and the over-supply of gold from those rich sources did not effect the
relative positions and uses of the two metals in any European country.

I believe then if Germany were to remonetize silver and the kingdoms and
states of the Latin Union were to reopen their mints, silver would at
once resume its former relation with gold. The European countries when
driven to full re-monetization, as I believe they will be, must of
necessity adopt their old ratio of fifteen and a half of silver to one
of gold, and we shall then be compelled to adopt the same ratio instead
of our former sixteen to one. For if we fail to do this we shall, as
before, lose our silver, which like all things else seeks the highest
market; and if fifteen and a half pounds of silver will buy as much gold
in Europe as sixteen pounds will buy in America, the silver, of course,
will go to Europe. But our line of policy in a joint movement with other
nations to remonetize is very simple and very direct. The difficult
problem is what we shall do when we aim to re-establish silver without
the co-operation of European powers, and really as an advance movement
to coerce them there into the same policy. Evidently the first dictate
of prudence is to coin such a dollar, as will not only do justice
among our citizens at home, but will prove a protection--an absolute
barricade--against the gold monometallists of Europe, who, whenever the
opportunity offers, will quickly draw from us the one hundred and sixty
millions of gold coin still in our midst. And if we coin a silver dollar
of full legal tender, obviously below the current value of the gold
dollar, we are opening wide our doors and inviting Europe to take our
gold. And with our gold flowing out from us we are forced to the single
silver standard and our relations with the leading commercial countries
of the world are at once embarrassed and crippled.

Third. The question before Congress then--sharply defined in the pending