COIN REDEMPTION FUND, 
 
 REMARKS 
 
 WILLIAM W. GROUT, 
 
 OF VERMONT, 
 
 IN THE 
 
 HOUSE OF REPRESENTATIVES, 
 
 Friday, February 28, 1896. 
 
 WASHINGTON. 
 
 1896. 
 
 * 
 

 r 
 
 * 
 
 REMARKS 
 
 OB' 
 
 WILLIAM W. GliOUT. 
 
 The House being in Committee of the Whole and having under considera¬ 
 tion the bill (H. R. 6348) making appropriations for the legislative, executive, 
 and judicial expenses of the Government for the fiscal year ending June 80, 
 1897, and for other purposes— 
 
 Mr. GROUT said: 
 
 Mr. Chairman: A sound, stable currency is one of the prime 
 requisites of business prosperity and national strength and inde¬ 
 pendence. No nation with a disordered, fluctuating, or perma¬ 
 nently depreciated currency, though all other conditions may be 
 favorable, can ever take high rank as a commercial power. The 
 reason is obvious. The currency of a country always determines 
 values; and stocks, bonds, land, and all personal property of every 
 kind are rated in a given country according to the commercial value 
 of the money standard in that country. If the standard be gold, 
 which is to-day the standard of all the great commercial nations, 
 then the property of such country may be readily exchanged on 
 equal terms with the property or money of all nations having the 
 same standard of value. In other words, such nations can trade 
 on a uniform basis of values, which not only facilitates the ex¬ 
 change, but is at the same time free from all disappointment to 
 either party when the account is stated. 
 
 But not so with a country like Mexico, for instance, which has 
 free silver coinage, and where the standard is measured by silver 
 and is of just about one-half the value of the standard of the com¬ 
 mercial nations of the earth. 
 
 When she sends merchandise to a foreign country of the value 
 of a dollar in her currency she really gets but 50 cents in gold 
 for it. 
 
 So it would be in the United States if, like Mexico, we were to 
 go on a silver basis, to which free coinage would inevitably carry 
 ns; but of this I will speak in a moment. But I think all will 
 
3 
 
 agree that if we were on a silver basis every bushel of wheat, 
 every pound of butter or pork or beef, and every manufactured 
 article which we might export would bring just about one-half in 
 gold its imputed value here. 
 
 Not only this, but all American securities—railway, municipal 
 and State bonds as well as United States bonds—millions of which 
 are now held abroad, would be worth in London. Berlin, and 
 Paris only 50 cents on the dollar in gold. They would in fact be 
 worth only 50 cents on the dollar in gold in our own markets. 
 
 Confessedly this would be the inevitable situation if we were on 
 a silver basis, and where is the American who will say that this 
 would be satisfactory to him? Where is the farmer or manufac¬ 
 turer who would be satisfied with his lot under a government 
 whose measure of values is so delusive that when he takes his sur¬ 
 plus products into the markets of the world, where their value 
 would be measured by the world's standard, he gets only half price 
 for them? What American could view with equanimity his Amer¬ 
 ican citizenship if American currency were worth but half price? 
 In short, what American would be satisfied if the currency of his 
 country were not equal in value to the best currency on earth? 
 I think everyone will agree that if we were on a silver basis the 
 above is a fair statement of the disadvantages we would labor 
 under at the present time in our commercial intercourse with the 
 rest of the world. But the situation would be far more humiliat¬ 
 ing and unsatisfactory right here at home. 
 
 Instead of 4 per cent United States bonds selling at 10 and 12 per 
 cent premium for gold, an 8 per cent bond could not be sold at an 
 equal or greater discount, and at that be paid for in a currency 
 worth but 50 cents on the dollar in the commercial marts of the 
 world. 
 
 TESTIMONY OF BOND SALE. 
 
 The bond sale now in progress, though discreditable enough to 
 the economic and administrative policies which have made it 
 necessary, yet bears eloquent testimony to the faith of the Ameri¬ 
 can people in the honesty of the future American dollar; testi¬ 
 mony also to the faith of all the commercial nations of the earth 
 whosegold is to-day finding its way to the United States Treasury 
 2183 
 
4 
 
 in exchange for these bonds payable in coin. Think yon, Mr. 
 Chairman, the American people or the capitalists of Europe would 
 take these bonds at this low rate of interest and high premium if 
 they believed this country was to go on a silver basis and pay 
 them when due in a currency of one-half thevalue of gold? Nay, 
 nay. Then think of another thing. What sort of people would 
 we be to do that thing? How. after it, could one American ever 
 look another in the face when the subject of national honor or of 
 public faith was mentioned? 
 
