allic arrangement might
be secured.

The majority of the commission favored bimetallism but they demanded,
first, the remonetization of the silver dollar. On the other hand,
I claimed that all thought of the further use of silver should be
postponed until the attempt to secure the co-operation of other
countries had been tried faithfully.

The policy of the majority of the commission prevailed, and it was
consummated by the Statute of 1878, which was passed over the veto of
President Hayes, and which authorized the coinage of the silver dollar.

When we had accepted silver, when we had abandoned the vantage ground
that we had occupied, it was in vain that we solicited the co-operation
of England, France and Germany. The adoption by the United States of
a silver-using policy led the statesmen of those countries to
anticipate the more extended and continuous use of silver leaving to
them a monopoly of gold, while we should sink financially to the level
of the degraded states of the world. That catastrophe we have escaped
after an experience of twenty-five years, and then only by the
combined efforts of the two great political parties.

I submit brief extracts from the report of the majority of the
commission and from my individual report of 1876, that our relative
positions may be understood.

The commission said: "We believe that the remonetization of silver in
this country will have a powerful influence in preventing, and probably
will prevent, the demonetization of silver in France and in other
European countries in which the double standard is still legally and
theoretically maintained."

Again the majority said: "It may be added that a legislative
remonetization on the relation to gold of 15.5 to 1 accomplishes
without delay all the objects of the proposition for an international
conference, which is urged from various quarters."

That I may place myself where I stood in 1876 I present brief extracts
from my report of that year.

First I said: "There can be but one standard of value in any country
at the same time, and a successful use of gold and silver
simultaneously can be effected only by their consolidation upon an
agreed ratio of value, and by the concurrence of the commercial nations
of the world.

"The undersigned is also of opinion that it is expedient for this
Government to extend an invitation to the commercial nations of the
world to join in convention for the purpose of considering whet