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K A N S A S ,



M A R C H 24, 1 8 9 2 .




S P E E C H





The House having under consideration the bill (H. K. 4426) for the free coinage of gold and silver, for the issue of coin notes, and for other purposes-

Mr. D A V I S said;
Mr. SPEAKER: W h e n discussing an important question like
this it is just as well to go to the bottom of it and g e t at the exact

T h e questions first .arise, then, W h e n c e came the silver

dollar of the United States? W h a t is it? And what is its history?
These questions were settled by our patriot ancestors, and the
friends of the American silver dollar are neither theorists nor
impracticable dishonest cranks.

T h e credit of our decimal

money is due to Robert Morris, and it was by the joint request
of George Washington and Thomas Jefferson that the " S p a n i s h
milled dollar" of 371i grains of pure silver was adopted as the
standard of value and unit of account in this country.
in 1785.

T h i s was

T h e silver dollar was sanctioned by the financial wisdom,

of Robert Morris, the solid practical judgment of Gen. Washington, a n d " the learning, genius, and philosophy of Thomas Jefferson."

It is as much a tradition and emblem of patriotism in the

United States as are our national military airs or as the Star
Spangled Banner itself.

" A n d , " says the United States Mone-

tary Commission of 1876, " it is a policy as well as a tradition."
B y the mint act of 1792, the Spanish milled dollar was made
the standard of value and unit of account for the United States.
T h e law bears the approving signature of President George

F o r eighty-one years that law remained in full

force and effect, unquestioned and unrepealed.

During all that

time the amount of pure silver in our standard silver dollar remained unchanged.

A l l monetary transactions in this country

r e f e r r e d t o i t a n d w e r e b a s e d u p o n i t a s t h e s t a n d a r d of v a l u e
a n d u n i t of a c c o u n t .

T h e b u l l i o n i n t h e g o l d d o l l a r w ; as s o m e -

times c h a n g e d to m a k e its value conform to t h e
silver standard.


It was k n o w n and respected e v e r y w h e r e in the

c o m m e r c i a l w o r l d a s t h e " h o n e s t d o l l a r " of t h e U n i t e d S t a t e s
of A m e r i c a .

T h e g o l d dollar w a s t h e f l u c t u a t i n g , u n r e l i a b l e dol-

lar then, as it is yet, c h a n g i n g value w i t h e v e r y c h a n g i n g wind,
always being dearest and hardest to g e t w h e n most wanted.
P r o f . V i s s e r i n g , of t h e U n i v e r s i t y of L e y d e n , i n 1876 s a i d t h a t
EnglandWas subject to frequent monetary crises, because she had the gold standard.
* * * The mass of silver in circulation and the conditions of the production of that metal, give it a fixity of value to which gold can not pretend.
A n E n g l i s h w r i t e r of t h e L o n d o n S t a t i s t i c a l S o c i e t y h a s s t a t e d
t h e m a t t e r as follows:
England is the peculiar seat of monetary crises, just as Egypt is of the
plague and India of the cholera. The monetary plagues are the bane and opprobrium of cur country.
T h e U n i t e d S t a t e s M o n e t a r y C o m m i s s i o n of 1876 s a y s :
In addition to the irregularities of its production, gold lacks sufficiency of
mass to give it steadiness. It is necessarily so subject to "jerks and changes "
that to use it as an exclusive standard must reduce all business to gambling.
No merchant can buy goods with gold to be sold for gold a year afterward, or
even a few months afterward, without being subjected to a heavy risk. If he
covers the risk by extra profits in the nature of insurance, he must impose a
heavy tax upon those who deal with him. Whoever enters into a contract
to pay gold in one, two, or three years can not, by any possibility, foresee
what its value may be when the contract matures. Gold, when unsteadied
by silver, is as unstable as water. The long experience of England has shown
it to be one of the most fiuctuating, treacherous, and dangerous currencies
ever devised.
The present head of the British ministry said three years ago that England
did not become rich by adopting gold, but adopted gold because it was already rich. He might have added that it was only the great wealth of England, acquired under a sounder and better system, wtoteh has enabled it to
endure the mischiefs of a currency which has made it " the peculiar seat of
monetary crises, just as Egypt is of the plague and India of the cholera."
If England was not the creditor of all the world on gold contracts, and if that
consideration did not really dominate over everything else in determining
its policy, it would abandon a svstem which is its bane and opprobrium.
M r . S p e a k e r , i n 1873 a n a c t w a s p a s s e d b y t h e A m e r i c a n C o n gress, u n d e r B r i t i s h influences, demonetizing the ancient silver
d o l l a r of t h e r e a l m a n d s u b s t i t u t i n g f o r i t t h e



T h i s act was passed so stealthily and adroitly t h a t t h e


members of Congress who voted for it, and President Grant,
who signed the bill, afterward, many of them, declared that they
did not know that the standard dollar of the country was then and,
there demonetized.

