The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1896-04-18

some unlettered race unused to the
ways and doings of modern business
enterprise, The American people to-
day are possessed of the opportunity
to injure themselves in this matter
they are not possessed of the power to
either revise change or destroy laws
that owe their origin and strength, not
to written legislative sanction, but to
the unwritten DEGREES of commerce.
Those who are urging this thing may
know OF some way by which bimetal-
lie standard, one of cheap and the
other of dear metal, can be main
tanned by the United States in defiance
of the single gold standard of all other
great civilized nations,
If it is desirable to eliminate gold
from our currency the way is now
open, for so sure as to-morrow's dawn
viii bring forth the light of day. just
so sure will the free and unlimited
coinage of silver drive gold coin from
the active channels of barter and trade
within the United States.
In conclusion permit me to say
therefore, that consider the first and
great essential to the return of pros
perity to the American people the COM
plete elimination of the free silver fall
lacy and the equally emphatic and UNI
equivocal reaffirmation of our adher-
ence to the single gold standard of
value. AS part of that work, deem it
necessary that the outstanding de-
mand obligations of the government
shall be, at the earliest practicable mo-
ment, paid in gold and cancelled, and
that assurance thus be given that we
have entered upon an era of financier-
ing that is based upon correct and
sound monetary principles. AS con-
tributing to all this every note of issue
to circulate as money should be issued
by the banks, and every bank that is
sues such note should stand ready and
capable to redeem the same in gold,
upon presentation.
The government of the United States
ought not to occupy the position of be-
ing the one great source of gold supply
for this and every other nation. Dur
ing all the years prior to the civil war
the country's banks without inconven-
fence to themselves and without work.
ing disturbance to the business world,
supplied whatever gold was needed to
transact business at home and to settle
international balances abroad. No one
then considered it either the part of
duty or of wisdom for the general gov
eminent to take upon itself so great a
burden. Neither was the task placed
upon the treasury department after the
resumption Of specie payment until the
passage of the Sherman silver pur-
chasing act. 1t was only then trans
ferred when it became manifest that
policy had been entered upon through
the increasing of the demand obliga-
tions of the government payable in
gold without a corresponding increase
in the gold reserve, that made doubtful
the ability of the government to con-
tinue gold redemption.
I am confident that if the govern
ment should give sufficient proof
through a proper enactment that this
policy would be changed, there would
be at once a return to normal methods
and the banking institutions of this
country would, as they did in the years
to which l have alluded, with profit to
themselves and with benefit to the peo-
every dollar in gold which it could pos
sibly use or need If, however, 1t is
still insisted that we shall have free
coinage of silver, that there shall be no
lessening of the demand obligations of
the government, and the secretary Of
the treasury shall be denied proper
powers to properly protect the govern
ments credit, cannot see how it can
be expected that there can be other
than a hesitancy upon the part of eth
err banks or individuals to lessen re-
sources which a governmental policy
makes necessity for purposes of their
own self-preservation.
I trust that, in the contest that is
now being waged between the forces of
free silver and fiatism on the one side,
and those who take their belief in mon
etary affairs from that which the
world of business and of commerce
holds to be controlling principles, the
outcome may be definite and the settle
ment conclusive. There Is now no
room for compromise or means of
avoiding a definite issue. To-day the
American business world stands eager
and expectant, prepared, if doubt and
indecision comes to an end, to set at
work forces which will make this coun-
try again the home of a new and great
err prosperity. It's resources are ample,
the energy of its people unbounded, it's
opportunities would be world wide. 1t
only needs such financial and moneta-
ry laws and policies as will again in
spire the worlds confidence and again
draw to it the worlds idle capital.