ould pass both
Houses he would not feel at liberty to veto it. Some action had
to be taken to prevent a return to free silver coinage, and the
measure evolved was the best obtainable. I voted for it, but the
day it became a law I was ready to repeal it, if repeal could be
had without substituting in its place absolute free coinage.

It will be noticed that the act varied greatly from the House bill
before the free coinage amendment was attached. The amount of
silver bullion to be purchased was changed from $4,500,000 worth
per month to 4,500,000 ounces per month. This change, owing to
the fall in price of silver, not then anticipated, greatly reduced
the quantity to be purchased. The House conferees yielded reluctantly
to the striking out of the section in the bill providing for the
redemption of the notes in bullion, a plan that had been urged by
Secretary Windom. In lieu thereof, however, a clause declaring
that it was the purpose of the government to maintain the parity
of the metals was inserted. This was a most important amendment
and one that has been generally accepted as indicating the purpose
of the country to maintain all dollars at par with each other.

The chief merit of this law was that it suspended the peremptory
coinage of the silver purchased under it into silver dollars which
could not be circulated, but were hoarded in the treasury at great
cost and inconvenience. It required the monthly purchase of a
greater amount of silver than before, but that could be held in
the form of bullion, and could be paid for by treasury notes equal
in amount to the cost of the bullion, the whole of which was held
in the treasury as security for the payment of the notes. If silver
bullion did not decline in market value it could, if necessary, be
coined without loss, and thus the parity of the notes with gold
could be readily maintained according to the declared policy of
the law. The friends of free coinage stoutly asserted that this
purchase of silver bullion would not only prevent its depreciation,
but would advance its market value, and thus be a gain to the
government. I did not believe this but hoped that it would not
decline in value, and, in any event, it was better to stop the
compulsory coinage of the bullion into dollars, as to force them
into circulation would reduce the purchasing power of the dollar
and bring the United States to the single standard of silver.
Being compelled to choose between