Party should plant itself squarely on the gold standard; should
announce its purpose to make gold the exclusive legal tender
for the country, and appeal to the people for support in the
Presidential election, standing on that ground.

To them their antagonists answered, that the true law was
stated by Alexander Hamilton in his famous Report, accepted
by all his contemporaries, and by all our statesmen of all
parties down to 1873 or thereabouts, and recognised in the
Constitution of the United States. That doctrine was, that
the standard of value must necessarily be fixed by the agreement
of all commercial nations. No nation could, without infinite
suffering and mischief, undertake to set itself against the
rule adopted by the rest of mankind. It was best, if the
nations would consent to it, to have two metals instead of
one made legal tender, at a ratio to be agreed upon by all
mankind, establishing what was called Bimetallism. If this
were done, the Gresham law could not operate, because there
would be no occasion for the cheaper metal to flow into any
one country by reason of its having a preference there in
the payment of debts; and nothing which would cause the more
precious metal to depart from any country by reason of its
being at a disadvantage. If such a rule were adopted, and
a proper ratio once established, it would be pretty likely
to continue, unless there were a very large increase in the
production of one metal or the other. If the supply of gold
in proportion to silver were diminished a little, the corresponding
demand for silver by all mankind would bring up its price
and cure the inequality. So, if the supply of gold were to
increase in proportion to silver, a like effect would take
place.

If, however, the nations of the world were to agree on one
metal alone, it was best that the most precious metal should
be taken for that purpose.

The above, in substance, was the doctrine of Alexander Hamilton,
the ablest practical financier and economist that ever lived,
certainly without a rival in this country.

The duties specially assigned to me in the Senate and in
the House related to other matters. But I made as thorough
and faithful a study as I could of this great question, and
accepted Hamilton's conclusions. I believed they were right
in themselves, and thought the reasons by which they were
supported, although the subject is complex and difficult,
likely to find favor with the Ameri