 But, saying nothing of the virtue of keeping faith with all classes 
 of our security holders, let us for a moment see what the effect of a 
 debased currency would be upon the working millions who, ‘ ‘ in the 
 sweat of the face,” eat their bread. With the present disparity in 
 the commercial value of the two metals, every dollar of the $579,- 
 400,907 of gold would be withdrawn from circulation and would 
 become a commodity. It would be at a premium of 2 to 1. And 
 who will describe the disastrous effect on the business of the coun¬ 
 try by the withdrawal of just about one-fourth of our entire cir¬ 
 culating medium? And who will complete the picture and tell us 
 of the business and financial collapse sure to follow such contrac¬ 
 tion; of the mills and factories closed, and of the workingmen hun¬ 
 gry and cold in the street? And, worst of all, who will describe 
 the disconsolate, the pitiable condition of the American people 
 from whom business confidence and honor, the very first jewel in 
 the crown of confidence, have alike fled? And think of an intel¬ 
 ligent, spirited people trying to do business with a 50-cent dollar! 
 Pitiable spectacle indeed, but sure to follow such a large and cer¬ 
 tain contraction of our circulating medium, and from it, except 
 a return to an honest dollar, there would be but one escape, and 
 that to the bottomless morass of paper issues, the evils of which 
 would be worse even than those of contraction. 
 
 But, Mr. Chairman, this condition of things will never come to 
 the American people. 
 
 They understand too well the advantages of a sound, stable cur¬ 
 rency; in fact, its necessity to individual and national prosperity, 
 and especially its necessity in all foreign transactions. 
 
 But some of the free-silver advocates deny that free coinage 
 2183 
 
5 
 
 would carry the country to a silver basis; while others, at least in 
 private conversation, admit that it would, and say: ,l It is just 
 what is wanted. As a debtor nation we would then be able to 
 discharge all of our public obligations with half the value now 
 called for; and at the same time the debtor class would be enabled 
 to discharge their debts with cheap money; and though this were 
 done, the capitalist and bondholder would have all they ought to 
 have, and the struggling masses would be relieved of dispropor¬ 
 tionate burdens.” But I deny, sir, that the sturdy yeomanry of 
 this country or the debtor class ask for or would accept any such 
 scheme of repudiation as this. They believe in keeping faith with 
 all men. [Applause.] 
 
 They know that a depreciated, debased currency would surely 
 bring evils far outbalancing any slight advantage they might gain 
 in paying their debts in a dishonest dollar of half the value of the 
 one they promised the creditor when the debt was contracted. I 
 say the honest, sturdy manhood of this country would indignantly 
 spurn any such proposition, and will have nothing of it. 
 
 EFFECT OF FREE COINAGE OF SILVER. 
 
 But for just a moment to the question: Will the free coinage of 
 silver at the present ratio of 16 to 1 carry the currency of this 
 country to a silver basis? 
 
 First of all, let me ask you to keep in mind the fact that the value 
 of the silver in our standard silver dollar of 371 i grains is only 50 
 cents, and that the silver dollar in circulation and the certificates 
 and Treasury notes representing the silver in the Treasury, 
 amounting in all to a little over $600,000,000, are now kept equal 
 with gold only by the arbitrary fiat of the Government, whose 
 settled policy as solemnly declared by the act of 1890 is to keep the 
 two metals on a parity. Think of it! Six hundred millions of 
 50-cent dollars are to-day being kept equal with gold by the strong 
 right arm of public faith; and the fact is it is just about all the 
 strain the public credit will bear, especially when coupled with 
 the trouble the evergreen greenback is giving us. The truth is 
 the Government is now only barely keeping itself from a silver 
 basis by frequent sales of bonds for gold. 
 
 In the face of all this who doubts if this free-coinage amend- 
 8183 
 
ment were adopted it would take us at once to a silver standard 
 and we should at once be a 50-cent people? 
 
