Sequachee Valley news. (Sequachee [Sequatchie], Tenn.) 1896-1952, 1896-08-27
MIR. BLAINE ON SILVER.
Published by request.

l.,
delivered a speech in the U. S. Sen i
ate on bill then pending to author
ize the free coinage Of the standard
silver dollar and make 1t legal ten
der.
We regret that the speech is so
long we cannot publish it in full.
Here are some extracts, however,
which make interesting reading:
81 believe gold and silver coin to
be the money of the Constitution
indeed, the money of the AmeriC an
people anterior TO the Constitution,
money which the organic law of the
republic recognized as mdependant /
OF It's own existence. No power was
conferred on Congress to declare that
either metal should not be money, !
Congress has, therefore, in my mind
no more power to demonetize gold;
ne more power to demonetize either
than to denonetise both. In this
statement / am but repeating the
weighty dictum of the first of con-
stltutional lawyers. 4 am certainly
of the opinion, said Mr.. Webster,
that gold and silver at fixed rates by
Congress, constitute the legal stand
ard of value in the country, and that
neither Congress nor any State has
authority to establish any other
standard or to depose this standard.
"Few persons can be found, | ap-
prehend, who will maintain that Con-
gress possess the power to demone-
tie both gold and silver, or that
Congress could be justified in PRO
hibiting the coinage of both; and yet
in logic and legal construction it
would be difficult to show where
and why the power Of Congress is
greater than over ,gold-greater over
either than over pth. If, however
silver has been demonetized, / am in
favor of remonetizing it. Iflts coin
age has been prohibited, am in fav-
or of ordering it 20 be resumed. II
it has been restricted, | am in favor
of ordering it to be enlarged.
"The responsibility Of re-estab-
fishing in It's ancient and honorable
place as money in Europe and Amer
lea devolves really upon the Congress
Of the United States If we act here
with wisdom and frmness, we shal
not only successfully remonetlze sll
yer, and bring it into general use a
money in our own country, but TIN
influence of our example will be po
tential among European nations. In
deed. our annual Indictment to Eu
zoe is so great that if we have tn
right to pay it in silver, we necessari
ly cOerce those nations by the strong
est of all forces, self-interest, to all
us in upholding the value Of silver i
money. But if we attempt the re
monetization on basis which is ob
yiously below the fair standard Q
value as it now exists, we incur al
the evil consequences of failure
home, and the certainty OF successful
opposition abroad. We are, an
shall be, the greatest producers
silver in the world and we have
larger stake in its complete monetiz'
ton than any other country. Th
difference to the United States, b.
tween the general acceptance an
the general destruction OF silver
money in the commercial world, wi
possibly within the next half centuI
equal the entire bonded debt OF tt
nation. But, to gain the advantag
we must make it actual money, Il
accepted equal of gold in the rnarke
of tho world. Reconciliation her
followed by general remonetizati'
IN Europe. will sscure to the Unit