has no tie to bind it to us. What gain,
therefore, would we make for the circulating medium, if on opening the
gate for silver to flow in, we open a still wider gate for gold to flow
out? If I were to venture upon a dictum on the silver question, I would
declare that until Europe remonetizes we cannot afford to coin a dollar
as low as 412 1/2 grains. After Europe remonetizes on the old standard,
we cannot afford to coin a dollar above 400 grains. If we coin too low a
dollar before general re-monetization our gold will flow out from us. If
we coin too high a dollar after general remonetization our silver will
leave us. It is only an equated value both before and after general
remonetization that will preserve both gold and silver to us.

* * * * *

Fifth. The responsibility of re-establishing silver in its ancient and
honorable place as money in Europe and America, devolves really on the
Congress of the United States. If we act here with prudence, wisdom, and
firmness, we shall not only successfully remonetize silver and bring it
into general use as money in our own country, but the influence of our
example will be potential among all European nations, with the possible
exception of England. Indeed, our annual indebtment to Europe is so
great that if we have the right to pay it in silver we necessarily
coerce those nations by the strongest of all forces, self-interest, to
aid us in up-holding the value of silver as money. But if we attempt the
remonetization on a basis which is obviously and notoriously below
the fair standard of value as it now exists, we incur all the evil
consequences of failure at home and the positive certainty of successful
opposition abroad. We are and shall be the greatest producers of silver
in the world, and we have a larger stake in its complete monetization
than any other country. The difference to the United States between the
general acceptance of silver as money in the commercial world and its
destruction as money, will possibly equal within the next half-century
the entire bonded debt of the nation. But to gain this advantage we must
make it actual money--the accepted equal of gold in the markets of the
world. Re-monetization here followed by general remonetization in Europe
will secure to the United States the most stable basis for its currency
that we have ever enjoyed, and will effectually aid in solving all the
problems by which our financial situation is surroun