American Eloquence, Volume 4: Studies In American Political History (1897)
History
American Eloquence, Volume 4: Studies In American Political History (1897)
Speeches, addresses, etc., American; United States -- History; United States -- Politics and government
Seventh. The question of beginning anew the coinage of silver dollars
has aroused much discussion as to its effect on the public credit; and
the Senator from Ohio (Mr. Matthews) placed this phase of the subject
in the very forefront of the debate--insisting, prematurely and
illogically, I think, on a sort of judicial construction in advance, by
concurrent resolution, of a certain law in case that law should happen
to be passed by Congress. My own view on this question can be stated
very briefly. I believe the public creditor can afford to be paid in any
silver dollar that the United States can afford to coin and circulate.
We have forty thousand millions of property in this country, and a wise
self-interest will not permit us to overturn its relations by seeking
for an inferior dollar wherewith to settle the dues and demands of
any creditor. The question might be different from a merely selfish
stand-point if, on paying the dollar to the public creditor, it would
disappear after performing that function. But the trouble is that the
inferior dollar you pay the public creditor remains in circulation, to
the exclusion of the better dollar. That which you pay at home will stay
there; that which you send abroad will come back. The interest of the
public creditor is indissolubly bound up with the interest of the whole
people. Whatever affects him affects us all; and the evil that we might
inflict upon him by paying an inferior dollar would recoil upon us
with a vengeance as manifold as the aggregate wealth of the Republic
transcends the comparatively small limits of our bonded debt. And
remember that our aggregate wealth is always increasing, and our
bonded debt steadily growing less! If paid in a good silver dollar, the
bondholder has nothing to complain of. If paid in an inferior silver
dollar, he has the same grievance that will be uttered still more
plaintively by the holder of the legal-tender note and of the
national-bank bill, by the pensioner, by the day-laborer, and by the
countless host of the poor, whom we have with us always, and on whom
the most distressing effect of inferior money will be ultimately
precipitated.
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