It is a mixed question, for scientific reasoning
and historical experience to determine, how far and by what methods a
practical equilibrium can be maintained which will keep both metals in
circulation in their appropriate spheres of common use.
An absolute equality of commercial value, free from disturbing
fluctuations, is hardly attainable, and without it an unlimited
legal tender for private transactions assigned to both metals would
irresistibly tend to drive out of circulation the dearer coinage and
disappoint the principal object proposed by the legislation in view.
I apprehend, therefore, that the two conditions of a near approach to
equality of commercial value between the gold and silver coinage of
the same denomination and of a limitation of the amounts for which the
silver coinage is to be a legal tender are essential to maintaining
both in circulation. If these conditions can be successfully observed,
the issue from the mint of silver dollars would afford material
assistance to the community in the transition to redeemable paper
money, and would facilitate the resumption of specie payment and its
permanent establishment. Without these conditions I fear that only
mischief and misfortune would flow from a coinage of silver
dollars with the quality of unlimited legal tender, even in private
transactions.
Pages:
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62