Year: 1878

teuutr, ana now can We doubt that they
would be more frequent and of longer
durauon should We have gold alone?
There is more silver coin than gold coin
iii the world and yet in many countries
specie payments are not maintained.
How much more difficult would it be TO
resume and maintain such payments
/ should the us, of silver legal-tender
money be discontinued: AS long as
both gold and silver are used, we will
have the whole stock of both metals
throughout the world to draw upon.
Continue the characterization of silver
and we will have less than half that
stock to resort to.


Mr.. President, l may be greatly in er-
ror, but IL does seem PLAIN to me that, il
We refuse To make silver, equally with
gold, a full legal tender, the idea OF a
specle-paying paper currency In the Uni
ted States will ere long be abandoned.
Under our old sState-bank system specie
payments were too often a delusion.


Make nothing but gold legal tender, as
the most Of the opponents of this bill
contend, and they will be more of = de-
lusion than ever. And it will not take
much time for the people TO discover it
and to come to the conclusion that a
promise that is made only to be- broken
and with great loss and suffering TO them
ought not to be made at all.





tain that every opponent OF an Irrodeem-
able currency, every friend of a specie
currency Or q specie basis, ought to insist
upon the full and complete remonetiza-
tion OF silver. In no other way, as it
seems 70 me, can specie payments be
maintained, and 1 must freely confess
that this will not be enough to prevent
suspensions from time to time. Whether
our paper currency shall consist of Gov
a In h<... Il L.
or partly OF one and partly of the other,
we Will need larger coin basis than we


have ever yet had in order to avoid sus.
pensions; and not only that but also 9TH
er safeguards that iJ is not necessary to
speculate upon to-day.


| =. Another reason why support this


bill have already mentioned, namely.
that II It become law its tendency will


be TO put stop to the demonetlz alton
| of silver In other countries.


We hear 1t said by very manv
persons that silver money is good
thing, but that in order to use
It Co advantage aud without loss,
It's relative value to gold must be- perma-
\ nently established, and must be the same
In the chief commercial nations of the
| world, and that to attain such a reRula-
| ten OF value and make IL perma nent a
| compact between those nations is indis-
pensable.


Sir, do not deny that such compact
IL faithfully executed, would be of inn
mense advantage, but do not fear to
assert that II we postpone the remoneti-
zation of silver until such a compact be
made, IL will never be remonetized, The
only way by which you can induce the
nations to negotiate upon the subject or
70 come to acommon agreement, wheth-
or by treaty or otherwise, IL to range our
nj hn A1ll
states. Let the commercial world know
That We do not intend to discoutinus
the use OF silver aud other nations,
! strengthened by our example, will CON-
unue 20 use 1t, and may in time come to
general understanding with you what
shall be its relative value to gold.


.. Another consideration, IL seems ito
ms deserves the earnest attention of the
Senate. The United States is the greatest
silver producing country in the world.
Itis one ofthe great products of our
country. Many millions of dollars and
the labor OF thousands of men are en-
ployed in its production.


Now,lt does seem to me that to destroy
or TO cripple this industry would be not
only bad policy, but also cruel injustice
shall leave 1t TO the Senators from the
silver-producing States TO speak at large
upon this theme, If they shau see fit to
ko 80, as nope they will; but l cannot
help making my earnest though it may
be feeble protest against the destruc-
ton of great American industry with
out just cause or wise motive, as firmly
believe, and to the great injury Of
large body or enterprising capitalists
and far larger body of merltorious labor
Ing men.


Mr.. President, shall not detain the
Senate longer. have endeavored as
briefly as / nossl bIv eould IN state nv
reasons for supporting this bill and to
answer as well as l could most of the
objections that have bee N urged against
it. am very well aware that / have
done It quite fsebly; but, sir, it was a
duty that owed to myself, to my con-
stituents, and perhaps to the Senate, to
express my opinions. / now surrender