Year: 1878

Extract rom His Speech in the Senate


We need both gold and silver an


we can have both only by making eael


the equal of the other. 1t would nop .


difficult to show that, in the nallon
where both have been fully recognlzeq


the most widely difused, the steaqles


and most continuous prosperity has peer


enjoyed-that true form of Prospefltl


which reaches all classes, but "n1eL


begins with the city-laborer, whose eeil


lays the foundation of the whole 81 upel'


structure of wealth. The exclusively


gold nation, like England, may she~ the
most massive fortunes in the fuiine


classes, but it shows, also, the most help,


less and hopeless poverty in the humber


walks of life. The gold and silver nation


like France, can exhibit no such lnd1-


vidual fortunes as abound in Engiend


but it has peasantry that, With ttlsif
ss.gss sE-ssl sSssf 4 war


that would have beggsred the gad


bankers of London, and tn which the


peasantry of England could not have
contributed pound sterling in gold nor
q single shilling in silver. The effect OF
paying the labor of this country in silver
coin OF full value, as compared with the
irredeemable paper, sr as compared even
with silver of inferior value, will make
itself felt in q single generation to the
extent of tens OF millions, perhaps hum
dreds of millions, in the aggregate
savings which represent consolidated
capital. 1t is the instinct of man from
the savage to the scholar-developed in
childhood and remaining with age-to
value the metals which in all tongues
are called precious. Excessive paper
money leads to extravaganza to
waste and TO want, as we painfully
witness on all sides to day. And
in the midst of the proof of its
demoralizing and destructive effect we
hear it proclaimed in the halls of cons
gress that the people demand cheap
money" I declare such phrase to be
= total misapprehension, total misin-
depreciation of the popular wish. The
people do not demand cheap money.
They demand an abundance of good
money, which is an entirely different
thing. They do not want single gold
standard !bat will exclude silver and
benefit those already rich. They do not
want an inferior silver standard that will
drive out gold and not help those already
poor. They want both metals in full
value, in equal honor. in whatever
abundance the bountiful earth will yield
them to the searching eye Of science and
to the hard hand Of labor. The two
metals have existed side BY side in har-
monious, honorable ompsnionsbip as
money ever since intelligent trade was
known among men. It is well ngh forty |
since Abraham weighed to |
Ephron the silver which he had |
named in the audience of che Sons OF
Heth-4O0 shekels of silver-current |
money with the merchant" Since tns'
SaRe me ais aasi9ps 9la haSe alssn and I'd
have been forgotten, arts have been lost,
treasures have perished, continents have
been discovered, islands have been sunk
in the sea, and through all these ages and
al these changes silver and
gold have reigned supreme as the rep
of value as the media of
exchange. The dethronement Of each
has been attempted in turn, and some-
lines the dethronement of both; but
always in vain! And we are here to-day
anew over the problem
which comes down to us from Abraham's
lime the weight of the silver that shall
be current money with the'merchant."