Year: 1878

| "Oulu uOb UC pOulCo ibto J


Germany could not spare her silver, bu


if she could the greater part of it wouit


be much more likely to goto Asia, Russia
Austria and Spain, 70 say nothing o
the Latin States, than come to the United
States, who undervalue silver as com


pared with the rest of the world. lie
did not think we had anything TO feal
from an excessive product of our mines
He had not been considered an imitation


ist but he knew Of no valid reason sgains
enlarging our specie basis, and if we are
to have and maintain specie payments II
must be enlarged. Another objection 10
the bill was the well known srgumen!
against bl.metalhsm, and most gloomy
pictures had been drawn of the ruin thai
would befsll our country if we adopt bi
metallism. He argued that it was bys INC
means certain standard, the value was
less variable in a mono-metallic than i,
was in sibi-metsllic country. An sbso'
lutely unvsrying standard OF value is an
lmpossibility. Had there ever been
more prosperous country thsn the
United States from 1889 to 1871?
Did any nation ever exceed the progress
we made in population, wealth, educs-
ton, refinement and general well-being
of the people in these seventy two years ?
And yet, during all that period, we had
bi-metaliism, for we gave no preference
to gold over silver, or 30 silver over gold.
These metals Huctuated then as they Lave
done since, and probably ever will do;
but no American statesman Of that period
thought of demonetiziDg either. And
now let US turn TO Europe for moment.
What do we hear? The wailings of thou
sands of laboring men and women and
children out OF work; the cries OF
anguish Of thousands Of other men who
but a year ago, were rich, but now are
bsnkrupts. In word, the same notes
of sorrow that SO afllct ears in the United
States. But from what countries do they
mainly Gomez From two. From gold
mono.metsllic England and gold mono.
metallic Germany, while bi-metallic
France-the land of silver as we'll as
gold-enjoys prosperity hardly excelled
by that OF any other people on earth.


1t has been argued that our foreign
commerce would be destroyedvwould be
disjointed-by the passage of the pend
ing bill. Had We not carried on busi-
ness during the past sixteen years with
an incontrovertible paper currency, and
was not the balance OF trade in
our favor now? Again, it had been
argued that the national credit and
be destroyed. How destroyed? by US
paying our bonds as we promised to
pay them. The United States needed no
such prop as single gold standard to
support its credit. The resources of this
country were too well known for her
credit TO be injured. He longed 10 see
our Indebtedness held 81 home and not
abroad, SO there would be no annual
drain from the United States to enrich
Europe. A telegram this morning IN
formed US that 100000 worth of our
bonds are on their way home from Eng
land. They would be getting back there
soon whether this bill passed or not, as
the interest on our bonds was grester
than that on aDy safe European stock.
If our bonds should be sent home they
must have buyers IN the United States,
and l suppose they should find such
purchasers, and would not every
one IN the land be glad that
our bonds were held at homer
The English debt was held by English
men, the French debt by Frenchmen,
and ne hoped the day would come when
the American debt would be held By
Americans. Our currency would con-
tinue to be small paper money, and the
problem Tor Congress 10 solve was on
what basis il should rest. We could not
maintain paper currency convertible at
all times into coin unless we employed
silver rs well as gold for Its base. Unless
silver should be made full legal tender,
the idea Of specie payment in the United
States would soon Do abandoned. Every
opponent TO an irreC eemsble paper cur
reucy, and every friend OF specie cur
rency should insist on full remOnetlzs.
tion of silver. II this bill should
become a law lis tendency would be to
put a stop to the demonetIzation of silver
in other countries. Should we postpone the
remonetizstion OF silver and q compact
with other nations be made il would
never be remonetized. lie hoped our
country would BE- ranged by the side OF the
bi-meLallic States. Let the commercial
world know that we do not intend to
abandon the use of silver. Silver is an
American product, and many millions OF
dollars and the labor of thousands of men
were employed in It's production in this
country, and to destroy or cripple this
industry would be cruel and unjust.


Mr.. Butter withdrew his amendment
to the silver bill in regard TO issuing GER
tificatcs for silver bullion, submitted by
him yesterday, and said he would submit
it NJ sometime hereafter as an independ-
ent proposition.


Mr.. Blaine took the floor to speak on
the silver bill, with the understanding
that be would proceed with his remarks