containing confessedly silver of less value in the market than the gold
coin, but maintained at the parity of gold coin by the Government.

* * * * *

But it is said that those of us who demand the gold standard, or
paper money always equal to gold, are the representatives of capital,
money-changers, bondholders, Shylocks, who want to grind and oppress the
people. This kind of argument I hoped would never find its way into the
Senate Chamber. It is the cry of the demagogue, without the slightest
foundation. All these classes can take care of themselves. They are the
men who make their profits out of the depreciation of money. They can
mark up the price of their property to meet changing standards. They can
protect themselves by gold contracts. In proportion to their wealth
they have less money on hand than any other class. They have already
protected themselves to a great extent by converting the great body of
the securities in which they deal into gold bonds, and they hold the
gold of the country, which you cannot change in value. They are not, as
a rule, the creditors of the country.

The great creditors are savings-banks, insurance companies, widows and
orphans, and provident farmers, and business men on a small scale. The
great operators are the great borrowers and owe more than is due them.
Their credit is their capital and they need not have even money enough
to pay their rent.

But how will this change affect the great mass of our fellow-citizens
who depend upon their daily labor? A dollar to them means so much food,
clothing, and rent. If you cheapen the dollar it will buy less of
these. You may say they will get more dollars for their labor, but all