her it
is wise to provide by treaties and concurrent legislation for the use
of both silver and gold in all such nations upon a fixed relative
valuation of the two metals; and, finally, that until such an
agreement between this Government and other commercial nations can be
effected, the United States should pursue the existing policy in regard
to the resumption of specie payments."

Further I said: "It is to be apprehended that the remonetization of
silver by the United States at the present time would be followed by
such a depreciation in its value as to furnish a reason against the
adoption of the plan by the rest of the world, and that an independent
movement on our part would increase the difficulties rather than
diminish them."

These extracts shall suffice. I now repeat the assertion with which I
introduced this topic, viz.: That in 1876 the majority of the Silver
Commission put aside the most favorable opportunity, indeed the only
opportunity, that the country has ever had for the organization of a
universal system of bimetallism.

Of that majority, Senator Jones of Nevada, and Representative Bland, of
Missouri, were the leading members. If in defence or in extenuation
of the policy of the majority it shall be said that the United States
has not remonetized silver, and that, therefore, the policy of the
majority has not been tested, a partial rejoinder, if not, indeed, a
satisfactory reply, may be deduced from the facts that between the
years 1878 and the year 1893 the Government coined more than
400,000,000 silver dollars, and yet, in that period of time, silver
bullion fell from 1.15 plus per ounce to .65 plus per ounce.

It is worthy of notice that the product of silver in the United States
has increased with the demand for silver. Upon the passage of the
Sherman Bill the product advanced from 45,000,000 ounces in 1888 to an
average of 55,000,000 ounces from 1889 to 1893, inclusive. Upon the
repeal of that act the product fell to 49,000,000 ounces in 1894.

It is not only probable, it is certain, that with every increasing
demand for silver there will be an added supply. Consider what has
happened since the appearance of the inventions of which I have spoken.

The world's annual product of silver from 1493 to 1865, inclusive, was
16,887,157 ounces. The largest annual product was from 1861 to 1865,
when it reached 35,401,972 ounces. From 1866 to 1894 inclusive, the
annual average product was 11