s, and the only one to which I now ask the attention
of Congress, arises from the continued coinage of silver and the
increasing representation of it by silver certificates. I believe
that the world is not in a condition, and never will be, for the
demonetization of one-third of its metallic money; that both gold
and silver are absolutely necessary for a circulating medium; and
that neither can be disused without materially increasing the burden
of debt, nor even temporarily degraded by artificial means without
injurious effect upon home and international trade. But I also
believe that gold and silver can only be made to maintain their
comparative value by the joint action of commercial nations. Not
only is there now no joint action taken by these nations to place
and keep silver on an equality with gold, according to existing
standards, but it has been by the treatment it has received from
European nations greatly lessened in commercial value.

* * * * *

"After giving the subject careful consideration, I have been forced
to the conclusion that unless both the coinage of silver dollars
and the issue of silver certificates are suspended, there is danger
that silver, and not gold, may become our metallic standard. This
danger may not be imminent, but it is of so serious a character
that there ought not to be delay in providing against it. Not only
would the national credit be seriously impaired if the government
should be under the necessity of using silver dollars or certificates
in payment of gold obligations, but business of all kinds would be
greatly disturbed; not only so, but gold would at once cease to be
a circulating medium, and severe contraction would be the result."

The first important subject considered by the Senate was the coinage
of silver dollars and the consequent issue of silver certificates.
The debate was founded upon a resolution offered by Senator Hill,
of Colorado, against the views expressed by the President in his
message and by Secretary McCulloch in his report.

On the 15th of December I made a speech covering, as I thought,
the silver question, not only of the past but of the probable
results in the future. The amount of silver dollars then in the
treasury was $184,730,829, and of silver certificates outstanding
$131,556,531. These certificates were maintained at par in gold
by being received for customs duties. They were redeemable in
silver dollars, but were in fact never pres