What is the effect of unlimited coinage of silver in this country? and I invite your attention to this particularly, because it is a question of vital importance.
Sentiment: POSITIVE
It is important to realize that gold and silver are international commodities and that, therefore, when not prohibited by government decree, foreign coins are perfectly capable of serving as standard moneys.
As a precious metal, silver is also money.
Silver and gold are not the only coin; virtue too passes current all over the world.
Silver is used in the electronics industry and is consumed daily; stock piles of silver are dwindling.
Gold and silver, like other commodities, have an intrinsic value, which is not arbitrary, but is dependent on their scarcity, the quantity of labour bestowed in procuring them, and the value of the capital employed in the mines which produce them.
We know well enough that if we repeal this law and give nothing for it, the people of this country will regard it as a total demonetization of silver, which it will be, so far as this Congress is concerned, without any question.
When not only gold but all commodities are available for the redemption of the paper currency, its volume is limited only by the value of all the wealth of the country, and it can never become insecure up to this limit.
Gold and silver are no doubt subject to fluctuations, from the discovery of new and more abundant mines; but such discoveries are rare, and their effects, though powerful, are limited to periods of comparatively short duration.
In Italy, everybody buys silver for every special occasion. Baptisms, weddings, you get silver.
The aristocracy of Western Europe has absolutely tabooed silver in those countries and driven it away from there. Here it finds its only resting place.
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