[Speech on the Currency.—46th Congress.]
No man can doubt that within recent years, and notably within recent months, the leading thinkers of the civilized world have become alarmed at the attitude of the two precious metals in relation to each other; and many leading thinkers are becoming clearly of the opinion that, by some wise, judicious arrangement, both the precious metals must be kept in service for the currency of the world. And this opinion has been very rapidly gaining ground within the past six months to such an extent, that England, which for more than half a century has stoutly adhered to the single gold standard, is now seriously meditating how she may harness both these metals to the monetary car of the world. And yet outside of this capital, I do not this day know of a single great and recognized advocate of bi-metallic money who regards it prudent or safe for any nation largely to increase the coinage standard of silver at the present time beyond the limits fixed by existing laws.... Yet we, who during the past two years have coined far more silver dollars than we ever before coined since the foundation of the Government; ten times as many as we coined during half a century of our national life; are to-day ignoring and defying the enlightened universal opinion of bi-metallism, and saying that the United States, single-handed and alone, can enter the field and settle the mighty issue. We are justifying the old proverb that "fools rush in where angels fear to tread." It is sheer madness, Mr. Speaker. I once saw a dog on a great stack of hay that had been floated out into the wild overflowed stream of a river, with its stack-pen and foundation still holding together, but ready to be wrecked. For a little while the animal appeared to be perfectly happy. His hay-stack was there, and the pen around it, and he seemed to think the world bright and his happiness secure, while the sunshine fell softly on his head and hay. But by and by he began to discover that the house and the barn, and their surroundings were not all there, as they were when he went to sleep the night before; and he began to see that he could not command all the prospect, and peacefully dominate the scene as he had done before.
So with this House. We assume to manage this mighty question which has been launched on the wild current that sweeps over the whole world, and we bark from our legislative hay-stacks as though we commanded the whole world. In the name of common sense and sanity, let us take some account of the flood; let us understand that a deluge means something, and try if we can to get our bearings before we undertake to settle the affairs of all mankind by a vote of this House. To-day we are coining one-third of all the silver that is being coined in the round world. China is coining another third; and all other nations are using the remaining one-third for subsidiary coin. And if we want to take rank with China, and part company with all of the civilized nations of the Western world, let us pass this bill, and then "bay the moon" as we float down the whirling channel to take our place among the silver mono-metallists of Asia.