Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1896-08-13
JAMES G. BLAINE'S SILVER SPEECH.
Argument Of the Man From Name IN Favor or a
PARITY of the Metals - Some Dangers to Be
Avoided.

of silver bullion, and which defrauds the
man who is forced to take the dollar.
Il assuredly follows that if We give free
coinage to this dollar of inferior value
and put il in circulation, we do so al
the expense Of our better coinage in
gold and unless we expect the lnyaria-
BILE experience of other nations TO BE- in
some mysterious way suspended Tor our
peculiar benefit, we inevitably lose our
gold coin. Il will flow out from Us with
the certainty and force of the tides. Gold
has indeed remained with Us III con-
siderable amount during the circulation
of the inferior currency Of the legal ten-
der: but that was because there were
two great uses reserved by law Tor gold
the COLLECTION of customs and the pay
ment of interest on the pubic u5D'.
But if the inferior silver coin IS also 70
be used for these Two reserved purposes
then gold has no tie TO bind ii TO us.
What gain. therefore, should we make
for the circulation medium, il on open
ing the gate Of silver to flow in. we open
a still wider gate for gold TO How cut!
If | were TO venture upon dlctum on
the silver question, | should declare that
until Europe remonetiZes silver we can
not afford to coin dollar as low as AKA
grains. After Europe remoneuzes Oh
the old standard. we cannot afford to
coin a dollar above 400 grains. II we
coin too low a dollar before general re-
monetization our gold will leave US II
we coin too high a dollar after general
reconciliation our silver will leave us
Ii is only an equated value before and
alter general reconciliation that VIII
preserve both gold and silver fer US.
"The responsibility of re-estabiishirg
silver in its ancient and honorable place
as money in Europe and America de-
wolves really upon the Congress Of the
United States. If we act here with
wisdom and frmness, we shall not only
successfully remoneuze silver, and bring
il into general use as money in our own
country. but the influence OF our eX-
ample will be potential among European
nations. with the possible exception 0.
England. Indeed. our annual indebt-
ment to Europe is 50 great that, if we
have the right to pay it in silver, we
necessarily coerce those nations. by the
strongest Of all forces. self-inJerest, TO
aid us in UNFOLDING the value OF silver
as money. But if we attempted the re-
moneuza..on on a basis which is obyi-
ously below the fair standard OF value
as It now exists. We incur all the evil
consequences of failure at home, and the
certainty Of successful opposition abroad.
We are. and snail be- the greatest pro-
ducers of silver in the world, and we
have a larger stake in its complete mon
e,ization than any other country. The
difference to the United States, between
the general acceptance and the general
destruction of silverasmoneyi in the COM
mercial world, will possibly within the
next half-century equal the entire bond
ed debt of the nation. But to gain the
advantage, we must make il actual mon
ey, the accepted equal G. gold in the
markets Of the world. RECOMMENDATION
here, followed by a general remonetiza-
ton in Europe, will secure 10 the Unit
States the most stable basis for lis cur
rency that we have ever enjoyed, and
VII effecually aid in solving all thu
problems by which cur financial situa-
ton is surrounded.
ION the much yexed question of a BIZ
metallic standard, my own views are
sufficiently indicated in Inc remarks
have made. ! believe the struggle now
going on in this Country and in other
countries, for a single gold standard.
would, if successful, produce disaster in
the end throughout the commercial
world. The destruction OF silver as
money, and the establishment Of gold
as the sole unit of value must have a
ruinOus effect upon all forms Of proper
~ except those investments which yield
a fixed return in money. These would
be enormously enhanced in value. and
would gain a disproportionate, and
therefore unfair. advantage over every
other species of property. If. as the
most reliable statistics affirm, there are
nearly seven thousand millions of coin
or bullion in the world, not very un-
equally divided between gold and silver.
1t is impossible to strike silver out Of
eyctppco q rnopov until o,,t -oe,,1t- ,,.t, fot,
will prove distressing to millions. and
utterly disastrous TO tens of thousands.
Alexander Hamilton, in his able and in
valuable report in 1871 on the estab-
lishment Of q mint. declared that 80 an
nul the use of either gold or silver as
money Is 10 abridge the quantity of cir
culating medium. and is liable 10 all the
objections which arise from q cOmpar-
isOn Of the benefits of q full circulation
with the evils Of a scanty circulation. >
l take no risk In saying that the ben
efits of a full circulation, and the evils
Of scanty circulation. are both i'm
measnrably greater to-day than they
were when Mr. Hamilton uttered these
weighty words, always provided that
the circulation is one Of actual money.
and not of deprecated promises TO pay
In the report from which / have al
ready quoted. Mr.. Hamilton argues at
length in FAVOR of a double standard
and all the subsequent experience of
ninety years has brought out no clearer
statement Of the case. or deyeloped q
more complete comprehension Of this
subtle and difficult subject. ON The
whole says Mr. Hamilton. 1T seem.
most advisable not to attach the unit
exclusively to either Of the metals he