 This would be inevitable, as will be seen by following for a mo¬ 
 ment the practical workings of free coinage. What a field it would 
 open to the speculator and the money changer. All one would 
 have to do would be to possess himself with 50 cents’ worth of silver 
 and take it to the United States mint and have it rounded off and 
 stamped a dollar. Five hundred dollars’ worth of silver taken to 
 the mint would come out in the form of 1,000 silver dollars. Now, 
 on the supposition that the Government could keep the silver dol¬ 
 lar and gold dollar on a parity, what a chance for profit this would 
 offer. All the man with the 1,000 silver dollars, which cost him 
 but $500, would have to do would be to exchange them for a thou¬ 
 sand gold dollars (which he could readily do, if they were kept on 
 a parity) and go into the open market and with these 1,000 gold 
 dollars buy enough silver bullion, when backed up to the United 
 States mint, to turn out 2,000 silver dollars, and on every one 
 would be found the legend “ In God we trust.” And so this man 
 could go on doubling his money in every transaction in regular 
 geometrical progression; the key of success all the time being, 
 of course, that the two dollars could be kept by the Government 
 on a parity, and not only as against this single man, but as against 
 all the world. The very statement of the case demonstrates the 
 impossibility of the Government to do any such thing, however 
 determined it might be in the undertaking. 
 
 EFFECT ON THE POOR MAN'S MONEY. 
 
 Authorize free coinage at the ratio of 16 to 1 and silver would 
 at once become the standard of value. Gold would instantly go 
 into hiding. Every dollar would disappear from circulation and 
 would become an article of merchandise, worth twice its former 
 value, not in the markets of the world, but here in the United 
 States, when measured by the silver standard. And this is how 
 free coinage would affect the poor man’s money, which is con¬ 
 fessedly silver, as his transactions are all small, and how also it 
 would affect the rich man’s money, which is said to be gold: and 
 much has been said on this point, as though the poor man's money 
 would be benefited by free coinage. 
 
7 
 
 But it will at once be seen that while the international value of 
 of gold would remain right where it is now, its local value would 
 be somewhat enhanced by its attitude as a commodity, always de¬ 
 sirable, and also because it is at the same time money which those 
 engaged in foreign transactions must surely have, while silver, 
 no longer kept equal with gold, would go straight to its com¬ 
 mercial value, one-half what it is now; and who fails to see that 
 it would be not the rich man and his money, but the poor man 
 and his money that would be placed most at a disadvantage? 
 
 But in the grand collapse that would surely follow the contrac¬ 
 tion by withdrawing $579,400,907 of gold from our circulation and 
 in adjusting values to the new standard the poor and rich would 
 suffer alike, but the poor would suffer most. The workingman, 
 paid in money of half value, whose purchasing power has been 
 reduced by one-half, could make himself whole only by having 
 his wages doubled; but how long would he have to work and wait 
 before his employer could be got up to the point of paying him $2 
 per day instead of $1 as now? In the little State of Vermont the 
 deposits in the savings banks, which represent the small savings 
 of the working man and woman and the small yearly balances of 
 the farmer and mechanic, amount to $29,430,697, and in the whole 
 United States to $1,810,597,223. 
 
 Now, if this country were to go to a silver standard, every dollar 
 of this vast sum, which when deposited was as good as gold, 
 would be worth but 50 cents to the depositor. Then there is the 
 untold amount due from life insurance companies, aggregating 
 thousands of millions, every dollar of which thus far paid to the 
 companies in premiums was of full value, but if on a silver basis 
 when paid out to the widows and orphans at such time as death 
 should claim the husband and father it would be a 50-cent dollar. 
 The pensioner’s dollar would be worth but 50 cents; and so illus¬ 
 trations might be multiplied to show that the evils of a depre¬ 
 ciated currency would fall heaviest, not on the wealthy, but on 
 those of slender means. 
 
 It is true, however, that the creditor class whose obligations are 
 not written in gold would, under a silver standard, be enabled to 
 settle their debts in silver. But this would be a kind of repudia¬ 
 tion which no honorable man asks or would accept. 
 
 £183 
 
8 
 
 A SIGNIFICANT FACT. 
 
 And here let me state a significant fact. It is this: In all the 
 Rocky Mountain States, the so-called silver States, a contract 
 payable in gold is a very common thing. And it is even said that 
 those who are the most able and eloquent in the advocacy of free 
 silver have carefully taken their contracts in gold, so that when the 
 disasters of a debased currency shall come and all be whelmed in 
 general shipwreck, these gentlemen may then clutch this anchor 
 of gold, thus with selfish prudence cast to windward. 
 
