Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-03
IlTES G. BLAINE'S SILVER SPEECH.
Argument Of the Man From Maine in Favor of a
Parity of the Metals = Some Dangers to Be
Avoided.

of silver bullion. and which defrauds the
man who is forced to take the dollar.
Ii assuredIy follows that if we give free
coinage 20 this dollar of inferior value
and put it in circulation, we DO so at
the expense of our better coinage IN
gold: and unless we expect the invaria-
bic experience of other nations 10 be IN
some mysterious way suspended 1or our
peculiar benefit, we inevitably lose our
gold coin. Il will flow out from us with
the certainty and force of the tides. Gold
has indeed remained with us in con-
siderable amount during the circulation
of the inferior currency Of the legal ten
der. but that was because there were
two great uses reserved by law for gold
the COLLECTION of customs and the pay
ment of interest on the public DEBT.
BUT if the inferior silver coin is also TO
be used for these two reserved purposes,
then gold has no tie 20 bind ii TO us.
What gain. therefore, should we make
Ger the circulation medium, if on open
ing the gate of silver 10 flow in, we open
still wider gate for gold TO flow out!
If were to venture upon a dictum on
until Europe remonetzes silver we can
not afford 10 coin dollar as low as 4l24
grains. After Europe remOnetizes on
the Old standard, we cannot afford TO
coin a dollar above 400 grains. If we
coin TOO low a dollar before general re-
monetizaJiOn our gold will leave us. Ii
We coin too high a dollar after general
reconciliation cur silver will leave US.
Ii is only an eQuated value before and
after general reconciliation that will
preserve both sold and silver for us.
"The responsibility of re-establishing
silver in its ancient and honorable place
as money in Europe and America de,
wolves really upon the Congress of the
United States. If we act here with
wisdom and Grmness. we shall not only
successfully remoneuze silver and bring
it into general use as money in our own
country. but the .nnusnce Of our ex-
ample will be potential among European
nations. with the possible exception OF
England. Indeed. our annual indebt-
ment 10 Europe is 50 great that, if we
have the right 10 pay 1t in silver we
uecszaruy coerce those nations, by the
strongest Of all forces. self-interest, to
aid us in UNFOLDING the value of silver
as money But if we attempted the re-
monedzauc2 on a basis which is Obvi-
cus,y below the fair standard OF value
as it now exists, We incur all the evil
. consequences Of failure at home, and the
c.~tainty Of successful opposition abroad.
We sre. and shall be. the greatest pro-
ducers of silver in the world and we
have a larger stake in its complete mon
e.zeaon than any other country. The
difference to the United States, between
lie general acceptance and the general
Cesrucio nof silyeras money in the COM
merc.al world. viii possibly within the
next half-cenu7y equal the entire bond
"a debt Of The nation But, TO gain the
advantage. we must make il acJualmon-
~. the accepted equal Of gold in the
markets Of the world. RECOMMENDATION
t--e. followed by a general remOneiza-
ton in Europe, viii secure to the United
States the mos, stable basis for its cur
yeDcy that we have ever enjoyed. and
VII effecually aid in solving all tina
problems by which our financial Situa-
. ton is surrounded.
"On the much yexed question of BIZ
metallic standard. my own views arr
sufficiently indicated in The remarks
nave made. l believe the struggle now
going on in this country, and in other
I countries, for a single gold standard.
4 would, L successful. produce disaster in
! the end throughout the commercial
world. The destruction of silver as
money, and the establishment Of gold
as the sole unit of value must have
ru.noUs effect upon all forms Of proper
IS except those investments which yield
fixed return in money. These would
he enormously enhanced in value. and
would gain diSproportionate, and
therefore unfair. advantage over every
ether species of property. II. as the
most reliabla statistics affirm. there are
nearly seven thousand millions of coin
CT bullion in the world. not very I'M
equally divided between gold and silver.
IL is impossible to strike silver out 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 in
valuable report in 1871 on the estab-
b lShment Of a mint declared that TO an
null The use OF either gold or silver as
money is 10 abridge the quantity of cir
culating medium, and is liable to all the
objections which arise from a compar-
isOn of the benefits of a full circulation
with the evils Of scan,y circulation. >
take no risk in saying that the ben
efts Of a full circulation, and the evils
of a scanty circulation, are both i'm
measurably 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
In the report from which I have al
ready quoted, Mr.. Hamilton argues at
length in favor Of double standard
and al the subsequent experience OF
ninety years has brought out no clearer
. statement of the case. or developed
more complete comprehension of this
subtle and difficult subject. on the
whole. says Mr.. Hamilton. 1T seems
most advisable not 10 attach the unit
exclusively to either of the metals, be-
cause this cannot be done effecjually