Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-07-27

wealth. to this entire country is de-
strOyed the moment silver is perma
nently disused as money. 1t Is for us
to check that tendency and bring the
continent of Europe back TO the full
recognition OF the value of the metal
as medium Of exchange.
But l must say, Mr. President, that
ehe specified demand for the payment
Of our bonds in gold coin, and in moth
ing else, comes with i'll grace from GER
tain quarters. European criticism is
leveled against us, and hard names are
hurled at us across the ocean, for SIM
ply daring to state that the letter of our
law declares the bonds to be payable in
standard coin of July IA, 1870 explicit
ly declared so, and declared so in the
interest of the public creditor, and the
declaration inserted in the very body
Of the $S00,000.000 of bonds that have
been issued since that date Beyond
all doubt, the silver dollar was incluG-
ed in the standard coins of that
public act. Payment at that time
would have been as acceptable and I'M
for both were equally valuable in the
European as well as in the American
market. Seven-eighths OF all our
bonds owned outside Of the country
are held in Germany and Holland.
Germany has demOnetized silver, and
Holland has been forced thereby to
suspend its coinage, since the subjects
of both powers purchased our secur-
tiles. The German empire, the very
year after we made our specific declar-
alton for paying our bonds in coin,
passed a law destroying, so far as lay
in its power, the value of silver as mon
ey | do not say that it was specially
aimed at this country, but it was pass
ed regardless of its effect upon US, and
was followed, according to public and
undenied statement, by large invest
melt on the part Of the German gov
eminent, IN cur bonds, with view, it
was understood, Of holding them as
coin reserve for drawing gold from us
TO aid in establishing their new gold
standard at home. Thus, by one move
the German government destroyed, so
far as lay in its power, the then exist
ing value Of silver as money, enhanced
consequently. The value of gold, and
then got in position to draw gold from
US at the moment Of their need, which
would also be the moment of our own
dires. distress. l do not say that the
German government, IN these success
sive steps, did single thing which it
had not perfect right to do, but l do
say that the subjects of that empire
have no reason to complain Of our gov
eminent for the initial step which has
impaired the value Of cur standard
coins. The German government, by
joining with us in the reconciliation
of silver, can place that standard coin
in its old position, and make it as easy
for this government to pay and as
profitable for their subjects to receive
the metal as the other.
81 DO not fail, Mr.. President, TO rec
Ognize that the cOmmittals and avow-
ais of senators on this question pre-
clude the hope of.my substitute being
adopted I do not indeed fail to recog-
nize that on this question l am not in
line with either extreme-with those
who believe in the single gold stand
ard or with those who by premature
and unwise action, as | must regard it,
would force US to the single silver
eiandard Either will be found, in my
judgment, a great misfortune in our
country.
I've need both gold and silver, and
we can have both only by making each
the equal Of the other. 1t would not
be difficult to show that, in the ma
tons where both have been fully rec
ognized and most widely d:fused, the
steadiest and most continuous prosper
ity has been enjoyed-that true form Of
prosperity which reaches all classes,
but which begins with the day-laborer
whose toll lays the foundation of the
whole superstructure of wealth.
THE exclusively gold nation like En-
gland may show the most massive for
tunes in the ruling classes, but il shows
also the most helpless and hopeless pow
erty in the humber walks OF life, The
gold and silver nation like France can
exhibit no such individual fortunes
as abound in a gold nation like Eng
land, but it has peasantry whose sill
yer savings can pay war indemnity
that would have beggared the gold
bankers of London, and to which the
peasancry of England could not have
contributed a pound sterling in gold or
even a shilling in silver.
FINANCE AND TRADE.