I t was afterwards suggested that some of

our Congressmen had been "hypnotized."

In order to see that

the crime was committed under British influences it is but necessary to refer to the report of the committee in charge of the

T h e chairman, Mr. Hooper, said:

Mr. Ernest Seyd, of London, a distinguished writer and bullionist, who is
now here, has given great attention to the subject of mint and coinage. After
having examined thefirstdraft of this bill he made various sensible suggestions, which the committee adopted and embodied in the bill.

There was a report current afterward that England and Germany having previously demonetized silver, this Mr. Ernest
Seyd, of London, was sent to the United States with half a million dollars in his pocket " to procure the demonetization of
silver by the American Congress."

W h e t h e r this report was

true or not, the crime was stealthily committed by the said Congress, in the presence and under the advice of the alleged emissary.

A n d that the British money power is familiar with the

committing of monetary crimes I will abundantly prove before
I am through.
In 1873, when the law was passed demonetizing silver, the
bullion in the silver dollar was worth 3 cents more than the bullion in the gold dollar.

T h a t law increased the demand for

gold and decreased the demand for silver.

This new demand

for gold caused that fluctuating metal to rapidly rise in value.
B u t silver bullion did not fall in value, anft has not fallen in
value, as compared with the values of the commodities of commerce.

T h e bullion in the silver dollar will buy as much, or

more, of the average commodities of commerce now as it would
in 1873, w h e n i t ruled above the gold dollar.

Gold has risen

since 1873 not less than 30 per cent; silver has risen about 3 to
10 per cent.
A n enemy of the silver dollar writes me as follows:
Attempting to promote prosperity by the debasement of the currency leads
to bad results. It is crooked financiering, and, therefore, must end disas197

trously. Whenever the stability of the currency has been undermined in
this and other countries, calamity has followed.

In this I agree with my opponent.

England undermined the

stability of her currency in 1816 by demonetizing silver.
country did the same thing in 1873,


They did not "debase the

currency," but they enhanced its value by cutting off half t h e
means of payment, thus doubling the burden of debts and taxes.
T h e y violated all existing contracts, adversely to the interests
of the people, and in favor of the holders of bonds, mortgages,
and all monetary obligations.

In each case ' 1 calamity followed."

So my opponent condemns himself. T h e currency should be maintained " u n d e b a s e d " and unappreciated.
tary crime producing calamity.

Either act is a mone-

Silver men now desire to restore

the ancient ^status for the relief of the people—to undo the crime
of 1873.
T h e enemy of the steady, honest, old dollar of Washington,
Jefferson, and Jackson continues his objections as follows:
When a dollar is not a dollar it is a fraud; it is the province of an honest
government to make a dollar what it purports to he.

That is precisely our fix to-day.

T h e gold dollar is not a dol-

lar, but is very nearly a dollar and a half.

T h e taxpayers and

debtors must now sell much more of the products of their labor
for a tax-paying dollar than when the taxes were levied and the
debts incurred.

T h e y must pay in commodities about a dollar

and a half for every dollar they get.

Is that an honest dollar

which " i t purports to be?"
My objector .says further:
I admit that free silver would make prices higher. Therefore it would degrade the purchasing power of a dollar. The silver in a dollar to-day is worth
about 75 cents.

T h a t is another misleading falsehood.

Compared with the

prices of the commodities of commerce, the silver dollar is a full

B y the same standard gold is h i g h e r .

Y o u can not value

one money by another unless one is taken as the standard.


this case, b y the judgment and laws of the patriot fathers, and
by every monetary law and contract from 1785 to 1873, the silver
dollar was the standard of value and unit of account.

B y the

law of 1873, passed under the advice of the British fundholders,
the gold dollar is the unit of account.
otism as well as of money.

I t is a question of patri-

On whose side are we?

this day whom ye will serve!"

" Choose ye

When'an enemy insults the flag

of our country the nation is stirred to the heart.

