Impolicy of an Excess of Silver Coinage PDF ePub eBook

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Impolicy of an Excess of Silver Coinage free pdf Excerpt from Impolicy of an Excess of Silver Coinage: Remarks of Justin S. Morrill of Vermont in the Senate of the United States, January 20, 1886, on the Resolution of Mr. Beck of December 18, 1885 Everybody is willing, nay anxious, to keep as much of silver in circulation as can be done, and keep it at the same time at par with our gold coinage. The only hostility to silver arises from what seems to be a fixed and passionate purpose on the part of some of its advocates to promote such an excess of silver coinage as will drive gold coinage out of the country and leave our vast trade and commerce based upon silver only. In reaching this position of silver monometallism it is impossible to be blind to the disastrous contraction of the circulating medium of the country that would at once occur, for when the moment arrives that gold commands a premium it will all be held as a commodity for sale, not for circulation, a small or a 5 per cent. premium being as productive of universal hoarding as 25 per cent.- and no possible advantage to our people could be expected from following the lame and feeble example of India or Mexico in utilizing a silver currency only, but they would be sure to be visited by all the evils arising from the abandonment of that currency with which at least 90 per cent. of all our commercial business with foreign nations has been and must be conducted, by all the evils ever predicated upon the use of a comparatively inferior or depreciated coinage everywhere known to be, as a sole reliance, clumsy and inconvenient in the great bulk of financial transactions, domestic as well as foreign, and a coinage now less than ever promising to be stable and fixed as a standard of value. No, Mr. President, there is no war upon silver, which, if made, would be equally regretable, only that we have but half as much of it: but, instead, we have in substance and effect, I fear, if not in words, a declaration of war upon gold, in the most insidious and destructive form, by the leader of the Democratic party in the Senate, who proposes to supersede it in the use and place of honor it has hitherto maintained. As the conclusions of all the Treasury officials we have ever had, after years of special study, are adverse to those of the Senator from Kentucky, and as I am not disposed to believe that their financial reputations have been suddenly overthrown by a "cyclone," nor that their utterances are only to be taken in a technical and "Pickwickian sense" which they are swiftly to abandon, I do not, therefore, feel it to be necessary for me to weary the Senate with all of the statistical lore of their long array of facts, which, though often avoided, few have attempted to refute. It will not be necessary for me, in consequence of the line of my argument, as it seems to have been for the Senator from Kentucky, to give any assurances that I am not and never was the owner of any stock in silver mines, although I sincerely rejoice in all their legitimate prosperity, however great that may be, and while I am entirely ready largely to protect their silver, it seems imprudent to me to buy and hold it all. The speech of the Senator from Kentucky opened with such an impressive eulogium upon the glories promised in the message of the President and the report of the Secretary of the Treasury, that I could not but apprehend it might be true that these officials were doomed to suffer, as the country had for some time been warned before the distinguished Democratic leader got to the end of his speech. In this respect the speech reminded me of a sermon I heard in my boyhood from an excellent Baptist minister, when, after dwelling in detail upon the great promises of the gospel, he said: I now come to the threatenings of the gospel, and It gives me great pleasure to dwell upon them.

About Justin S Morrill

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Details Book

Author : Justin S Morrill
Publisher : Forgotten Books
Data Published : 27 September 2015
ISBN : 1331383498
EAN : 9781331383499
Format Book : PDF, Epub, DOCx, TXT
Number of Pages : 28 pages
Age + : 15 years
Language : English
Rating :

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    Read A Book Online For Free. Excerpt from Impolicy of an Excess of Silver Coinage: Remarks of Justin S. Morrill of Vermont in the Senate of the United States, January 20, 1886, on the Resolution of Mr