Year: 1876

the Nation and si.e Practical Sign of


Events.


Mr.. Ianders, of Indiana-Mr. Speaker, /
regret very much, sir that the debate on
this very important question is so limited
There are gentlemen here who are opposed
to the standard silver dollar. | will be much
pleased 10 hear some of these gentlemen, be-
cause always like to hear those who are oI-
posed TO me on any question. / can often
learn more from them than 1 can from gen
tlemen who agree with me. While 1 am in
favor OF remonetiZing silver, yet at the same
time If | were convinced that the interests
of the country would be promoted by keep
ing it demonetized l would vote against this
bill or any other to remonetize it,


As the original bill stands / am not in
favor of it. My main objection to it is this:
that it provides for the depositing of gold
and silver bullion and the issuing of certif-
Gates at their coinage value. Taking :he
certificates at their coin value, redeem
able by the government, either in coin
or bullion at the option of the holders,
the holders can take the gold or silver
bullion at their coin value. Ac-
cording to this bill the holders of certificates
can at any time demand coin or bullion. In
all business circles option does not belong to
one party alone. In this case il belongs to
the holders of certificates, and if the
bullion advances they will demand II, and il



and the government is obliged to give it.
The government can not know until the
certificate is presented what will be de-
manded. Therefore it can not coin the bul-
lion, not knowing but what it Will be called
upon for bullion. Therefore the business
communityis is not to have the benefit of the
coinage of this bullion under this bill. am
in favor of the substitute. 1t proposes TO re-
peal the law OF 1873 and to restore the double
standard as il was from 1892 up TO that
time. The dOtble standard is designed to
regulate the relative values of the two coins.
1t is said that We practically have but one
standard. That is true to some extent, since
the ingenuity of man has never been able TO
adjust the value of the two coins in such
way that they would long remain of the
same relative value. The reason OF
this failure is that they are
commodities. The value of any commod-
ity is regulated by the uncomfortable laws
of supply and demand The right of the
debtor TO pay in the cheapest money is a
right that has been conceded to him ever
Since the formation of the government and
long before. That always brings into
use the cheapest money, and checks the de-


mand for the dearer. This has been the
practical working of a double standard,
and the effect has been such that there has
never been such change in the coinage value
of those metals to make them correspond





that there has been was to make gold CORE


spond with the market value of silver.
| In 1884 - the market value of gold
and silver varied about six per cent,
the silver being the lowest The right of the
debtor in those days was recognized. Albert
Gallatin, and other distinguished statesmen
contended that II would be a great
act of injustice to the debtor
class to increase the value of silver,
since the debt of the country was based upon
that (it being the cheaper) to make it cores
pond with the market value of gold. Their
views were acknowledged to be correct, and
congress changed the gold eagle from go
grains to 258 Reduction of - grains. This
| Is the only change that has ever been made
between the gold eagle and the STANDARD. sill
yer dollar from 1872 until 1878, when this
| vicious legislation was enacted against the
silver dollar. Had it not been for the use of
both metals as equal legal tenders, l
have no doubt their fuctua-
| ton in value would have been much
greater. With q single standard nothing
can be substituted for the metal used as
such standard when demand is made upon
us for that metal. There Is nothing to
| check the advance. The standard silver
| dollar was not made b. accident. 1t was
made by Mr. Hamilton, after having ascer-
tanned the valoe OF the Spanish milled dol
| lar, which was in use in the colonies prior
to the formation CT the government. All
debts were based upon that dollar. 1t was
found to contain 37k grains of pure silver.
| On the recommendation of Mr.. Hamilton
congress declared that that should be the
standard silver dollar Of the United States,
as in no other way could justice be done
| alike to both creditor and debtor.
| | want the gentlemen on this floor who
advocate the single standard TO tell the
| house what they propose to do. want them
| to point out to this house in what
way this advance in gold is TO De checked
Our policy provides for checking it. have
| shown how the double standard will cheek
it. am also In favor of restoring silver be-
cause silver is product of this country and
it would give ii increased value TO make it a
legal tender. Our mines constitute 4 portion
of our national wealth. We have but few
industries that produce fifty or sixty mil
lions year. The silver mines Of this coun-
try produce wealth TO that amount
| and furnish employment to thou
sands of our laboring population. Are
we to allow this designing legisla-
| ton OF 1873 to further depreciste the value
! OF one OF our most valuable products?
would do nothing TO depreciate the value of
| gold. Ii is also product OF this country,
| but IL not produced TO more than one-half
the extent that silver is. believe in pro-
| tecting the industries of our own country
and maintaing the value OF the product of
| such industries. The same gentlemen on
! this floor who favor the demonetizatioD of
! silver, that tends so much 10 depreciate the
| value thereof, have been the most clamorousa
| for projection to their own industries
Our mining interests have been very much
embarrassed for the last few years because
of this legislation. The decline in their bull
lion falls directly upon the laboring man
who digs il out of the ground. have fur
ther reason for favoring the. reconciliation
of silver. As was said by the gentleman
from Kentucky. Mr. Durhaml we have
right to pay all our bonded Indebtedness in
silver as we'll as in gold, and ] have never
been able tn undersiand why IL was that