T h e ancient

standard of value and unit of account in this country has received
the same disgrace at the hands of British emissaries, in the interest of the great fundholding money power of London!
My objector still continues:
The friends of free coinage, however, say that it would not depreciate the
dollar, hut make prices higher, increase the demand, accelerate the wheels of
industry and make good times. This is to he accomplished by the Government agreeing to pay more for a metal than it is worth.

T h a t statement in the last sentence is false.

Under a free-

coinage law the Government pays nothing for silver.
buy silver.

It does not

I t merely coins i t and returns it to the owner, just

as i t now does gold.

T h a t is the whole truth.

If coinage adds

nothing to th§ value of metal, as some bullionists assert, then the
silver man is no richer with new coin than he was with his silver
My objector becomes very candid, as follows:
There is some plausibility to the statement that free silver would produce
a temporary activity, especially in the West. But how? Could it be done
without injustice to anybody? Let us see. If the debtors of the country
could rob their creditors of one-fourth or one-fifth of the indebtedness, paying 75 or 80 cents upon the dollar, would it not improve trade? Debtors
would feel richer, and the money they had saved by the one-quarter repudiation could be devoted to better food and clothing, furniture, fast horses,
travel, and other uses. They would consider that the money cost them
nothing, and spend it accordingly. The gambler or thief is generally very
liberal with his winnings. This high is waymanship; not statesmanship.

T h o above statement is based on the assumption that the debts
of the country came into existence on the basis of gold loans.
T h a t is untrue.

T h e lender usually loans the cheapest money

he has at hand.

Then, w h y should he be paid in the dearest?

Suppose I loan a man bank-notes, greenbacks, silver certificates,
or silver dollars, have I not a bona fide debt against him?


shall I refuse payment in the same kind of money I loaned him?
Y e t every form of paper money mentioned is legally redeemable
in silver coin.

Now, who is the repudiator of contracts?


editor flippantly talks of a 15 or 80 cent dollar; and y e t if he will
take a bag of silver dollars into W a l l street—the very head center
of the silver haters—he can g e t 99 cents in gold for each of them!
Is that not true?

A n d if buying goods in the usual line of com-

merce for home supplies, merchants will only be too glad to take
all his silver dollars at par.

I have seen merchants well pleased

to be the subjects of such " h i g h way manship."

A n d even the

Government of the United States, in all the custom-houses, gladly
accept silver dollars, or a paper money at par if redeemable in
silver dollars only.

And that has been the law and the usage in

this country from the very beginning.

In 1885 the New Y o r k

banks exchanged gold coin for our lightest silver coins to the
amount of $10,000,000, and offered to immediately double that
amount if the Government would consent.
To authorize debtors to directly and openly repudiate 20 per cent of their
obligations would be a vulgar robbery, and convict the Goverment of monstrous criminality. Take a hypothetical case that has many duplicates in
principle: A man dies and leaves his widow little or nothing but a large family and a $10,000 life insurance policy. She invests the $10,000 in a gilt-edged
mortgage at 5 per cent interest, and is mainly dependent upon the income of
$500 for a livelihood. The mortgagor is a speculator, and happens to have
silver bullion in his cellar worth at current rates $7,500. Just before the
mortgage matures Congress passes a free silver bill. The mortgagor, who
expected to pay three-fourths of his indebtedness and keep an incumbrance
of $2,500 on his real estate, thereupon rushes to the mint, gets his silver
coined and nominally pays the widow the $10,000, thereby extinguishing the
mortgage. He puts $2,500 in his pockets without doing anything to earn it,
or rendering any compensation whatever. Does anybody lose the $2,500?

L e t us '' hypothecate " that case a little further.

T h e Govern-

ment of the United States has now been coining silver and issuing silver certificates, under the laws of the country, about fourteen years.

I t has been issuing Treasury notes since 1812, and

the present national banks have been issuing notes, since their

Every form of paper money here mention d is

now and has always been redeemable in standard silver dollars.
Just as like as not that $10,000 insurance money was paid in bank
bills, silver certificates, or greenbacks.

Or, if paid in gold, then

that was changed to paper before the investment in the mortg a g e occurred, if anything could be made by it.

So we find a

" p o o r w i d o w " loaning $10,000 of paper money, w h i c h is and al«

ways has been legally redeemable in silver coin; and then our
silver hater says if she is paid in silver dollars she will lose $2,500
Senator JOHN SHERMAN, of Ohio, once said:

by the operation.

