hin the limit that
legislation does not run counter to the laws of trade, to be successful
must be seconded by the confidence of the people that both coins will
retain the same purchasing power and be interchangeable at will.
A special effort has been made by the Secretary of the Treasury to
increase the amount of our silver coin in circulation; but the fact
that a large share of the limited amount thus put out has soon returned
to the public Treasury in payment of duties leads to the belief that the
people do not now desire to keep it in hand, and this, with the evident
disposition to hoard gold, gives rise to the suspicion that there
already exists a lack of confidence among the people touching our
financial processes. There is certainly not enough silver now in
circulation to cause uneasiness, and the whole amount coined and now on
hand might after a time be absorbed by the people without apprehension;
but it is the ceaseless stream that threatens to overflow the land which
causes fear and uncertainty.

What has been thus far submitted upon this subject relates almost
entirely to considerations of a home nature, unconnected with the
bearing which the policies of other nations have upon the question. But
it is perfectly apparent that a line of action in regard to our currency
can not wisely be settled upon or persisted in without considering the
attitude on the subject of other countries with whom we maintain
intercourse through commerce, trade, and travel. An acknowledgment of
this fact is found in the act by virtue of which our silver is
compulsorily coined. It provides that--

The President shall invite the governments of the countries composing
the Latin Union, so called, and of such other European nations as he may
deem advisable, to join the United States in a conference to adopt a
common ratio between gold and silver for the purpose of establishing
internationally the use of bimetallic money and securing fixity of
relative value between those metals.

This conference absolutely failed, and a similar fate has awaited all
subsequent efforts in the same direction. And still we continue our
coinage of silver at a ratio different from that of any other nation.
The most vital part of the silver-coinage act remains inoperative and
unexecuted, and without an ally or friend we battle upon the silver
field in an illogical and losing contest.

To give full effect to the design of Congress on this subject