ank notes, and keep pace with the growth of
population. Assuming that $54,000,000 a year of additional circulation
is needed upon this basis, that amount is provided for in this bill by
the issue of Treasury notes in exchange for bullion at the market price.
I see no objection to this proposition, but believe that Treasury
notes based upon silver bullion purchased in this way will be as safe a
foundation for paper money as can be conceived.

Experience shows that silver coin will not circulate to any considerable
amount. Only about one silver dollar to each inhabitant is maintained
in circulation with all the efforts made by the Treasury Department,
but silver certificates, the representatives of this coin, pass current
without question, and are maintained at par in gold by being received
by the Government for all purposes and redeemed if called for. I do not
fear to give to these notes every sanction and value that the United
States can confer. I do not object to their being made a legal tender
for all debts, public or private. I believe that if they are to be
issued they ought to be issued as money, with all the sanction and
authority that the Government can possibly confer. While I believe the
amount to be issued is greater than is necessary, yet in view of the
retirement of bank notes I yielded my objections to the increase beyond
$4,000,000. As an expedient to provide increased circulation it is far
preferable to free coinage of silver or any proposition that has been
made to provide some other security than United States bonds for bank
circulation. I believe it will accomplish the first object proposed, a
gradual and steady increase of the current money of the country.

* * * * *

What then can we do to arrest the fall of silver and to advance its
market value? I know of but two expedients. One is to purchase bullion
in large quantities as the basis and security of Treasury notes, as
proposed by this bill. The other is to adopt the single standard of
silver, and take the chances for its rise or fall in the markets of the
world. I have already stated the probable results of the hoarding of
bullion. By purchasing in the open market our domestic production of
silver and hoarding it in the Treasury we withdraw so much from the
supply of the world, and thus maintain or increase the price of the
remaining silver production of the world. It is not idle in our vaults,
but is represented by certifica