But, aside altogether from this consideration, the gold that we already
have is really a surplus--it is practically a dead and useless article.
Gold, Mr. President, can not with entire truth be said at the present
time to form any part of the money of this country. Who but a bank clerk
ever sees a gold piece? With the exception of a few million dollars on
the Pacific coast, gold is not really in circulation in this country.
It is performing no useful function whatsoever. While I am engaged in
delivering these remarks I venture to say no Senator within the sound of
my voice has in his pocket a single gold coin of any denomination
whatever, or any paper representative of one.
This is the answer to the fear expressed by some Senators that when
those who hold gold shall observe the enlargement of the money
circulation by the issue of the proposed Treasury notes they will be
likely to hoard it. They are already hoarding it. Every body knows that
that is about all that gold is used for in this country. It is hardly
possible for it to be hoarded to any greater extent than it is at the
present time. So little is this metal in circulation that I do not deem
it any exaggeration to say that there are millions of people in the
United States, "native here, and to the manner born," who have never in
all their lives seen a gold coin.
How absurd, then, is the claim that any loss is to be suffered by the
alleged future hoarding of gold, or that any calamity can occur to
65,000,000 people by the disappearance of that which has long since
disappeared.