Year: 1878

with the mlnts OF the Latin Union cl0


ed and Germany not permitting silver to b


coined as money. At current rates of silver


the free coinage of dollar containing 4l2


grains, worth in gold about % cents, give


an lllegitimate profit to the owner of the bul


lion, enabling him to take % cents wortl


OF it to the mint and get it stamped as coli


and force his neighbor to take it for full


dollar. This is an undue and unfair adyan


tage which the Government has no right Il


give to the owner of silver bullion, anC


which delrauds the man who is forced /,


take the dollar. And it assuredly follow.


that if We give free coinage to this dollar o


inferior value and put it in circulation, ",
do so at the expense Of our better coinage


IN gold and unless We expect the uniform


and invariable experience of other nation.


to be IN some mysterious way suspended fol


our peculiar benefit, We inevitably lose ouI


gold coin. Consider further what Injustice


would be done to every holder of legal-ten.


der or national band note. That vast vol


ume OF pape. m0ney-Cver 800 900 900


Is now worth between % and 90 cents on


the dollar in geld coin The holders of it,


who are indeed our entire population, from


the porest to the wealthiest, have been prom


lsed from the hour of its issue that the


paper money would one day be a. good as


gold. To pay silver for the greenback is a


full compliance with this promise and this


obligation, provided the silver is made as it


always has been hitherto as good as gold.


10 make our silver coin even per cent less


valuable than gold inflicts at once loss of


more than $50 900 900 on the holders of


our paper money. To make silver dollar


worth but 30 cents precipitates on the same


class loss of well high 500, 900, 900. For


Whatever the value of the silver dollar is,


the whole paper issue of the country will sink


to its standard when its coinage is author


Ized and its circulation becomes general


In the channels of trade. The responsible


ty of re-establishins silver in its ancient and


honorable place as money in Europe AMI


America, deyolyeS really on the Congress of
the United States. If We act here with


prudence, wisdom, and frmness. we shall
not only successfully remonetize silver and


bring 1t into general use as money in our
country, but the influence of our example
will be potential among all European ma
tiUns, with the possible exception of Eng
land. Indeed, our annual Indictment 10
- ~ SiSat tiIhl IL We UtNt rlgnL
to pay it in silver we necessarily eoerce
those nations by the strongest of all forces
self-interest-to aid us in upholding the
value of silver as money. But if We attempt
the reconciliation on basis which is OBJ
viousiy and notOriously below the fair
standard of value as it now exists, We incur
all the evil consequence. of failure at home
and the positive certainty of successful op-
position abroad. We are and Shall be the
greatest producers Of silver in the world,
and We have larger stake in its complete
mOnetization than any other country. The
difference to the United States between the
general acceptance of silver as money in the
commercial world and its destruction as
money, will possibly equal within the next
hali-century the entire bonded debt of the
nation. But to gain this advantage We
must make it actual money-the accepted
equal OF gold in the markets of the world.
Reconciliation here followed by general re-
monetizatiOn in Europe will secure TO the
United States the most stable basis for its
currency that We have ever enjoyed, and will
efectually aid in solving all the problems by
which our financial situation is surrounded.
On the much-vexed and long-mooted Gues-
tion Of bimetallic or mOnOmetallic stand
ard my own views are sufficiently indicated
in the remarks have made believe the
struggle now going on in this country and
in other countries for a single gold standard
would, If successful, produce widespread
disaster in the end throughout the com
mercial world. The question of beginning
anew the coinage Of silver dollars has
aroused much discussion Is to its effect
IN the public credit, and the Senator from
Ohio Mr.. Matthew'S placed thi. phase of
the subject in the very forefront of the de-
prematurely and ilOgically,
think, on a sort OF judicial construction in
advance, by concurrent resolution, of Ger
'ain law in case that law should happen to
De passed by Congress. Ny own view on
his question can be stated very briefly.
believe the public creditor can afford to be
paid in any silver dollar that the United
States can afford to coin and circulate. We
nave forty thousand millions of property
n this country, and wise self-interest will
not permit Us to overturn its relations by
'eeking for an inferior dollar whcrewith to
ettle the dues and demands Of any creditor. |
The question might be different from a !
merely selfish standpoint. if, on paving the |
lcllar to the public creditor, it would dlsap- |
,ear after performing that function. But |
he ,roIblc is that the inferior dollar YOU |
ny the public creditor remains in circula-
ion to the exclusion of the better dollar. |
That which you pay at home will stay there |
hat which you send abroad will come back. |


But must say, Mr.. President, that the |
pecifc demand for the payment of our bonds
n gold coin, and in nothing else. comes |
With an ii grace from certain quarters.
European criticism is lcyeled against US and |
Iard names are hurled ut US across the ocean |
or simply daring t. state that the letter of |
ur law declares the bonds to he payable in
tandard coin of July II. lS70-expressly |
nd explicitly declared 81, and declared so in
he interest of the public creditor. and the |
declaration inserted IN the very body Of the
light hundred millions of bonds that have
een issued since that date Beyond all /
ouht the silver dollar was included in the
tandard coins Of that public act. Payment
t that time would have been as acceptable
nd a undiSputed in silver as in gold dol
lrs, for both were equally valuable in the
European Us well as in the American mar
ct. Ever since we demOnetized the old
ollar We have been running our mints ut
lll speed, coming new silver dollar tor the
sc of the Chinese coolie and the Indian
ariah-a dollar containing 100 grains of
tandard silver, With its superiority over our
ncient dola: ostentatIou>ly engraved on its
eyerSe side. This dollar contains i grains
lore silver than the famous dollar Of the
he fathers proposed 10 be recoincd by
he pending bill. and more than four times
: many of these new dollars have already
cen coined a. ever were coined 0f all other
liver dollars in the Unitel States In the
xceptional and abnormal condition of the
liver market now existing throughout the
iorld, We have felt compelled to increase the
eight of the dollar with which VIC carry on
-ade with the heather nations of Asia. And
hall We do less for the American laborer at
ONE? Nav, shall We not DO little better
nd little more for those of our own blood
nd our own fire>ide? If you remonctzc the
ollar Of the fathers. your mints will be at
nee put to work on two different dollars,
lflcreut in weight, different in value. differ
ut in prestige, different in their reputation
nd currency throughout the commercial
orld. 1t will read strangely in history
iat the wcightier and more valuable of
lc>c dollars is made for an ignorant class of
eathcn laborcrs in China and India and that
lc lighter and less valuable il made for the
itcllisent and educated laboring man who
a citizen Of the uited States
The bill which now offer as substitute
II the House bill contains three very simple



l. That the dollar shall contain rs
-ains of standard silver, shall have unlimit-
coinage, and be an unlimited legal ten
IT.


> That all the profits of coinage shall %


the Government, and not to the operator


silver bullion.
,. That silver dollars or silver bullion,
sayed and mint-Stamped, NAY he deposited
ith the assistant treasurer at New York,
r which com certificates may be issued,
c sane in denomination aS nitcd States
,tcS, not below $40, AMI that these shall he
decmabe ON demand in coin or bullion,
ms furnishing paper circulation based on
actual deposit of precious metal, giving
n)tcs as valuable rs those eff the Bank of
ngiand, and doing away at once with the