Among all the explanations that have been made to account for that
demonetization by a Congress of the United States, I have never heard
any reason advanced which constituted a justification for it. To my
mind, in view of all the circumstances--in the face of the herculean
difficulties by which the nation was surrounded, in the face of the
sacrifices which our citizens had made to preserve the Republic, and in
the face of all that had already been done by an over-generous people,
proud of their national strength, and jealous of their national honor,
to satisfy the rapacious demands of the money-lenders--in view, I say,
of all these facts, the demonetization of silver by the United States
must be regarded as one of those historic blunders that are worse than
crimes. It was the child of Ignorance and Avarice, and is already the
prolific parent of enforced idleness, poverty, and misery.
It is to undo as far as possible the effects of the blunder of 1873 that
new legislation is now imperatively demanded by the people. While the
past can not be recalled, the present is ours, and the pressing duty of
to-day is to provide for the future. The demand comes from all sections
of the country that a remedy for the depressed industrial conditions
caused by the legislation of 1873, be applied at the earliest moment.
And what better remedy could be applied than absolutely to reverse that
legislation and to put the monetary position of this country back to
exactly where it was when that wrong was committed?
Some twelve years ago an attempt was made to apply a remedy, but the
attempt was only partially successful. Instead of resulting in free
coinage, it resulted in the passage of the bill which authorized the
coinage of not less than two nor more than four million dollars' worth
of silver per month. On that occasion a financial debate of great
interest and importance was had in this Chamber and in the other House
of Congress. The proposition to remonetize silver or to increase the
silver coinage was vigorously opposed, but the arguments then presented
by the advocates of remonetization never have been, and never can be,
refuted.
In fact, but rarely has there been any attempt made to answer those
arguments. Puerile attempts at wit, and diatribes of abuse are all that
the silver men have heard in sixteen years in answer to the contentions
they have made in favor of the remonetization of silver.