The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1896-08-12
Jas. G. BIaines Silver
Speech.
Argument of the Man From
Malue IN Favor of the Con.
stitution's Money.

Blaine, the greatest statesman the Re
publican party ever mad within its
ranks. To some there is no such coa-
vincing argument as the words of
mao who is admired and, with the hope
Of winning few to the great caaJe
Of free silver, We publish extracts from
Mr.. B!aiae's speech, made 10 the Seq
ate, Feb. 71th, 1878. when the grea;
debate fo7 the recoinase Of silver Wae
90.
"M7. PeeSiaect-The discussion oa
the question Of reu.ooi;iz;ug silver has
been prolonged aod exhaustive may
no: expect to add much to its value,
but I promise not 10 add much to It's
length. | shall endeavor 70 consider
facts rather than theories, to state coz
illusions rather than arguments.
"i believe GOLD aud silver coin to be
the money of the consttutiop-lodced.
the money OF the American people
anterior to the constitution, money
which the organic law Of the recublic
recognized as independent OF its Own
existence. No power was conferred ou
congress 70 declare that either metal
should Dot be mouey Congress has.
therefore, 10 my judgment, 10 more
power to denooetize silver than to de-
nonetizs gold no more power to de-
mouetizs either than to demoaetize
both. 10 this statement am bus re-
peasiug the weighty dictum of the first
Of constitutional lawyers, I am GER
tainly of the opinion, said Mr.. Web
ster, that gold aud silver. at fixed rates
by congress, constitute the legal stan
dard of value in this country, and that
neither congress nor any state has au
thority to establish any other standard
or to displace this standard. Few per-
sons can be found, I appreheud. who
will maintain that congress possesses
the power to demonetize both gold aud
silver. or that congress could be justi-
fed in prohibiting the coinage of both
and yet 10 logic aud legal construction
it would be difficult 70 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 remone,iziug it. If its coin-
age has been prohibited. I am in favor
Of ordering it to be resumed. If it has
been restricted, | am in favor Of order
Jog it to be enlarged.
On the much. vezed question Of
bimetalic standard, my own views are
sufficiently indicated ir the remarks I
have made. believe the struggle
now going Oh in this country, and 10
other countries. foT single gold
standard, would, if successful, produce
disaster in the end throughout the CON-
mercial world The destruction of sill
yer as money aud the establishment of
GOLD as The sole unit Of value, must
have ruiuous effect upcn all forms Of
property, except these in7es meats
which yield fixed return in money.
These would be enormously enchanced
in value, aud would gsio dispro2or-
tionate, and therefore unfair, Advantage
ever other species Of property. If, as
the most reliable statistics affirm, there
are nearly seven thousand millions Of
coin or balliou 10 the world, not very
uoequally divided between gold and
silver, it is impossible to strike OCT OF
existence as money without results
which will prove distressing to millions.
and utterly disastrous to teus of thcu-
sands. Alexander Hamilton. 10 his
able and invaluable report in 1871 on
the establishment of a mint, declared
that to annul the use of either gold OF sill.
veras money is to a bridge the quantity Of
circulating medium, and is liable to all
the objections which arise from a CON-
parison Of the benefits Of full circula
ton with the evils of scanty circula-
ton I take 90 risk in saying that the
beIe6ts of full circulation, ,and the evils
of scanty circulation. are both immeas
urably greater to-day than they we're
when Mr. Hamilton uttered these
weigbty words, always provided that
the circulation is one of actual money,
and not of deprecated promises TO
pay
"In the report from which | have
already quoted, Mr.. Hamilton argues at
length in favor Of a double standard,
and all 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. "it seems
most advisable not to attach the unit
exclusively to either Of the metals, be-
cause this cannot be done cffectually
without destroying the Office and char
acter Of them as money, and reducing