The bondholder who refuses to take the same kind of money for his bonds
that he paid for them is a repudiator and extortioner.

W h a t does our goldite think of millionaire testimony like that?
Does a bare act of legislation put a gratuity of $2,500 into one man's pock
ets without taking the money from somebody else? Was the 12,500 evolved
from nowhere? Before answering affirmatively it is well to see how the
legislation affects the widow and her family.

T h e proposition brings us face to face w i t h the greatest crimes
of this century.

W h e n an act of legislation puts a gratuity into

the pockets of a man, or a class of men, the money does not come
" from nowhere."
or class.

I t comes from the pockets of some other man

W h e n through the influence of the New Y o r k bank-

ers, as related .by Thaddeus Stevens, the exception was placed
on the greenback, making it a depreciated money, i t cheated the
American soldier out of about half his coin contract pay, and at
the same time created the New Y o r k gold room, where gold and
bonds were bought and sold, so that the holder of gold doubled his
money at every turn of the scale or tip of the beam.

I wonder if

those great gold fortunes were " evolved from nowhere."


how did that legislation affect the widows and children of halfpaid soldiers?
W h e n the bondholders obtained a banking law by which they
could deposit 50-cent bonds without losing the interest, and then
take from the United States Treasury nine-tenths of the face of
the bonds in notes to bank with, more fortunes were made by an
" act of legislation."
from nowhere"?

Wonder if those fortunes were " evolved

A n d if not, then whose widows and orphans

are " affected""by it?
B y act of legislation in 1869 $1,500,000 of currency bonds were
changed to coin bonds.

T h i s added to their value about $500,-

T h a t vast sum went to the credit of the great million-

aire fundholders of New Y o r k and London.

I t was " e v o l v e d "

from the pockets of American taxpayers, from the very men
who now m i g h t be benefited a very little if the free coinage of

silver should make money a little plentier and easier to get.
Later on came the crime against silver which we are now discussing,

It added another 25 or 50 per cent to the people's bur-

dens by making money scarcer and dearer and property cheaper.
More fortunes sprung up,


evolved" from the pockets of the

people, filling the land with two great classes, the dangerously
rich and the suffering poor.

It is to stop this dangerous process

of u e v o l u t i o n " that we now desire to remonetize the old silver
dollar of the patriot fathers, in all its force and vigor, restoring
i t to its ancient place as the standard of value and unit of account.

T h e national banking law must also be repealed, and the

ashes of the old greenbacks burned up under the law of \8G6
must be reissued in the form of new, crisp Treasury notes, with
no deadly " e x c e p t i o n s " on them.
B u t these things can not be done in a moment.

W e have to

deal with a money power which deems itself


flushed with a thousand victories over justice and humanity.
is unscrupulous.


Things which are deadly crimes in others,

when committed by this money power are condoned or applauded
as wisdom.
During the war of the American Revolution the British Government embarked in the business of counterfeiting the Continental money.

Gen. Howe advertised in the colonial papers

that he could, supply " any number of counterfeited Congress
notes at] the price of paper per ream."

A n d Gen. Clinton in-

cluded " t h e arts of counterfeiting" in the items of his regular
dispatches to his home Government.
On one occasion the Americans captured and destroyed " a
shipload of this counterfeit Continental money coming from

It was this same unscrupulous money power which sent

Mr. Ernest Seyd into the American Congress, where he offered
some " some sensible suggestions," which were embodied in the
bill demonetizing the ancient standard of value and unit of account in the great American Republic.

A n d i t is this crime

which our gold men now justify and fight so sturdily to perpetuate/calling its repeal " highwaymanshipl"

I desire to call attention to one more specimen of the criminality of the great London money power, which uses the British
Government as its willing tool and accomplice, and, in some cases,
as its police force to enforce its robberies, as in the case of Egypt,
where a whole country was devastated and a populous city of innocent and helpless people were bombarded by a British ironclad to " enforce the rights of the bondholders."
In his History of the Assignats and Mandats of Prance, published in Philadelphia in 1877, Stephen D. Delay says:
But finding that the Revolution was stronger than the clergy, strongei
than the nobility; that Imperial France was conquering the enemies of lib
erty everywhere; that nation after nation was yielding to its power; that
its armies were victorious and its principles, as developed by the constitution and laws, were such as reason and humanity approved, the clergy and
the nobility set criminal law, honor, and every principle of honesty at defiance, and organized forgery as a business and made the passage of counterfeit assignats their occupation—thus attempting by crime, by stealth, and by
felonious and secret infamy to undermine the credit of the assignat, deprive France of its resources, and overthrow the Revolution.

