Year: 1877

l September 13, there was National convention of Bankers held in New York. W. S. Groesbeck of Cincinna- Ii delivered an able address on the use of silver on an equal basis with gold. Nearly all western people-except some bankers and the money brokers favor the remonetization of silver and hence our readers will read the follow. lng from Groesbeck's address, with de- eided interest:

 From the beginn ng of our Govern 'ment down to 1S74, both gold and sil- yer were full legal tender TOT all debts, national and individual, public and private. That was lofss experience and fair trial, and ~hat were its re- sults? Daring all that time gold and silver kept about evenly together, and their fluctuations were so slight as never to amount 10 a serious disturb ance. It happened that the relation to each other under which we equaIized tEem was slightly different from that which prevailed among the nations of Europe, and as we were young and but starting on our commercial career. and they old and well advanced in theirs, l their relation was mere controlling than ours. In the beginning and down Co 1854, we did not value gold as high as they did. The consequence, was our gold left us and went to them, where it had more power than here {; | but our silver remained, and answered our purposes just as well and the same as if it had been gold. Since 1884 and down to 1874, we did not value our sil- yer as high as they dId, and therefore it left us, but our gold remained, and answered our purposes just as well and the same as if it had been silver. And, when our gold and silver left us, It was to serve us,-either to pay our debts, or to send back to us, in exchange for themselves, their full equivalent in merchandise. Our condition would not have been in the least better if we had used but single metal whereas, having the two, whenever demand came from abroad for either one, we ,. had always the other as reserve, and so were saved from the danger of ex- haustlon. It is enough 10 say that, throughout the period 1 have referred to, the two metals served us for all our transactions abroad, quite as well as we would have been serSed if we had used but one.

 How was it at home2 This is far more interesting inquiry. Not a mer- chant, or manufacturer. or banker was iEiured or embarrassed or hindered in His business because we had made both metals legal tender; ana not mer- chant, manufacturer, or banker would have prospered more if we had used gold or silver alone. Not creditor or debtor uttered complaint or sought a change; not a labOrer, farmer or me chanic was dissatisfied. Such was our experience in the equal use of both metals as money; and the natT3n was in condition of absolute rest and ac- quiescence in its long -.ried policy.

 In 1873 and 1874, 1 believe without a single recommendation from the press, or from Boards of Trade, or Chambers of Commerce, or from any other direction, and when, for the first time, our public debt had become heavy and burdensOme, and private indebtedness was larger than ever be- fore, and we were in a state of suspen- sion upon a currency amounting tOI more than seven hundred millions; in such an eXigency, and with the knOwl- edge that we were richer in mlnes off silver than any nation on the globe, we threw our silver away and set upI gold alone. In view of our condition at the time, more trying than any weI had before experienced, and of the fl nancial hardships gathering before us and demanding a careful husbandry of our utmost resources, 1t was most extraordinary that we should throw any of them away.

 He quotes the law to show that our bonds and notes may be paid in gold and silver, and declares that "we can, legally and honorably, pay our pub lic debt in silver as well as gold, and. such being our privilege, we should not abandon It. Allow me to say in conclusion, gold and silver only should be our legal tender money. They have endured a trial of thousands of years all other forms of legal tender have failed"