The pioneer express. [volume] (Pembina, Dakota [N.D.]) 1883-1928, 1896-08-28
EB
FULL TEXT 0F HIS sP EECH in THE
sRNA1E IN 1871.


After Rssdins ana roaasrias TAis
4, !, Aaarssss Nor n ~ tl~ Most Nope
n less Free Coinage Advocate Can
Al Hays 90 laardihood g ClailA
I That tie Great Republican I.cad-
\ 81 red Free silver-He stood
Eishtsss ~ sarstff Asos yvAese HIS
b Party DoessNow ,
IS CARRIED extfnctss from the speech on the
Bland bill for the remonetisation OF silver
made hy Mr.. Blaine on Feb. Z, 1873, having
been extensively circulated In silver news
papers to bolster up their cause, the Plo-.
neer Press herewith prints the speech In
full, Mr.. Blaine stald |: ssss
q Mr.. President: The discussion on the
question OF accommodating silver has been
prolonged and exhaustive. / may not ex-
pect to add much to Its value, but promise
not to add much to It's length. shall en-
deavor to consider facts rather than, the
cries. to state conclusions rather than argu--
believe gold and silver coin to be the
money Of the constitutlon-indeed. the
money Of the American people anterior to
the constitution, money which the organic
pendent Of its own existence. No power
was conferred on congress to declare that
either metal should not be money. Con.
q ress has. therefore, In my Judgment. no
more power to demonetize silver than to
demonetize gold; no more power to de-
monctize either than to delhOnetize both.
In this statement I am but repeating the
weighty dictum Of the first constitutional
lawyers 81 am certainly of OPINION eaid
Mr.. Webster, that gold and silver, ut rates
fixed by. congress. constitute the legal
standard of value In this country; and that
neither congress nor the state has authority
to establish or to displace this standard
Few persons can be found, I9apprehend.
who will maintain that congress possesses
the power to demonetize9 both gold and sill
yer, or that congress could be Justified in
prohibiting the coinage of both; and yet In
logic and legal construction It would be
difficult to show where and why the power
Of congress over silver. Is greater than over
gold-greater over either than over both.
II, therefore. silver has been demonetized,
am In favor of remonetizing It. If Its
coinage has been prohibited, am In favor
of ordering 1t to be resumed. If 1t has been
restricted, am In favor of ordering it to
be enlarged.
What power, then, has congress over gold
and silver? It has the exclusive power to
coin them; the exclusive power to regulate
their value-very great, very wise, very
necessary powers. for the discreet exercise
of which critical occasion has now arisen.
However men may differ about causes and
processes, all will admit that within few
years great disturbance has taken place
In the relative values of gold and silver,
and that silver is worth less or gold Is
worth more In the money markets of the
world In 1873 than in 1873, when the further
this country. 4
To remonetisc At now as though
the cssentinl conditions had not
changed, IL yvillfully and blindly to
deceive Ourselves. II our ilemoneti-
station were the only cause for the
decline I'm the value of silver, then
remOnetixatiOn would be Its proper
and e6ectual cure. Hut other
causes, beyond our control, have
been far more potentially operative
thnn the simple fact that congress
prohibited it's further coinage. As
legislntOrs we are bound to take
cognixnnce OF these causes. The de-
mOnetixatiOn of silver In the Ger
man Empire and the consequent
Dsrtinl. or well nigh complete, sds-
pension Of coinage I'm the govern.
ments of the Latin Union, have been
the lending causes for the rapid
decline I'm the value of silver.
/ do not think that the over supply Of
silver has had. In comparison with these
of Its value, because Its over supply, with
respect to gold In these latter years, has
not been so great as was the over supply OF
gold for many years after the mines OF
California and Australia were opened; and
the over supply of god from these rich
sources did not affect the relative positions
and uses Of the two metals in any European
country.
I believe. then. IL Germany were to re-
monetize silver. and the Kingdoms and
states of the Latin union were to reopen
their minis. silver would at once resume
pean countries, when driven to full remone
tizatlon. as believe they will be in the
end. must Of necessity adopt their old ratio
of 15a of silver to OF gold, and we shall
then be compelled to adopt the same instead
of our former ratio Of 10 to /. II we fail
to do this. we shall. as before, lose our sill.
yer. which, like all things else, seeks the
highest market; and IL fifteen and one-hal1
pounds of silver will buy as much gold In
Europe as sixteen pounds will buy In Amer
tea, the silver, Of course. will 60 to Europe.
But our line Of policy In n Joint
movement with other nations to re.
monetise, 10 simple and direct. The
dtmcult problem is what we shall
do when we aim to re-establish sill
yer without the cooperation of Eu-
Fopean powers, and really ms an adj
vance movement to cOerce those
IDENTIFY the first dictate of prudence
IL to coin such q dollar as will not
only do Justice among our citizens
ut home, but will prove protection
an absolute barricade-against the
gold mOnOmetallists of Europe who,
when the opportunity Offers, will
quickly draw from us the one hun.
dred and sixty millions of gold coin
which we. now (1S7S) hold. II we
coin . silver dollar of full legal
tender. obviously below the current
of value Of the gold dollar we are
simply opening our doors and invit-
lnG Europe to take our gold. With
our gold AowinE out from MS, We
shall be forced to the single silver
standard and our relations with the