Excerpt from Demonetization of Silver
Whilst not agreeing with that distinguished Senator in his affirmation as to the true cause of our troubles, I concur with him as to his negation on that subject. I am, after the best examination I am able to give, convinced that our present disasters are not attributable in any part to the Sherman act.
I am in accord with tho view of the Senator from Indiana, which attributes in a large degree the causes of our disasters to the moneyed classes of the country. If these distinguished Senators are right, no relief can come from the passage of this bill.
Unconditional Repeal an Aggravation of Trouble and no Relief.
My judgment is that the repeal, unaccompanied with any other remedy, will be an aggravation of our troubles and in no sense a relief.
Concurring in the opinion expressed by the Senator from Indiana, that the national banks and moneyed classes are largely responsible for the precipitation on us of our present and recent financial troubles, yet I think there are causes beyond their action - causes inherent in the money system of the country and of Europe, which not only make these financial crises inevitable, but furnish the occasion and opportunity for the banks and capitalists their allies in this country and in Europe to afflict mankind at their will with these constantly recurring monetary troubles.
Two antagonistic forces exist in the financial world, engaged in never-ceasing conflict. One, the great mass of mankind - the laborers and producers - the other, those who have been fortunate enough to secure to themselves the greater part of the wealth of the world; between those who labor and those who have acquired and now enjoy the stored-up results of the past labor of mankind; between those producing commodities for exchange and consumption and those who possess the money and other machinery by which this exchange must be made and wages paid.
The former class, being the great mass of mankind, the great mass of our own people, desire an abundance of money for which to exchange their labor and their products - they want a rise in the prices of products. The latter, possessing nearly all the money of the world, an d possessing moneyed obligations of nations and corporations and individuals to many billions of dollars, desire a supercity of money - an increase in its purchasing power. These, whilst knowing that all the gold and silver in the world are insufficient to carry on even to their advantage the trade of the world, have invented certain substitutes for money, highly profitable to them, in order to decrease metallic coinage - real money. By decreasing the amount of metallic money they have a larger field for the operation of their monetary devices; they have the opportunity to manufacture more of the substitutes for real money, which substitutes the world under the present system must use. They desire just enough of metallic money to enable them skillfully and profitably to manage their own substitute devices for money.
Urgent Need of Increase of Monet.
As civilization advances, as trade and commerce increase, as they have done enormously in the last hundred years, so the necessity for an increase in money becomes more urgent.
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