This business was prosecuted by individuals in a small way in
Belgium and Switzerland, but mainly in the city of London, under the eye and approval of William P i t t , the premier of England.
T h e historian proceeds as follows:
Seventeen manufacturing establishments were in full operation in London,
with a force of 400 men, devoted to the production of false and forged assignats. The extent and the success of the labor may be judged by the quantity
and value they represented. In the month of May, 1795, it was found that
there were in circulation from 12,000,000,000 to 15,000,000,000 francs of forged
assignats, which were so exact in form, appearance, texture, and design as
to defy detection except by the most minute examination and exact knowledge of the secret signs by which the initiated were taught to distinguish

Thomas Doubleday, an eminent English historian, in his L i f e
of Sir Robert Peel, corroborates the above statements, and describes a personal visit of himself and friend to an old Scotch
paper mill on North Tyne, where the paper was made for the
counterfeit assignats.

He expressly states and proves that Sir

W i l l i a m P i t t , premier of Egnland, conceived the device and authorized the manufacture of counterfeit assignats, bearing date

T h e issues were " sanctioned by the Government."


In the light of history like that, it cannot be doubted that Mr.
Ernest Seyd, of London, with his half million dollars, was the
secret agent of that colossal, merciless, and unscrupulous London
money power, sent here, it is said, " t o procure the demonetizac
tion of silver."

T h e demonetization of silver put several mil-

lions additional value into the United States bonds, which by
their terms were payable in coin of the standard value of July 14,
1870; but henceforth, after 1873, were to be paid in gold only. I t
also added billions to the monetary obligations resting in various
forms on the people of the United States.

T h e demonetization

made all debts and taxes harder to pay, by cutting off half the
means of payment.

T h e remonetization will add to the means of

payment and lighten the w e i g h t of all debts and taxes.
r i g h t to undo a wrong?

Is it not

Is it "highwaymanship" to recover my

property when found in the hands of the thief?
A s matters now stand, with the Government in the market
buying silver, we have a regular silver bullion gambling room,
as w;e had a gold room during the war.

Silver bullion is bought

in London a t a discount and shipped to India or to the South
American countries, where it is coined (free) into the money of
the respective countries.

T h e coinage adds to the value of the

It is then, at the enhanced value, invested in wheat, cot-

ton, beef, and hides for the London market, where they are sold
in competition with American products.

Free coinage will abol-

ish that discount which now operates against the interests of
American producers.
American products.

Free coinage thus raises the prices of all
T h e rise in the price of silver is incidental

and will encourage the mining industries of the mountain States
and Territories.

T h i s makes a better market for the products

of adjacent agricultural States and for the manufactures of the
Eastern States.

T h e agricultural States, having a larger and

better market for their products, will in turn become better customers of the manufacturing States. So, with every proper view
of the case, i t appears t o m e that the remonetization of silver and
the undoing of the colossal wrong of the century is an act of
"statesmanship," and not of " h i g h w a y m a n s h i p ! "

Honesty is

the best policy in all cases, and there surely can be no doubt now,
in view of all the facts, where the honest course lies.
Mr. Speaker, I have thus far discussed silver with incidental
mention of gold.

A Senator of the United States, standing h i g h

in the councils of the nation at that time, has described that
treacherous metal in words substantially as follows:
No people in a great emergency every found a faithful ally in gold. It is
the most cowardly and treacherous of all metals. It makes no treaty it does
not break. It has no friend it does not sooner or later betray. Armies and
navies are not maintained by gold. In times of panic and calamity, shipwreck and disaster, it becomes the agent and minister of ruin. No nation
ever fought a great war by the aid of gold. On the contrary, in the crisis of
the greatest peril, it becomes an enemy more potent than the foe in the field;
but when the battle is won and peace has been secured gold reappears and
claims the fruits of victory. In our own civil war it is doubtful if the gold
of New York and London did not work us greater injury than the powder
and lead and iron of the enemy. It was the most invincible enemy of the
public credit. Gold paid no soldier or sailor. It refused the national obligations. It was worth most when our fortunes were the lowest. Every
defeat gave it increased value. It was in open alliance with our enemies the
world over, and all its energies were evoked for our destruction. But as
usual, when danger had been averted and the victory secured, gold swaggers
to the front and asserts the supremacy.—IngalWs speech in the United States
Senate, February 15,1878.

