Observation-Disclosures that
will preserve both gold and silver for
us.
ssThe responsibility of re-establish-
ing silver in its ancient and honora-
bic place as money In Europe and
America deyolves really upon the Con-
gress of the United States. If we act
here with wisdom and firmness. weshall
not only successfully remonetize silver.
and bring it into general use as mon
ey in our own country. but the infIu-
ence Of our example will be potential
among European nations. with the
possible exception of England. In
deed. our annual Indebtedness to Eu-
rome is SO great that If we have the
right to nav il in silver. we necessari-
ly coerce those nations. by the stroag-
est of all forces. self-interest. to aid MS
in unfolding the value of silver as
money. Rut IL we attempted the re-
monetization on basis which is OBJ
viously below the fair standard of
value at it now exists, we incur all the
evil consequences of failure at home,
and the certainty Of successful oppo-
sition abroad, We are, and shall be,
the greatest producers of silver in the
world, and we have a larger stake in
its complete monetization than any
other country. The difference to the
United States, between the general
acceptance and the general destruc-
ton of silver as money in the CONNER
eial world, will possibly within the
next half-century equal the entire
bonded debt of the nation. But, to
gain the advantage, we must make it
actual money, the accepted equal of
gold in the markets of the world. Re-
monetization here, followed by gen.
eral reconciliation in Europe, Will
secure to the United States the most
stable basis for its currency that we
have ever enjoyed, and will effectually
aid in solving all the problems by
which our financial situation is sur
rounded.
"On the much yexed ouestion of a
bimetallic standard. nv own views
are sufficiently indicated in the re-
marks I have made 7 believe the
STRUGGLE now going on in this country.
and in other countries. for a single
gold standard. would If successful.
produce disaster in the end through
ont the commercial world. The des-
truction of silver as money. and the
establishment of gold as the sole unit
| of value. must have n ruinous effect
upon all forms of property except those
Investments which Weld a fixed return
in money These would he enormous-
| lv enhanced in value. and would gain
Observation-Disclosures. and therefore nm
fair advantage over every other spe.
cies of nroperty. If. as the most reli-
able statistics affirm, there are nearly
seven thousand millions of coin or
bullion in the world, not very I'M
equally divided between gold and sill
yer, it is impossible to strike silver
ont of existence as money without
results which will prove distressing to
millions, and utterly disastrous to tens
of thousands. Alexander Hamilton,
in his able and invaluable report in
1871 on the establishment of mint,
declared that 'toannul the use of eth
er gold or silver as money is to abridge
the quantity of circulating medium,
and is liable to all the objections
which arise from comparison of the
benefits of a full circulation with the
evils of scanty circulation. / take
no risk in saying that the benefits of
full circulation, and the evils Of a
scanty circulation, are both immeas-
urably greater to-day than they were
when Mr.. Hamilton uttered these
weighty words, always provided that
| the circulation is one of actual money,
and not of deprecated promises to
pay
ssIn the rer,ort from which 7 have
.lraadv ouotad Mr. Hamilton argues
at lon9+h h IN fsyor ~ donblo stand,
ard and oil tho suhsaouent aynar;ance
Of ninety wears has hrouoht ont M
clea ror iatemant of tho case or do
yolonad a moro comnlato con,nrohen-
sion ~ this subtle and dieac,,lt snh-
iact ON tho whole savs Mr. Ham
ilton DIT seams meet adv;sahla not IN
attach thu nn;t exclusively IN either
of tba metals bacause this cannot ha
done affectnallv withont destroving
tho oty,ce and character Of one Of
them as money and reducing II to the
situation of mere marchand;sa M
Hamilton wisely conclndes that this
rednction ~ either Of the metals tn
marc n,erchandisa IT again onote his
exact wordsl .would Probably he a
in the unit from the fluctuations in
the relative value Of the metals, espe-