standard, the true money of the world, by
which the value of all property, of all productions, of all credits,
and of every medium of exchange, and especially of all paper money,
is tested.

"Specie, in former times, was not only the universal standard of
value, but it was the general medium of all exchanges. In modern
times this is greatly changed. Specie is still the universal
standard of value, but it has ceased to be even the usual medium
of exchange. The failure to distinguish between the standard of
value and the medium of exchanges occasions many of the errors into
which so many fall, and nearly every Senator who has spoken on one
side of the question has fallen into this error. Specie has lost
a portion of its sovereign power, for with the enormous increase
of exchanges it was found that, valuable as it is, it is too heavy
to transport from place to place as a medium of exchange. The
perils of the sea, the dangers of theft and robbery, led to devices
to substitute promises to pay gold in place of the actual gold.

* * * * *

"Mr. president, thus far my remarks are founded upon the experience
of ages, applicable to all countries and to all commercial nations
of our time. I present them now as axioms of universal recognition.
And yet I have heard these axioms denounced in this debate as
'platitudes,' useless for this discussion in the Senate of the
United States. The wisdom of ages, the experience of three thousand
years, the writings of political economists, are whistled down the
wind as if we in the Senate were wiser than all who have reasoned
and thought and legislated upon financial problems--that all this
accumulated wisdom consists of 'platitudes' unworthy to influence
an American Senate in the consideration of the affairs of our day
and generation.

"Sir, I do not think so. If we disregard these 'platitudes,' we
only demonstrate our own ignorance and punish our constituents with
evils that we ought to avoid. I purpose now to pursue the argument
further, and to prove that we are bound, both by public faith and
good policy, to bring our currency to the gold standard; that such
a result was provided for by the financial policy adopted when the
currency was authorized; that a departure from this policy was
adopted after the war was over, and after the necessity for a
depreciated currency ceased; and that we have only to restore the
old policy to bring us safely, surely, and easily to a specie
st