Year: 1877

which II may be redeemed however much IL may deprc
cate no substantial Injustice be wrought 10 suc con
But many millions OF existing private Indebtedness have
been contracted during the four years elapsed since de
monezaon. This indebtedness has been entered into
WIN reference 10 payment OF legal tenders the value OF
winch since has been regulated b. that of gold coin alone
OF THIS the evidence the decline In value Of the old
SILVER dollar below that OF egatendcr rates which could
have occurred il they had continued To be redeemed
that dollar Hence compulsory payment of such recent
Indebtedness IN newly issued dollar Of less value and
the time when payment shall bo made. cannot fall to
work injustice whatever may be the legal right and
are about several hundred millions of Legal Tender and
% nnk notes ana outstanding which being ntereonyert
cash dollars OF value end purchasing power
less less than they possess and they viii imme-
sequenty the effect OF resuming the old dollar or
any other, the value of which al the time shall be less
than mat OF the legal tender will have the effect to an
niiate portion Of the existing wealth OF the country
equal to ths percentage Of difference values II that
dlercnee shall be 10 per cent then 10 per cent OF its
value Will be stricken from the legal tender other
paper money which every man may nave and from the
accounts and credits which may be due him. whether he
the aborcr, mechanic farmer merchant or millionaire
No plan of remonezaon can regard these interests as
,masiScaht m or disregard them with mpunlty far Det-
ter tna The whole Government and through the whole
people bear raaby the loss than by compulsory egsa-
,loh many millions. probably hundreds OF millions,
be stricken from the wealth of one class
for the exclusive benefit of another, when
no eNegency OF the country demands 1t. Re-
moneiizafion is at best hazardous experiment.
rs effect on the future of business under existing cond
t0s IL involved m uncertainty. Forecast Is not inai-
hble Two STANDARD metallic dollars differing in value


arc as unpllO0phca as two standard yards dlHerlng IN
length or two standard pounds differing in weight.
Business would inevitably adjust itself 10 the shorter
measure ana the longer became practically obsolete


t IL contended that by restoring the monetary relation
between SILVER and gold, the reciprocal power OF each
over the other will preserve substantial equality in the
Saiue OF ihrr respective dollars Ihls cOncclcs the
grave Importance OF such equality at all times ana hence
OF starting together in the race, for II II he
matter OF no Importance argument to show
tha II could and would preserve and perpeuate lts
existence by reciprocal any other power s
without significance. They started abreast in the begin
mng. Unless they 90 so now existing conditions Wll
lead rather 10 separate than unite them in the course
IL they alike free TO contend wherever either en-
plOyct as money their power would be very great.


But silver has been denOnetlzed by many OF the great
commercial nations. Its monetary has thus been
much restricted. Gold is the standard money Of
the civilized world. This changed condition since
the 4" dollar OF fathers " coined has placed
1t at disadvantage Corn and wheat, when free
to contend with the markets OF the natlon exert
o powerful influence over their respective yaues.
Restrict the consumption OF either to single
State, leaving the mar1es OF the Continent to the other
and their reciprocal powers become seriously impaired
The restricted commodity maytby its abundance IN the


state whore tolerated expe the other, but cannot de-
ing States. IL may flow out but Will not SINK
so with gold and silver coin under existing monetary
conditions silver money restricted 10 tns country can
hardly exceed a controlling influence over the goa
volume of two Continents Unless they start abreast
they not likely 10 the race together For these
reasons and IN view O the Interests involved ana he
results stake my convictions clear that current
coins should conform to one unit OF value "hatfEer
that unit may be. Together Cue gray ahd lut eoiutu
eagle swept from their original perch Of equal dignity ana
powers The former mas been stricken down III ls gnt
IL - now proposed 10 feinstae H. snail u De Wth N
lost dcgry aud powers restored or shall 1t IN the outset
be made bird OF prey 10 feed on ana consume the nubc
and private credit aud wealth Of the Nation pow cTless
~ render purchasing equivalent II TINS then indeed
Will II fan in contempt and again lag beIhd Us more
favored companCu sreaking for myself am unwilling
this. Rather let them together soar bear
ing up In their flight those rival handmas TO Industrial
and commercial prosperity public credit, ana p1'ae
faith.


THE ogore is at that rcefr'a up to he hour Of Oo'ng


DreSs.l