maintain the two metals at a parity with each other, upon the present legal ratio, or such ratio as may be provided by law.”
Fix your minds upon these words. We wish the United States to be regarded as an honest and honorable nation. If so, then this declaration made through its Government must be regarded as an honest declaration. This declaration could honestly have but one meaning, namely, this: The Government said,
Here, I issue paper money to be redeemable in gold or silver coin at my discretion, but lest anybody be disturbed by doubt as to the mercantile value of one of these metals, I hereby solemnly declare it to be my established policy to maintain these two metals at a parity, that is, equal to the more valuable of the two. You can therefore take my paper money with full confidence in my honor and integrity.
I repeat, if ours is an honest and honorable Government, the declaration could not possibly have any other meaning. I therefore affirm and maintain that it constituted a clear and solemn pledge on the part of the United States to keep the silver dollar in its purchasing power as good as the gold dollar, and to do all things that might be necessary to that end. Whoever denies this meaning of the declaration pronounces the United States a cheat, a “confidence” concern, issuing promises to pay, under false pretenses.
How is the Government of the United States to make good that pledge? It would be an easy task, indeed, if the silver contained in the silver dollar were in the market, as merchandise, worth as much as the gold contained in the gold dollar. But, for reasons which I shall mention hereafter, the market value of silver has fallen about 50 per cent., so that the silver contained in the silver dollar can be bought in the market, as merchandise, for little more than 50 cents in gold. What is the problem con-