 I do not say that any one of the gentlemen who are factiously 
 standing in the way of wholesome legislation in another place 
 holds contracts payable in gold, but it would be quite remarkable 
 if every one of them was not interested, directly or indirectly, in 
 such contracts—they are so common in their section; and whether 
 they hold them or not, their constituents, the men behind them, 
 do, and their very prevalence shows two things: First, an admis¬ 
 sion that the free coinage of silver will carry the country to a silver 
 basis; and second, it shows that these gentlemen are not willing 
 to standby the consequences of their own doctrines—are not will¬ 
 ing. in common phrase, to take their own medicine. 
 
 Why, in the State from which I come such a thing as a contract 
 payable in gold would be a rarity indeed, and so it is through all 
 the Eastern and Middle States. The people there are satisfied with 
 silver and the paper representing silver, because they know the 
 Government is pledged to keep all its money, silver and gold and 
 paper, on a parity, and they have faith that the Government will 
 do this. And I tell you, Mr. Chairman, the Government will do it. 
 The people of this country will see that it is done. The American 
 people have not yet become so demoralized by their own false 
 philosophy on the subject of silver coinage as to want their con¬ 
 tracts payable in gold. This particular phase of insane selfishness 
 is peculiar to the people of the Rocky Mountain States, and they 
 are welcome to a monopoly of it. And here is another notable 
 thing about these Rocky Mountain States. You may pick out 
 eight of them which have sixteen Senators in the United States 
 Senate—I will not name the eight; but they have a total pop¬ 
 ulation less than that of the city of New York, and a total assessed 
 
 21$l 
 
9 
 
 valuation also less than the valuation of that city; in fact consid¬ 
 erably less than one-half as large. 
 
 And first and last into every one of those eight States, and sev¬ 
 eral others might be added to the number, have gone hundreds of 
 thousands of dollars from the city of New York, and hundreds of 
 thousands of dollars also from every one of the States east of the 
 Mississippi River and north of the Ohio, which have never re¬ 
 turned and never will return; which, in fact, have never been heard 
 from except in the crop of statesmen who have come up here to 
 dictate lessons in finance to their unpaid creditors, and not in 
 finance alone, but upon the subject of tariff and revenue as well. 
 
 But, Mr. Chairman, this fact should not be taken as derogating 
 from the right of these States to be heard, and respectfully heard 
 too, on every public question. And I only allude to it as one of 
 the devious and unaccountable things brought in by the “ whirligig 
 of time.” 
 
 KOCKY MOUNTAIN WISDOM. 
 
 And it does seem remarkable that this family of young Com¬ 
 monwealths should possess a wisdom on the subjects of currency 
 and finance and public revenue so far above and so completely at 
 variance with the opinions and judgment of the older States from 
 whose loins they sprung, and who have really nursed them from 
 small beginnings into Statehood—I say it does seem remarkable, 
 in fact anomalous, that this Rocky Mountain wisdom, which 
 spurns all counsel from the experience of the world and closes its 
 ears to the entreaties and expostulations of the older States, should 
 be imperative in its demand for the free coinage of silver at 16 to 1 
 as the price of much-needed legislation to provide revenue and 
 preserve the credit of the Government. [Applause.] 
 
 Verily there must be something in the atmosphere, or perhaps 
 in the meat which our friends do eat, in that wild Rocky Moun¬ 
 tain region, which gives them an inspiration wholly beyond the 
 comprehension of ordinary mortals who live on a lower diet and 
 amid milder scenes. But there is one thing the East will very 
 likely have learned from this experience, and that is that its loan¬ 
 able funds will be safer nearer home, and safer, too, with a people 
 not subject to fits of inspirational philosophy on the subject of 
 finance. [Laughter.] 
 
 2183 
 
10 
 
 AMERICAN BIMETALLISM. 
 
 But, Mr. Chairman, enough as to the incomprehensible wisdom 
 of our free-silver friends: and in closing, just a word as to Ameri¬ 
 can bimetallism. 
 