T h a t is a short but fair description of the men who are called

Thomas Jefferson called them the


Senator WILSON called them " b r o k e r s , jobbers, and


Thaddeus Stevens called them '' bullion-bro-

kers," who sent their cashiers and agents into Congress to influencelegislation in their own interest; a l s o , " sharks and brokers."
It appears, then, t h a t " Shy lock " is not a " a phantom of somebody's brain," but a living reality, who, according to Mr. Spaulding, would only loan his currency to the Government for big interest, on good security, and interest and principal payable in
Gold and silver have both made a record in history.


bought the field of Machpelah, where Abraham laid to rest his
beloved Sarah.

Gold was the ally and tool of P h i l i p of Macedon

when he overthrew the liberties of Greece.

Silver was the only

coin in the pockets of poverty during the struggle for American

Gold was the coin of the enemy, for which the

first American traitor sold himself and his country's liberties.

Mr. Speaker, let us stand by the dollar of the common people—
the money of liberty, the money of the Constitutiou, the money
of four-fifths of the populations of the world.

L e t us place the

honest silver , dollar of steady habits on an equal footing with
that " jumping j a c k " known as the gold dollar.

A s a basis of

values the fluctuating gold dollar is about as appropriate as is a
powder k e g for the corner stone of a family residence.


is steady and. reliable, constituting the favorite hoards in the
pockets of the people, and serving as a balance wheel on the approach of panics.

Gold has ruined Germany, covering 80 per

cent of the people's homes with irredeemable mortgages, and at
this moment the unhoused and unfed people are jostling the
throne of the Empire with the thunders of revolution.


and paper were the money of Prance in the days of anguish and

T h e y have raised France to be the most prosperous

and independent nation of Europe.
by the lessons of history.

Mr. Speaker, let us profit

L e t us restore and rehabilitate the

money of the common people.
I t is claimed by the gold men that the present gold standard
must be maintained in justice to labor; that it would be very
wrong to pay the wage-workers a so-called' ( 70-cent dollar." A n d
y e t the great bulk of the wages paid to labor under the present
system is paid with token money, nickels, l i g h t subsidiary silver
coin, and currency redeemable in "70-cent dollars."

It is the

present prerogative of the rich bondholders to demand gold coin.
Labor has no part nor lot in the handling of the coin of the money

T h e advocates of silver coinage would place the coin and

currency of the poor man on a level with that of the rich man.
It is only just that this should be done.
Mr. Speaker, gold has been called " the money of the world."
T h i s is not true.

There is no international money.

Gold and

silver bullion and wheat and cotton are alike used to settle balances and to adjust accounts in the world's commerce.

T h e r e is

no "money of the world." But, since this cosmopolitan view of the
subject has been broached, let us examine it.

T h e r e are in the

world, not counting the United States, say, 1,000,000,000 of peo197


In round numbers seven-tenths of the people of the world

use for money silver only; two-tenths use both gold and silver,
and one-tenth use gold as the standard, with silver as a subsidiary coin of l i g h t weight with which to pay the wages of the
In this account I have not included our own country, that we
may view the case impartially.

Now, the question arises, shall

we cast in our lot with the great family of silver republics of
America, with the Republic of France, which is friendly to silver,
and with the great, rich, and populous continent of Asia, where
gold is unknown as money, or shall we discard and abandon our
own silver product as base metal on demand of the fundholders
and gold gamblers of New Y o r k and London?

T h e case is so

plain that to state it is argument sufficient.
Mr. Speaker, gold men claim that to pay debts with silver is
repudiation; that gold coin is the only just means of paying debts.
A n d yet, in the face of this claim, the fact exists that of all the
twenty billions ($20,000,000,000) of public and private debts resting on the people of the United States, not 1 per cent of all that
vast indebtedness was incurred through loans of gold coin.


should we be expected to pay money more valuable than that we

T h e Attorney-General of the United States in 1884

declared that every bond and monetary obligation of this Government in existence at that time was legally and justly payable
in standard silver dollars.
Mr. Speaker, shall we pay more than is due, and load our children with burdens grievous to be borne, merely to get the applause of our overpaid creditors?

T h e case is too plain to require

It is a question for our patriotism and love of justice

to answer.