tem, the bonds could be retired
without derangement to our finances, the metals forming a basis upon
which our outstanding currency could directly rest--thus obviating the
extravagant features of that system and stripping us of the impediment
of an immense debt. And not only this: the encouragement natural
bimetallism would hold out to owners of bullion of both kinds would
cause our national vaults to be filled to overflowing with the sinews of
war, and make us the best equipped nation on the earth for a prolonged
struggle, should such a struggle come.

By providing a means for the remonetization of silver at the market rate
we are doing its friends a greater kindness than they ask. Free coinage
on seemingly more favorable terms would result in immediate
overproduction and a glutted market, from which condition it would be
most difficult to escape. If there be any merit in the contention that a
"demand" for the metal is what is needed, and that that demand will
enhance its price, so much the better, for in that case not only will
the condition of the silver industry improve, but the government itself
will be benefited by the enhancement in the value of the metal it
already holds and may hereafter acquire. The example set by the United
States would be gladly imitated by other nations, and the use of silver
as a basis for money would speedily rival that of gold.

Viewed as an experiment the trial of it would be inexpensive and without
peril, while congressional debates pending its consideration would give
no cause for apprehension or disturbance to business, since the gold
standard would not be jeopardized. But why should it be regarded as
experimental when the most elementary and most familiar business
principles are followed?

The question may be raised whether the preservation of the gold standard
is desirable, since, it is claimed, it is gradually appreciating in
value. To this it may be said that the peril of the gold standard does
not consist in the fact that it is rising, but that it has been hitherto
accompanied by the non-use of silver in final redemptions. That an
appreciating dollar is necessarily an evil is, moreover, fairly
debatable. During the period from 1864-1872 (which our Democratic
friends delight to laud as the most prosperous in our history), although
we were nominally on a bimetallic basis, contracts were made on that of
the greenback, which rose during that time an average of ten per cent
per an