Year: 1877


by good authority. They may be accurate; they may
be inaccurate. This is certain from umc immemor
al the East has been famous Tor It's valuable produce
and manufactures for Its silks cotton, wool and
chtntzes; Tor its teas and cofees; Tor its shawis
and carpets tor It's indigo, porcelain and precious aro-
matcs It's rich dyes aud rare uxures and mas
always been great consumption OF these articles In
Europe and the West On the other hand the East has
wanted comparatively but few OF the commodities OF
Europe and the West for her people are very indus
trous and economical very frugal and thrifty. As
consequence the exports oil merchandise from the East
have always greatly exceeded its imports OF merchan.
disc, and the difference has been taken chiefly In sill
SO It is to-day, and 1t Will long continue to bo.
There was recently check In the Eastern demand for
silver II but temporary, and II again moving
In full volume AS the rivers run into the sea aud
ye nS me- sea rns Is not u so wn sss .va
OF the testimony to the capacity of the East
for receiving it, The director OF the Mint ut Calcutta,
answering question TO this point, replied that its
capacity "remaired grea" " ana that u many parts OF
India especially In the distant and moro isolated Nrts,
transactions yet carried on by barter. Another
witness, large landowner and resident OF India, said
at appears from historical periods she mas always
gone on absorbing silver and there present
no cessation 10 this absorption But have not
time to quote testimony. There is an abundance orh
leading to the conclusion that there can be no pera
nent glut OF silver and that century az tho very
least must eapse before the world be overst0cKed
with It. have now noticed the three leading objec-
uons 10 silver. l. Excessive production There Is no
excessive production. Tho production OF gold through
the world Is greater than that OF silver: also,
of gold in Europe and the West is more than twice as
large as their stock OF silver . Recent demonctzi-
ton OF silver in Europe. This Is confined to Germany
and tho Scandinavian nations Norway, Sweden and
Denmark. Tho last three are unimporanL All OF
them are not equal IN commercial Importance to the
States viii ncutralizo the effects OF dcmoneIz
ton by Germany. A decreased demand for 1t
In ASIA rhe demand Is fully restored, aud may DO
II is said, we must not remonetze just now. because
would be flooded with SILVER How, let me ask,
and from what quarterY The yearly demand Of the
East tho amount used yearly for watches, plates,
knives and forks. and IN many OF tho arts, and tho
existing stock by abrasion loss will together about
take up the present yearly production. So that We
would be flooded, It must come from nations,
having It and wanting TO get rid ot
it. What nations want to sell IL? Not
nations with the silver standard; nations do not sell
their standard OF value merchandise. Not nations
having the gold sardard; thoy don't keep silvcr for
SALE know OF no quarter from which this flood could
como but Germany, the only nation selling silver.
mllions the latest statements put the amount at one
hundred ana nifty millions. England is buying It for
India. Let us be thankful II we can get some OF II
whilc 1t is deprecated We shall have abundant use
for It. We hear 1t said by that the gold standard
IS the BEST by others that tho silver standard is the
bcst, and by othcrs that standard composed Of
both metals is tho best. should iiko 10 say
different standards, but ! have not time. II
the equality OF the two metals is preserved, it seems
to mo that The particular standard nation NAV see it
choose is not matter OF the greatest Importance.
prefer old historical. standard. | prefer IL
because It Is OLD and historical prefer II because we
have within our own domain abundance OF both
metals. prefer 1t because 1t has boon faithful In tho
past aud, believe, would serve us we'll in the future.


prefer IT because OF our splendid geographical posi-
ton, midway between gold using Europe and silver
using Asia preier 1t because the great majority OF
our people prefer ana because in our present unu
sua condition OF Indebtedness and suspension, we
have great need of it.


