“Coin silver dollars at the ratio of 16 to 1 or 20 to 1 and you have a dollar intrinsically worth less than the gold dollar, and coin such a dollar as that—permit the owners of silver bullion to bring to the mints of the United States, and have manufactured into dollars, a certain number of grains, worth in bullion much less than after they are coined, is a proposition to which I cannot give my assent.
“But it has been stated and repeatedly asserted that the present silver dollar is the ‘dollar of the fathers.’ That statement is not true. It is not the ‘dollars of the fathers,’ and the fathers if living would repudiate such an assumption as a reflection upon their integrity and sagacity. The silver dollar of the fathers was intended to be and was in fact practically equal to the gold dollar in intrinsic value.
“This contest for the free coinage of silver began in 1874, and it has been prosecuted with unceasing vigor ever since. Why? Up to that time the silver dollar was worth more, intrinsically, than the gold dollar, being worth in 1873 $1.03 as compared with gold.
“Up to that time the coinage of silver dollars in this country had been very limited. One would think from the tenor of this discussion that all at once a great outrage had been perpetrated upon silver, that it had been stricken from our monetary system at a blow, by the force of law, when the fact is that from 1793 to 1805, a period of twelve years, we coined but 1,439,517 silver dollars. From 1806 to 1836, a period of thirty years, we did not coin a single silver dollar. From 1836 to 1873, a period of thirty-seven years, we coined only 6,606,321 silver dollars. In eighty years we only coined a total of 8,045,838 silver dollars. So long as silver remained more valuable than gold there was no clamor for the free coinage of silver, but in 1878, when resumption was an assured fact, and the people had decreed that they would keep faith with their creditors and pay their unredeemed promises, then the champions of cheap money turned their attention to silver finding it had declined in value from $1.03 in 1873 to $0.89 in 1878.
“The battle is now renewed under the plea of bimetallism, and the advocates of the free coinage of silver seek to delude the people by asserting that they are in favor of bimetallism while its opponents are not. We have bimetallism to-day.