The most distinguished advocate of bimetallism, discussing our silver
coinage, has lately written:
No American citizen's hand has yet felt the sensation of cheapness,
either in receiving or expending the silver-act dollars.
And those who live by labor or legitimate trade never will feel that
sensation of cheapness. However plenty silver dollars may become, they
will not be distributed as gifts among the people; and if the laboring
man should receive four depreciated dollars where he now receives but
two, he will pay in the depreciated coin more than double the price he
now pays for all the necessaries and comforts of life.
Those who do not fear any disastrous consequences arising from the
continued compulsory coinage of silver as now directed by law, and who
suppose that the addition to the currency of the country intended as its
result will be a public benefit, are reminded that history demonstrates
that the point is easily reached in the attempt to float at the same
time two sorts of money of different excellence when the better will
cease to be in general circulation. The hoarding of gold which has
already taken place indicates that we shall not escape the usual
experience in such cases. So if this silver coinage be continued we may
reasonably expect that gold and its equivalent will abandon the field of
circulation to silver alone. This of course must produce a severe
contraction of our circulating medium, instead of adding to it.
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