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erty by law. One is almost moved to tears by the sight of New England manufacturers protesting with indignation against the wisdom or possibility of giving fictitious value to a product, when for the last thirty years they have drained the rest of the country and secured artificial prices by protective tariff laws. Some of our eastern friends accuse the advocates of free coinage of favoring repudiation.

Repudiation has not been practiced much in recent years by the debtor, but in 1869 the Credit Strengthening Act enabled the bondholder to repudiate a contract made with the Government and to demand coin in payment of a bond for which he had given paper and which was payable in lawful money. That act increasing the market value of the bonds gave a profit to many who now join the beneficiaries of the act assuming the District debt in vociferous proclamation that "the Government cannot create value." Does not the location of a public building add to the value of adjacent real estate? Do not towns contest the location of a county seat because of the advantage it brings? Does not the use of gold and silver as money increase the value of each ounce of each metal?

These are called precious metals because the production is limited and cannot be increased indefinitely at will. If this Government or a number of governments can offer a market unlimited as compared with the supply, the bullion value of gold and silver can be maintained at the legal ratio. The moment one metal tends to cheapen, the use falls on it and increases its price, while the decreased demand for the dearer metal retards its rise and thus the bullion values are kept near to their legal ratio, so near that the variation can cause far less inconvenience and injustice than the variation in the exchangeable value of the unit would inflict under a single standard. The option is always given to the debtor in a double standard.

In fact, the system could not exist if the option remained with the creditor, for he would demand the dearer metal and thus increase any fluctuation in bullion values, while the option in the hands of the debtor reduces the fluctuation to the minimum. That the unit under a double standard is more stable in its relation to all other things is admitted by Jevons and proven by several illustrations. Mr. Giffen tries to avoid the force of the admission by saying that the difference in favor of the double standard is only in the proportion of 2 to 1, and therefore not sufficient to justify its adoption. It would seem that where stability is so important-and it never was so important as today, when so many long-time contracts are executed-even a slight difference in favor of the double standard ought to make it acceptable.

We established a bimetallic standard in 1792, but silver, being overvalued by our ratio of 15 to 1, stayed with us and gold went abroad, where mint ratios were more favorable.

I have here a silver coin [exhibiting it] which came from the mint in 1795. It has upon the edge these significant words: "Hundred Cents-One Dollar or Unit." It would seem, therefore, that the weight of the gold dollar was regulated by the silver dollar, and the gold pieces provided for made multiples of it. In 1834 and in 1837 the alloy was changed and the gold dollar reduced in size in order to correspond to the newly established ratio of 16 to 1. The amount of pure silver in the standard dollar has never been changed since its adoption in 1792.

The ratio of 16 to 1 overvalued gold and our silver went abroad. The silver dollar was worth about 3 cents more than the gold dollar, because it could be coined in France at the ratio of 15% to 1. Thus during all the period prior to 1873 this country enjoyed bimetallism and, although at one time we used one metal and at another time another, no statesman arose to demand a single standard. We now have three kinds of bimetallists—those who favor a double standard only by international agreement, those who favor independent action at a changed ratio, and those who favor independent action at the present ratio. Those favoring an international agreement might be again divided into those who favor an agreement by a few nations, those who favor an agreement by many nations, and those who favor it only on condition that all nations would join.

I suppose it would hardly be proper to further divide them into those who really desire an international agreement and those who utilize the possibility of an international agreement to prevent independent action. I am afraid the agreement will not be brought about by those who, like the gentleman from Ohio (Mr. Harter), are willing to try it, but have no faith in its permanency; nor will it receive much aid, I fear, from the gentleman from New York (Mr. Hendrix), who said on last Saturday:

I predict to you that inside of three months-before this Congress meets againif you repeal this Sherman law and adjourn, England will make proposals to this country to come into a monetary conference and see what can be done for the sake of her ward, India.

