Year: 1877

made legal tender I: not wise TO struggle longer
establish such currency, ana should all be pre-
pared by this to realize that there is no greater
now upon the country than our pres.
be our financial policy. Labor is waiting for II; capt
tai Is waiting Tor H. and enterprise OF every KIND Is
clare 1t. What shall it beY Com alone Is to be our
legal tender money. This brings me to the first ques-
tion propose to consider


GOLD AND SILVER.


Is IL safe to silver well as gold for unlimited
legal tender and is II better 10 use both than either
oncs In deciding upon any policy which is 10 Affect
seriously the condition of the people It Is always
duty to avoid dangerous and unnecessary risks and
as far as can, take counsel OF experience. Let us
then consult IT, and. first of all, our own home ex-
pc renee


From the beginning OF our government down TO
1874 both gold and silver iul legal lender for all
debts national and individual, public and private.
That was long experience aud fair trial, and what
were its resultsY During all that time gold and silver
kept about evenly together and their fluctuations were
SO slight us never amount serious disturbance.


happened that the relation each other under which
we eouaIizsd them was slightly different from that
which prevailed among the nations of Europe, and
as were young ana but starting on our COM
mercal career, and they old and wei ad-
vauced In theirs thor relation was more controlling
than ours In the beginning and down, 10. 1854. wo
did value gold as high as they did, Tho consc-
quence was, gold left US and went 10 them, where
ii had more power than here but out siyer remained
and answered purposes Just as we'll aud the same
as II !. had been gold since 1904 ana down 70 1913,
therefore II lett US, but our gold remained and an
swered our purposes just as well and the same as II II
had been silver And when our gold or silver lett us,
it was us-ether to pay our debts or to send
back 10 us, in exchange Tor themselves, their full
equivalent in merchandise. Our condition would not
have BEEN IN tho least better, If We had used but
single metal; whereas having the two whenever de-
mand came from abroad either one had always tho
other as a reserve, and saved from the danger
of exhaustion IL Is enough to say that throughout
the period have referred 20 tho two metals served US
for all our transactions abroad quite as we'll as we
would have been served II we had used but one. How
was 1t At homef This far interesting inquiry
Not merchant manufacturer or banker was injured
or embarrassed or hindercd his business because
had made both metals legal tender, ana not mer-
chant manufacturer or banker would nave prosperea
or debtor uttered complaint or sought change; not
laborer, farmer or mechanic was dissatisfied. Such
experience IN the equal use Of both metals as
money and tho nation condition OF bas0iutc
rest and acquiesceuce its long tried policy In 1873
from the press, or from Boards OF Trade, or Cham
bers Of Commerce, or IRON any other direction, and
when, for the first time, our public debt had become
heavy aud burdensome, and private indebted
ness was larger than ever BEFORE aud We
we're IN state OF suspension upon cur
in such an cxigency and with the knowledge that
were richer in mines oil sver than any nation on tho
In view of our condition the time, trying than
any we had before experienced, and OF the financial
hardships gathering before US anu demanding a
extraordinary that should throw any Of them away.
But this Is and as yet untrco policy. Three
causes urged in its justhcation-one, the excess
Of SILVER in Europe and the third, decreased de-
nand for IL Ia Asia. Let us briefly examine them:-


IS THERE ExcEss or siLvgRf


What OF tho alleged excessive pr roduction of sverY
In the search for it, which commenced In the tar dis
tant past us early the formation OF nations, and
has kept up to the present time 1t may be said
that all ol the earth tnat is accessible mas now been
carefully explored We have accounts OF the mines of
Asia 10 the cast of Persia Of Egypt, Nuba and South
Africa; OF Greece and her colonies: Of Italy Spain
and Portugal Of France a1d S
Sweden and Norway OF Britain and Ireland;
Of Russia, Australia and North and South America
And have accounts of mining in ancient and mod
crn times and during the Middle Ages Tho report Of
this long, eager aud aborous exploration IL before u.s.
is but for want Of time shall connnc myself to the
statement OF conclusions only First OF ALL then, wc
may DISMISS as not requiring particular notice nearly
all OF the known mines of the world but those OF Rus
sia, Australia and America Very many OF the Others
have been apandonod and the produ Ct Of
the fcw that still worked Is not large enough to be
disturbing factor In the problem We are now con-
sidering. This our inquiry very much, and
az are ana o Of he
Russia and Australia for they are gold mines This leaves
for consideration littlo else than those OF America
tho larger product of which is silver shall not
dertake to gvc the amount of gold and silver tDat
gathered and used money during the past centuries.
The statements about it vary, but thus We know with
certainty-there was never TOO much OF them or OF
either OF them and from time to ume una not untre
qucntly, there was not enough. We may assume With
entire safety that up TO the opening Of the present
century the world had never been troubled with an
excess of coin. The same may DO said Of ito condi-
tion up to tho middle Of the century. There Is no
doubt of the accuracy OF this statement. boldly
affirm that prior TO the year 1850 there never had
been movement anywhere looking to the gen.
cra dcmonotization OF silver or gold; that there
never had been an intimaton that either was
proauccd in excess; and that no writer or Statesman
or government had recommended the abandonme Of
either Up to that time the world used both and was
satisfied, some nations using one metal, some the
other but all substantially using both. What then
has happened ana there been since 1850 such an
excessive production OF silver AS 10 justify its de-
inonetizqtion? proceed to that inquiry. The fol-
lowing table gives the estimated production OF gold
and silver throughout tho world from 1852 to 1875
both inclusive The table is taken from appendix No
A. 10 the report made to the House Of Commons in
July, 1876. The amounts are given In English cur
rency, the table being copy


TOTAL PRODUCT OF GOLD AND SILVER. 1s52-1s75