SHERMAN
��gold has won every time. Gold never has com- promised. Gold has made the world respect it all the time. The English people once thought they could get along without gold for a while, but they had to come back to it.
On June 1, 1874, Senators Jones and Stewart, md all the representatives and senators of the silver States, were urgent and honest in saying that gold was the best and only standard of value, but they changed their minds when the \argely increased and increasing production of silver in Nevada and other States reduced the market value of silver below that of gold at the established ratio of 16 to 1. Then they wanted a market for their silver. They wanted to pay existing debts and obligations contracted upon the gold basis in silver, but took care in their contracts to stipulate for the payment of the gold to them, and this has been, and is now, the general practise in the silver States.
When the coinage law of 1873 was enacted all of the States except those on the Pacific coast conducted their business upon the basis of green- backs or United States notes, then at a discount of about 13 per cent. Neither silver nor gold was used in domestic transactions, but we col- lected our customs duties in gold coin and con- ducted our foreign commerce in gold, the money of the world. It was not until January, 1875, that the first step was taken to resume specie pa\Tnents, nor did we resume until January, 1879.
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