advisable not to attach the unit exclusively to either of the metals,
because this cannot be done effectually without destroying the office
and character of one of them as money and reducing it to the situation
of mere merchandise." And then Mr. Hamilton wisely concludes that this
reduction of either of the metals to mere merchandise (I again quote
his exact words) "would probably be a greater evil than occasional
variations in the unit from the fluctuations in the relative value
of the metals, especially if care be taken to regulate the proportion
between them with an eye to their average commercial value." I do not
think that this country, holding so vast a proportion of the world's
supply of silver in its mountains and its mines, can afford to reduce
the metal to the "situation of mere merchandise." If silver ceases to
be used as money in Europe and America, the great mines of the Pacific
slope will be closed and dead. Mining enterprises of the gigantic scale
existing in this country cannot be carried on to provide backs for
looking-glasses and to manufacture cream-pitchers and sugar-bowls. A
vast source of wealth to this entire country is destroyed the moment
silver is permanently disused as money. It is for us to check that
tendency and bring the continent of Europe back to the full recognition
of the value of the metal as a medium of exchange.

Seventh. The question of beginning anew the coinage of silver dollars
has aroused much discussion as to its effect on the public credit; and
the Senator from Ohio (Mr. Matthews) placed this phase of the subject
in the very forefront of the debate--insisting, prematurely and
illogically, I think, on a sort of judicial construction in advance, by
concurrent resolution, of a certain law in case that law should happen
to be passed by Congress. My own view on this question can be stated
very briefly. I believe the public creditor can afford to be paid in any
silver dollar that the United States can afford to coin and circulate.