Less than five minutes before he had pierced the veil of the future with prophetic ken and declared:

The moving finger of Time, down from the days when gold started in the race for first place to this moment, has pointed to a single unit of value. It is our destiny. It will triumph in this Hall-perhaps not in this Congress nor in your day; but it is going to become the financial policy of this country just as sure as tomorrow morning's sun will rise. Any hope of bimetallism there?

What is the prospect for the establishment of international bimetallism? I would be glad to see the unlimited coinage of gold and silver at a fixed ratio among the nations, but how is such an agreement to be secured? The gentleman from Maryland (Mr. Rayner) says the unconditional repeal of the Sherman law will bring England to terms. Is it impossible to extract a lion's teeth without putting your head in his mouth? Is it not a dangerous experiment to join England in a single standard in order to induce her to join us in a double standard? International agreement is an old delusion and has done important duty on many previous occasions.

The opponents of the Bland law in 1878 were waiting for international bimetallism. Mr. Cleveland mentioned the prospect of it in his message in 1885, and again this year. It was a valuable weapon in 1890, when the Sherman bill was passed and the Brussels conference was called in time to carry us over the last Presidential election. We are still waiting, and those are waiting most patiently who favor a gold standard. Are we any nearer to an international agreement than we were fifteen years ago? The European nations wait on England, and she refused within a year to even consider the adoption of the double standard. Can we conquer her by waiting? We have tried the Fabian policy.

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Suppose we try bringing her to terms by action. Let me appeal to your patriotism. Shall we make our laws dependent upon England's action and thus allow her to legislate for us upon the most important of all questions? Shall we confess our inability to enact monetary laws? Are we an English colony or an independent people? If the use of gold alone is to make us slaves, let us use both metals and be free. If there be some living along the eastern coastbetter acquainted with the beauties of the Alps than with the grandeur of the Rockies, more accustomed to the sunny skies of Italy than to the invigorating breezes of the Mississippi Valley-who are not willing to trust their fortunes and their destinies to American citizens, let them learn that the people living between the Alleghanies to the Golden Gate are not afraid to cast their all upon the Republic and rise or fall with it.

One hundred and seventeen years ago the liberty bell gave notice to a waiting and expectant people that independence had been declared. There may be doubting, trembling ones among us now, but, sirs, I do not overestimate it when I say that out of twelve millions of voters, more than ten millions are waiting, anxiously waiting, for the signal which shall announce the financial independence of the United States. This Congress cannot more surely win the approval of a grateful people than by declaring that this nation, the grandest which the world has ever seen, has the right and the ability to legislate for its own people on every subject, regardless of the wishes, the entreaties, or the threats of foreign powers.

Perhaps the most important question for us to consider is the question of ratio. Comparatively few people in this country are in favor of a gold standard, and no national party has ever advocated it. Comparatively few, also, will be deceived by the promise of international bimetallism annually held out to us. Among those in favor of bimetallism, and in favor of independent action on the part of the United States, there is, however, an honest difference of opinion as to the particular ratio at which the unlimited coinage of gold and silver should be undertaken. The principle of bimetallism does not stand upon any certain ratio, and may exist at I to 30 as well as at 1 to 16.

In fixing the ratio we should select that one which will secure the greatest advantage to the public and cause the least injustice. The present ratio, in my judgment, should be adopted. A change in the ratio could be made (as in 1834) by reducing the size of the gold dollar or by increasing the size of the silver dollar, or by making a change in the weight of both dollars. A large silver dollar would help the creditor. A smaller gold dollar would help the debtor. It is not just to do either, but if a change must be made the benefit should be given to the debtor rather than to the creditor.

Let no one accuse me of defending the justness of any change; but I repeat it, if we are given a choice between a change which will aid the debtor by reducing the size of his debt and a change which will aid the creditor by increasing the amount which he is to receive, either by increasing the number of his dollars or their size, the advantage must be given to the debtor, and no man during this debate, whatever may be his private wish or interest, will advocate the giving of the advantage to the creditor.

To illustrate the effect of changing the ratio let us take, for convenience, the ratio of 24 to 1, as advocated by some. We could make this change by reducing

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