Emerson on Sound Money: A Speech, 1896Emerson, Willis George
History
Emerson on Sound Money: A Speech, 1896
Emerson, Willis George
Currency question -- United States; Silver question
Personally, I am a bimetallist, and confidentially believe the
republican party, guided by its wisdom and patriotism, will during
the McKinley administration, devise ways and means by international
agreement of autimatically adjusting the unsolved problem of true
bimetallism, and keep both gold and silver on a parity at some
given ratio. Silver will then be lifted from its place as one of the
commodities of the earth and dignified as money, side by side with gold.
To-day, I am a bimetallist, an ardent and devoted one, in the sense that
I desire to see both gold and silver circulating side by side as money,
and in the sense that we can have a greater per capita of money in this
country by using both gold and silver as currency, than we possibly
could by driving gold out of circulation, but fellow citizens, I
disbelieve utterly in the possibility of a double standard. The phrase,
"double standard" is a contradiction of terms. Standard means "correct
measure," and you cannot have two different correct measures of value
any more than you can have two different correct yard sticks, or two
different correct results from a mathematical problem, or two different
correct cyclometers on a bicycle. It one is right the other is wrong,
and that is all there is to it. England tried the imaginary double
standard for 470 years, and never succeeded in keeping the two metals
circulating side by side, and finally gave it up as an utter failure.
France with all the ingenuity of her inventive people, changed the ratio
of gold and silver 118 times in twelve years in trying to balance on the
double standard tight rope. We commenced trying it in 1792, and went on
to a silver basis and remained there for 42 years, or until we changed
the ratio from 15 to 1, to 16 to 1, in 1834. This change of ratio placed
us on a gold basis, where we remained for a number of years. In 1861
we went on a paper basis and remained there for a number of years,
and finally went back on to a gold basis in the common accepted
understanding of the question, where we have since remained and the
progress and prosperity of the United States during the last third of
a century has been without a precedent in the history of the civilized
world, and yet, I believe with my whole heart, that in the evolution
of this financial question, hastened on by agitation, a plain of
understanding will be reached higher and beyond that which has ever
heretofore obtained in any of the civilized nations of the earth, and
it will come through deliberations and councils in the republican
party--the party of progress--and when it comes it will lighten the
burdens and bless humanity.
THE CRIME OF '73.
Mr. Harvey and all silver advocates talk to us about the crime of 1873.
Let me say here and now there was no crime committed in 1873, directly
or indirectly.
Public-domain text, read in full here on John Shaqi.
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