Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-03

sugar bowls. A source of IN calculab,e
wealth 20 this entire country is de-
stroyed the moment silver is perma-
nently disused as money. II is for US
to check that tendency and bring the
continent OF Europe back to the full
recognition CT the value of the metal
as medium of exchange.
>
But | must say, Mr.. President, that
fhe specified demand for the payment
of our bonds in gold coin, and in moth
ing else, comes with i'll grace from GER
tan 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 $SO0,000,00O of bonds that have
been issued since that date Beyond
all doubt, the silver dollar was includ-
ed n the standard coins of that
pubic act. Payment at that time
would have been as acceptable and I'M
disputed in silver as in gold dollars,
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 hel& N Germany and Holland
Germany has demonetized silver. and
Holland has been forced thereby 70
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
ment on the part of the German gov
ernme1, IN our bonds, with a view. it
was understood, of holding them as
coin reserve for drawing gold from US
to aid in establishing their new sold
standard at home. Thus, by one move
the German government destroyed. so
far as lay in It's power, the then exist
ing value of silver as none. 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
direst distress. ! do not say that the
German government. IN these success
sive steps. did single thing which it
had not a perfect right to do, but | 60
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 our 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 1t 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 cOmmitta,s and avow-
ais of senator's 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 eXtYeme-with those
who believe in The single gold stand
ard or with these who by premature
and unwise action, as | must regard L.
would force US to the single silver
standard. Either viii be found IN my
Judgment. a great misfortune in our
country.
eve need bo.h god 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;ffused, the
steadiest and most continuous prosper
.ty 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.
1.-The exclusively gold nation like En-
gland may show the most massive for
tunes in the ruling classes, but it shows
also the most helpless and hopeless pow
ertv in the humber walks Of life. The
qold and silver nation like France can
exhib;t no such individual fortunes
as abound in a gold nation like Eng
land. bu, It has a peasantry whose Sill
YER savings can pay war indemnity
mat would have beggared the gold
bankers of London, and to which the
peasan,ry of England could not nave
contributed pound sterling in gold or
even a shilling in silver.