declared so in the interest of the public creditor, and the declaration
inserted in the very body of the eight hundred million of bonds that
have been issued since that date. Beyond all doubt the silver dollar was
included in the standard coins of that public act. Payment at that time
would have been as acceptable and as undisputed in silver as in gold
dollars, for both were equally valuable in the European as well as in
the American market. Seven-eighths of all our bonds, owned out of the
country, are held in Germany and in Holland, and Germany has demonetized
silver and Holland has been forced thereby to suspend its coinage, since
the subjects of both powers purchased our securities. The German Empire,
the very year after we made our specific declaration for paying our
bonds in coin, passed a law destroying so far as lay in their power the
value of silver as money. I do not say that it was specially aimed at
this country, but it was passed regardless of its effect upon us, and
was followed, according to public and undenied statement, by a large
investment on the part of the German Government in our bonds, with a
view, it was understood, of holding them as a coin reserve for drawing
gold from us to aid in establishing their gold standard at home. Thus,
by one move the German Government destroyed, so far as lay in its power,
the then existing value of silver as money, enhanced consequently the
value of gold, and then got into position to draw gold from us at the
moment of their need, which would also be the moment of our own sorest
distress. I do not say that the German Government in these successive
steps did a single thing which it had not a perfect right to do, but I
do say that the subjects of that Empire have no right to complain of our
Government for the initial step which has impaired the value of one of
our standard coins. And the German Government by joining with us in
the remonetization of silver, can place that standard coin in its
old position and make it as easy for this Government to pay and as
profitable for their subjects to receive the one metal as the other.