Washington standard. [volume] (Olympia, Wash. Territory) 1860-1921, 1896-05-29

Of existence as money without
results which will prove distressing
to millions, and utterly disastrous
to tens of thousands"
Alexander Hamilton, in his able
aud invaluable report in 1871, on
the establishment of a mint de.
clared that to annul the use Of
gold and silver as money is to
abridge the circulating medium,
and is liable to the objections which
arise from comparison OF the
benefits of full circulation with
the evils of scanty circulation"
l take no risk in saying that the
benefits of full circulation are
both immeasurably greater to-day
than thew were when Mr.. Hamilton
uttered these weighty words.
"'On the whole says Mr.. Hamil-
ton, 1T seems most advisable not to
attach the unit exclusively to either
of the metals, because this cannot
be done effectually without des-
troying the office and character of
one of them as money, and reduc-
ing to the situation of mere mer-
chandise.'
Mr.. Hamilton wisely concludes
that this reduction of either of the
metals to mere merchandise q again
quote his exact words) would pro-
badly be greater evil than &C.
casional variations in the unit from
the fluctuations in the relative
value of the metals, especially if
care be taken to regulate the pro.
portion between them, with an eye
to their average commercial value
81 do not think that this country,
holding so vast a proportion of the
worlds supply Of silver in its
mountains can afford to reduce the
metal to the situation of mere
merchandise
"1f silver ceases to be used as
money in Europe and America, the
mines of the Pacific slope will be
closed and dead. Mining enter.
prises of the gigantic scale existing
in this country cannot be carried
on to provide backs for mirrors
and to manufacture cream pitchers
and sugar bowls.
"A source of incalculable wealth
to this entire country is destroyed
the moment silver is permanently
discussed as money.
1T is for us to chech that tendency
and bring the continent of Europe
back to the full recognition of the
value of the metal as a medium OF
exchange.
"But l must say, Mr.. President,
that the specific demand for the
payment of our bonds in gold coin,
and nothing else, comes with an
i'll grace from certain quarters.
European criticism is levelled
against US, and hard names are
hurled at us across the ocean for
simple daring to state that the
letter of our law declares the bonds
to be payable in standard coin of
July IA, 1870; explicitly declared
SO, and declared so in the interest
Of the public creditor, and the
declaration inserted in the very
body of the eight hundred millions
of bonds that have been issued
since that date.
Beyond all doubt, the silver
dollars was included in the stand
ard coins of that public act. Pay
ments at that time would have been
as acceptable and is as undesputed
in silver as in gold dollars, for both
were equally valuable in the
European as we'll as in the Ameri.
can market.
"Seven.eights of all our bonds
owned out of the country are held
in Germany and Holland. Germany
has demonetized silver, and Holland
has been forced to suspend its
coinage, since the subjects of both
powers purchased our securities.
1.-THE German empire the year
after we made our specific declara.
ton for paying our bonds in coin,
passed law destroying, so far as
lay in its power, the value of silver
as money.
II do not say that it was
specifically aimed at this country,
(the Rothschilds do not aim at the
wind) but it was passed regardless
of its effect upon, and was followed,
according to public and undenied
statements by legal investment on
the part of the German govern
ment in our bonds, with a view, it
was understood, of holding them
as a coin reserve for drawing gold
from us to aid in establishing their
new gold standard at home.