 Bimetallism, from the very nature of the case, encounters some 
 difficulty not found in the single gold standard, such as the vary¬ 
 ing value of the two metals. But this difficulty is surmountable, 
 and the system in the hands of the intelligent and honorable Ameri¬ 
 can people is not only practicable, but, in my opinion, best. I am, 
 in short, a bimetallist. 
 
 There can, of course, be but one measure of value, one yardstick, 
 and the term “ bimetallic standard ” is a misuse of language, as it 
 will only apply at such times, not often happening, as the commer¬ 
 cial value of the two metals is in exact accordance with the estab¬ 
 lished ratio. Hence the fathers in disposing of this question 
 avoided the term “ bimetallic standard,” but did decide that the 
 unit of value should rest on both gold and silver. This is clearly 
 shown by Jefferson’s words in approving Hamilton's report on 
 the mint in 1792. He said: “ I concur with you in thinking that 
 the unit of value must stand on both metals.” It was so placed, 
 and after careful inquiry in all the markets of the world as to the 
 value of each metal the ratio was fixed at 15 to 1. And thus did 
 these great minds of that day, in fact, these great minds in all 
 American history, help establish American bimetallism. They 
 had put the two metals as yokefellows into the Constitution as 
 the only lawful legal tender, and when the question of minting 
 money was reached, they were still kept together as the basis of 
 the unit of value. And to this day they are yokefellows in the 
 system of American bimetallism. 
 
 It is true just now the whole load is drawn by the gold ox, and 
 it would perhaps hardly be worth while keeping the silver fellow 
 along, only that there is a prospect that a little later he will do his 
 share of the work. Now, it would seem to most people that the 
 particular friends of this silver ox ought to be thankful that Uncle 
 Sam keeps him in the team at all; that he does not, in short, knock 
 him in the head and go on and leave him. But what has been, 
 may be again. Prior to 1834 gold was at a premium and did not 
 2183 
 
11 
 
 circulate, and the silver ox pulled the whole load. Gold was then 
 behind, the same as silver is now. But in that year the ratio was 
 changed to 16 to 1, and from that time to 1873, of which I will 
 speak in a moment, silver was at a premium and gold alone was 
 coined. The recollection of this ought to beget within us a little 
 patience for the worthlessness of the silver yokefellow now. 
 
 SILVER NOT DEMONETIZED. 
 
 But the silverites claim that Uncle Sam has not given him a 
 fair chance. They say silver was demonetized in 1873. I deny it. 
 Not a dollar of silver was deprived of value or withdrawn from 
 use as money, and nothing short of this constitutes demonetiza¬ 
 tion. It is true, in 1873 the further coinage of the metal was sus¬ 
 pended, and that act has been denounced as a crime clandestinely 
 committed. 
 
 Let us see about this. The proposition was before Congress for 
 three sessions, was reported upon and debated like any other 
 measure, and finally became a law, because, though in that very 
 year of 1873 while the silver product of the United States was $35,- 
 750,000, no silver dollars were then being coined or had been for 
 several years for the reason that 16 ounces of silver were worth in 
 the market more than an ounce of gold. It was more profitable 
 to dispose of it as bullion. Now, how could silver have been hurt 
 by stopping its coinage when none was being coined? It was not 
 hurt. Very so >n, however, from various causes, principal among 
 which was the demonetization of silver by the great powers of 
 Europe, silver went down in value, and there at once arose a cry 
 that the United States mints be opened. 
 
 WHAT UNCLE SAM HAS DONE FOR SILVER. 
 
 Uncle Sam heard the lowing of his silver ox, and in 1878 the 
 mints were opened to the coinage of not less than $2,000,000 per 
 month, and in the twelve ensuing years 363,646,517 silver dollars 
 were coined and certificates issued thereon to relieve the American 
 people of the burden of over 13,000 tons dead weight in making 
 their exchanges. But meantime the production of silver increased, 
 especially in the United States, and the price still went down; and 
 in 1890 silver was still further provided for by authorizing the 
 purchase of something more than the entire American product at 
 2183 
 
12 
 
 the rate of $4,500,000 per month, and out of that purchase enough 
 was coined to redeem $155,931,002 in Treasury notes, still further 
 carefully relieving the people from carrying around between four 
 and five thousand tons more of silver money in their pockets, thus 
 making a grand total of $606,332,053 of silver and its paper repre¬ 
 sentatives now in circulation in the United States, including sub¬ 
 sidiary silver: over $26,000,000 more of silver than of gold, and 
 every dollar kept as good as gold, though its actual value is only 
 50 cents. 
 
