The times. [volume] (Richmond, Va.) 1890-1903, 1896-07-31
SENATOR BENZ. II. HILL.
MS TESTIMONY 1878 FOR An NON
ESTSTdNDdRD ron MONEY!.
The Prophetic Vision OF the Great States
man-How to Restore Confidence
and Stop Bankruptcies.


min IL. HuI. o. Georgia. delivered y
speech against the bill. on February ST..
rs. from wnich the following extracts
a-e taken:
| What / wish 10 say is that there has
always been that condition Of companion
shin between the two metals. Never III
any history Ct the world. in any country,
| Pagan or Christian, despOtic or Kepubli-
! can. either while revolution was raging
or subsiding. while island were rising or
| sinking. while empires were prospering
or crumbllng did silver and gold ever keep
company with each ether except upon the
| inncxible rule OF equality in value. The
moment the one metal becomes depreci-
ated the other metal flies away
and the moment n deprecated paper
currency comes In sight both metals
/ hurry to their hidden places. The
American Congress has done what the
/ gentleman seems TO think so absurd. IL
/ has actually made a money OF paper and
given that money legal tender which
has practically for fifteen years demoni-
| uzei both gold and silver. But. SIR; c-iey
had reason for that, and l think no
point ON II.
believe that II the bin shall pass
unamendcd It will enrich a few individual
uas. il Will give 10 relief to the fran-
oial embarrassments cf the country: 70
will confuse values, prolong the present
| painful uncertainties OF bushes. Increase
! the want Of confidence which is contract
ing the circulation Of money, will necess-
tate early additional legislation. and viii
finally take its place in history as the
| pickpocket bill OF American legislation.
l object to the unlimited tender power
which it is intended by this bill TO give
/ TO the silver dollar
I'VE all agree upon the propos ton that
| 4l2 - grains OF silver which formerly
made a dollar In silver now CS,N only
! makes ninety or ninety-two cents. NOW
1896. nftv-three cents. There IL no DIS
| pute here as to that proposition; 4l2 l-2
| grains Of silver are worth ninety iCenfs.
| Why DO YOU propose 70 coin II ana call
| It a dollar? l am going 10 treat my
! friends fairly because / know they ais
patriotic and honest.
I do not believe that the reconciliation
OF silver by the passage Of this bill Will
| mako uinety-two cents of silver worth
dollar | state your arguments fairly. You
shy that the decentralization of silver IS
the cause Of the depreci alton OF that
money, and this singular log has gone
all over the country. You can find II IN
a thousand newspapers to-day. Every
time that VIC say that AZ 1-2 grains az
silver are not worth dollar. We are mot
with Ue reply. that s because the
government Of the United States demon
etized 81: the United states has disowned
IFS money. and therefore, II has deprecated
I'm value. Even the venerable Senator
from Ohio uses that argument and uses
IL with great deal Of earnestness Now
gentlemen II your promises be true N Il
L..
silver or its being stricken from the coin
age Of the United States IS the cause of
lis present Depreciation then vour con-
clusion * correct. and IFS restoration g.
the coinage and reconciliation would IN
crease its value and carry IL back BE-
cause IT you remove the cause Won remove
the effect But in order 10 remove the
effect. you must remove ali the cause trat
produced il.
Is there any necessity FOR rs TO deceive
ourselves upon this subject? think
none in the world. in the first place 10
seems to me illogical 10 say that the act
Ct 1913, was the cause Of the depreciation
IN silver as money. because silver 81
that time was not money. IL was not IN
circulation. This Act Of 1873 did not de-
siroy silver Is a circulating medium I'm
TINS country Deprecated paper did that
work
Ihen, why do you say that the act OF
1916 produced 4 depreciation in silver as
money when silver was not in fact money!
How long after its passage before that
act ought 10 have had such an effect2
But, senators, was the United States the
only country That demonetzed sllver2 /
have collated tile facts on this subject
and ] invite the attention of the Senate
10 them The United States struck the
eff doll
know, In 1873. We have heard a great
deal to the effect thai Germany has also
adopted the single gold standard in 1873.
That is true. Then. further Denmark.
Norway. and Sweden demonctized silver
ir 1923. beginning the work I'm ls72 and
completing IL In 1913. Holland commenced
the decentralization OF silver I'm 1872 and
completed it's work I'm 1870 SO here are
five countries besides the United States.
which, between 1872 and 1875. dcmOuctizcl
silver. That IS not an. France, Belgium,
Switzerland. Italy. and Greece, embracing
the Latin Monetary Union. restricted the
coinage of silver, and, finally suspended
that coin IN 1874. They did not destroy
the iesal-tender power Of silver already
ccincd. They did not establish nominal
ly a single gold standard. bat they stop
ped the coinage Of silver. just as our
Act Of 1873 did Hero. then. are ten na-
lions besides the United states great COM
mercial nations embracing the greatest
commercial nations of the earth that de-
monetiZed silver after the same time that
the United States demonetzed 4.
would give silver leeal-tender power
for all payments in any one payment, not
exceeding one hundred dollars. or. even.
more for a compromise. 1 am willing 20
do that. and l believe the country Wotrd
accept IL and would be gratihcd bv 10.
/ believe il would preserve the value cf
the silver dollar without increasing its
weight. ] do nor insist upon one hundred
dollars as a limit. | Will be reasonable
on that point. II Is TIE principle l IN
after / believe at last Won have got 10
come 10 that. I believe that is going TO
he the result Of all this confusion IN the
world about the single and double stan
dard 1t Is not natural: IL never was in
tended by nature sat silver should have
the same extent Of circulation that gold
has Who would think OF coming TWEEN
ty-dollar silver piece? No one any more
than YOU would think Of coming dol
lar copper piece. We will build our fnan-
cial temple thus: We will have copper
and nickle for the mudsils: let US, then,
make silver the basement and Yet us
make its superstructure of gold. Give
each its place Give the copper and the
nickel their place in circulation. siver
its place in circulation; go-, Its place;
and above gold. let there be drafts,
~