ATTACK SILVER


But the question now before US not SO much what
standard VIC shall choose as whether one OF the met
ais shall be thrown away. Some say gold for uaim.
tied tender aud silver for subsidiary coinage and small
change, and they suppose that such an arrangement
would fully utilize and save silver. This Is great
mistake. Subsidiary coinage is always limited and
small In quantty. There Is now outside the mines
enough silver to supply this particular need, and 1t
would not be necessary to so into them for at oast
quarter Of century. THIS arrangcment would throw
Of the entiro quantity Of silver compel at once the
abandonment, OF the majority OF the mines. and put
cont work gold and debt find tho following sx-
tract from the London nEconomist-probably II there
there should be only single of value through
out the world, and that one gold, But this Is mpos-
sibe. Some have doubted whether thcro is gold
enough Tor the nations which now intend 10 use II;
certainly Is not enough for all the world" AS
have already shown up to 1850 there had never been
ntimation that there was too much coin and there
had never been u suggestion TO demonetize either
metal During the great production of gold, from 1852


TO lSos We heard such suggestion ,Ss Inc mrs, mrs. ume
part OF II which wus under fixed and invest
ment Il was not hooded The abundance was
welcomed used, and the world ncvor In the sa mo
time made such an advance; and think II will be
further found that during this period, and notwth-





in property roal personal and Of every kind is quite
equal to the ratio OF the increase In coin. Wnon Eng


land adopted the gold standard was not done IN hos
tiy to silver. Tue entire world was upon silver, and
1t not affected. Passing Intermediate changes,
when Germany IN 1871 made the nrst public step in
her movement IL not taken to injurc silver. IL
was only choice between metals OF equal rank
and power. Silver was then at a premium Now II Is
deprecated and the continuation Of such policy Is
moro than the mere choice Of a standard; 1t Is an
attack upon silver which, II continued and successful
would iorce It's abandonment


Te,c of mr. nnf0 nfn ad
capital against this metal Is beginning 10 be under
Stood and 1t 10 proposed by some to Correct It by an
international convention. Avoiding entangllng ALI
ances, the United States should always be ready TO
consultation with other nations upon subjects
OF common interest But this remedy is just now en-
tirely impract,cable. EUROPE is not in condition TO
90 into such convention England would not consent
to change her standard, nor would Germany acKnowl-
edge her blunder. Tho schome OF rcmitting this sub
ject to international convention is tantamount to
its indefinite postponement. We arc not dependent
uds ana we are strong enough and should DO brave
enough TO apply II, and our condition demands that
We should DO at once This brings US to tho
second inquiry.


LEGAL TENDER


Is there anything In the present financial condition
sdsraton IN deciding whctherw should use both gold
and silver for unlimited legal tenderS The bonded
debt OF tho United States Is about seventeen hundred
millions; the suspended currency OF tho United States
including bank notes. Is about seven hundred millions
tho debt OF tho people, including corporations, is large
hey ond all precedent In word, our financial condi-
lion such to demand careful husDandry Of all
resources and 10 forbid the throwing away OF any
of tnem. II our public debt can be legally and
hoporaUly paid In silver we'll as gold wo should put
ourselves in such position us tnat We may, In our
discretion, pay It in silver or gold our paper cur
rency may he redeemed silver or gold, and 1t Is our
purpose redeem It and can do so more casly in
both metals than in either one should use both
II our people can, without violating their contracts
be any considerable degree relieved from the heavy
Indebtedness now resting upon them by using both
silver gold let ;hem at once have the privilege
Can we, legally and honorably pay our public debt IN
silver as well rs goldY


Before answering this question II will bo proper TO
say WORD Of the jurisdiction oi tho government over
money and legal tender There some powers that
essential attributes Of national sovereignty Every
government has the power to take private property
the public good the power to impose taxes; the
power To decide what shall be money and legal tender


1t has these powers withoutean express grant, and
less they are withheld. They very high and dan
gcrous powers and therefore, tho ramcrs Of
stitut.on put them under limitations Our govern
ment may take private property for the public
good IL would not 40 to ueny this authority Alto
gchor, but II must make lust compensation. II may
impose taxes This authority IS indispensable to DO
fray the expenses 0 administrator; but taxation