 Now, this is what the American people have done and are do¬ 
 ing to-day for silver. And yet our Rocky Mountain friends tell 
 us it is demonetized. What effrontery, and how given to romance 
 these gentlemen are! Mr. Chairman, the plain people are getting 
 tired of this silver agitation. They are beginning to understand 
 how utterly groundless is the pretense that silver is stripped of its 
 function as money. They are beginning to see how idle and empty 
 is all this rant and buncombe about gold bugs and plutocrats. 
 They are beginning to understand that, more than the rich, they 
 themselves are interested in a sound, stable currency. 
 
 In short, they are beginning to see that Uncle Sam has done all 
 he could safely do for silver; and that he is to-day carrying a bur¬ 
 den that almost breaks his back. I say, the people are beginning 
 to understand this everywhere, North and South, East and West, 
 and even out among the Rocky Mountains. And let me say in all 
 kindness to my friends from that section that before they know it 
 they will find the people in that region repudiating the free-coinage 
 craze as likely to multiply their troubles rather than bring relief, 
 and as disreputable and disadvantageous to them in their relations 
 to the rest of the country and to the world. 
 
 GOLD MONOMETALLISM NOT WANTED. 
 
 Some one may ask, why not cast out, neck and heels, this worth¬ 
 less silver yokefellow and go to the gold standard? Now. this 
 man would be a gold monoinetallist and a rich man, or the asso¬ 
 ciate of rich men, or a crank off the same piece with the silver 
 crank. [Laughter.] 
 
 And, Mr. Chairman, gold monometallism would be attended 
 
 wPh many of the same evils as silver monometallism. It would 
 2183 
 
13 
 
 work a like contraction of our circulating medium to the extent 
 of our entire silver coinage and deprive the poor man of the very 
 money best adapted to his use. And this must not be thought 
 of for a moment. 
 
 We must keep the silver ox in the team if we can keep the 
 breath of life in him. I know a double team as the basis of the 
 unit of value is. in many respects, a troublesome one, and can be 
 made successful only by skillful, careful, honest handling; but 
 this the American people are equal to. Besides, the fathers started 
 with this double team, and the American people have prospered 
 with it as no other people on earth. The Republican party is 
 committed to it; in fact, has always stood for bimetallism, and has 
 always been in favor, and is now, of the largest possible use of 
 silver consistent with keeping the two metals together. But a 
 point has been reached when not another dollar of silver can be 
 safely coined under existing conditions. And this our silver 
 friends must understand once for all. 
 
 INCREASED PRODUCTION OF GOLD PROMISES RELIEF FROM TOO MUCH 
 SILVER. 
 
 But what is the prospect that the silver ox, truly in a most 
 dilapidated condition just now, will ever again be able to take* a 
 healthy part in the work of the team? 
 
 Mr. Chairman, it is most promising, indeed. It is found mostly in 
 this single fact, viz, that the world’s production of gold is rapidly 
 increasing, while that of silver is remaining just about stationary. 
 
 The world’s product of gold in 1894 was $180,626,100, while in 
 1895 it was $200,000,000, a gain of almost $20,000,000 in a single 
 year, while the commercial value of the world’s product of silver 
 in 1895 was just about the same as in 1894, viz, $106,522,900. 
 
 In our own country, however, the change is far greater. There 
 has been a steady decline in our silver output since 1892 from 
 63,500,000 ounces, worth $55,563,000, in that year, to 49,500,000 
 ounces in 1894, worth $31,422,000. For 1895 the product was but 
 46,000,000 ounces, worth $29,500,000, a decrease in three years of 
 16,500,000 ounces, a loss of more than one-fourth the output in 
 1892, and a loss in commercial value of almost one-half. 
 
 Whereas in the same three years the output of gold in the 
 2183 
 
14 
 
 United States has increased from $33,000,000 in 1892 to $39,000,000 
 in 1894. In 1895 the product was $46,500,000, a net increase in 
 these three years of $13,500,000, considerably more than one-third 
 of the entire output in 1892. 
 
 At the same rate of increase of gold and loss of silver for the 
 next three years, and there is every prospect of it, the United 
 States will be producing $60,000,000 worth of gold and only 29,500,- 
 000 ounces of silver, worth at present price only $19,765,000—less 
 than one-third the value of the gold product. 
 
 Mr. Chairman, think of this country producing, as it will within 
 the next three years, gold of more than three times the value of 
 its silver product, and that, too, from the bowels of the Rocky 
 Mountains: and then think how the people out there, and their 
 representatives in the two Houses here, will wonder and blush, and 
 blush and wonder how they could ever have had the gall to so vocif¬ 
 erously demand the free and unlimited coinage of a 50-cent dollar. 
 
 The figures already given show an increase in the world’s gold 
 product of 1895 of $20,000,000, and that the total value of that 
 product was just about twice the value of the silver product, 
 which is practically stationary. Now, at the same rate of in¬ 
 crease for the next five years the value of the world’s gold product 
 will be three times that of silver; and in ten years four times that 
 of silver. And who fails to see that this increased production of 
 gold must tend to bring the two metals together throughout the 
 world. And in my mind there is no doubt this increased produc¬ 
 tion will continue, for the heart of the world is to-day set on gold 
 mining as never before, and through improved machinery and 
 new chemical agents and processes ores heretofore worthless are 
 now profitably handled. It also has the further advantage, that 
 the product, being itself the measure of all other values, is never 
 at a discount. Gold mining to-day is the most alluring and the 
 most profit-promising field open to adventurous and enterprising 
 manhood. The gold prospector with his pack and pick is camped 
 on every mountain slope from the Yukon to the Rio Grande, 
 while the story of the South African gold fields reads like a tale 
 from the Arabian Nights. Surely this all promises largely in¬ 
 creased production of gold. 
 
 2183 
 
15 
 
 And who does not know that supply and demand regulate the 
 price of these moneymetals the same as of every other commodity? 
 And when gold shall become so plenty and silver so scarce that 
 16 ounces of silver are worth more than 1 ounce of gold then sil¬ 
 ver will become the measure of value, so far as our coinage is con¬ 
 cerned, the same as it was prior to 1834. Then. Mr. Chairman, the 
 silver steer will be the likelier one of the two. He will move up to 
 first place in the team and the gold bug will go behind. 
 
 THE GOLD CURE. 
 
 Mr. Chairman, it is said by naturalists that for every human ill 
 there is some antidote; like varioloid and vaccine for the smallpox, 
 sulphur for the itch, and the gold cure for the liquor craze. And 
 here we will have for the silver craze the gold cure also. All hail 
 the gold cure! It is sure to come. It will cure those in this 
 country who want more silver, and at the same time those in other 
 countries who want less silver. And meantime all we have to do 
 is to hold down our frantic silver friends till the cure shall take 
 effect. [Laughter.] 
 
 It will inevitably bring the nations together at no distant day 
 upon a fixed ratio for the coinage of the two metals, which the 
 world really wants and which the world will have. 
 
 The rich man and the monopolist may want gold monometal¬ 
 lism, but the masses do not, and they will never consent that one- 
 half of the money of the world be turned into merchandise. There 
 is really none too much for the needs of man when both metals 
 are fully utilized. 
 
 INTERNATIONAL BIMETALLISM. 
 
 I do not say that increased production of gold alone will force 
 the nations to bimetallism, for left to herself I expect England 
 would still cling to the gold standard. 
 
 But there is a greater than England in the earth. The young 
 giant of the Western Hemisphere, whose money is silver and gold, 
 the money of all history, both sacred and profane, will have a 
 word to say before either metal shall go to the melting pot as a 
 mere commodity. There are many ways in which we can make 
 our influence felt. The whole world wants to trade with us and 
 will naturally respect our views. And if we are only true to bi- 
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16 
 
 metallism now, and demonstrate the practicability of the Bystem 
 by preventing onr silver friends from carrying the country to the 
 silver standard—and we are surely going to do it—and thus keep 
 our public credit in this time of great trial free from spot or stain 
 of any kind we shall have some influence in the next international 
 conference. And with the metals near each other in commercial 
 value, international bimetallism on a fixed ratio is something I 
 hope, nay something I expect, to live to see. And when the time 
 shall come that American coins of both metals shall pass side by 
 side as yokefellows through the capitals of Europe, will it not in¬ 
 deed be a great day for American bimetallism and American 
 statesmanship? [Applause.] 
 tm 
 
 O