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Whether the two events sustained to each other the relation of cause and effect, I cannot say. The suggestion that Senator Stewart of Nevada was assenting to the demonetization of the silver dollar derives support from the fact that, in the month of February, 1874, he indorsed the gold standard in two speeches, delivered, respectively, on the 11th and 20th days of that month.
And is not the inference justified that the profits have been large and tempting, notwithstanding the demonetization of silver in some countries and the suspension of coinage in other countries? I turn now to the future, and first as to the possibility of the further use of silver as currency.
We may shout "high tariff," "combination of capital," "demonetization of silver," and what not, but if searching for the cause of augmented poverty and crime, "industrial discontent" and the tramp evil, instead of dogmatically expounding it, we should take some account of this enormous, sudden addition to the number of workers seeking work.
Seyd was a writer, a man of good reputation, and a bimetallist. In a letter to Mr. Hooper, which is still in existence, and which is printed in the Congressional Record, Seyd condemned the demonetization of the silver dollar. His letter was dated at London, February 17, 1872. The second charge was secrecy. The answer to this charge was to be found in historical facts. The evidence is this: Mr.
Long waiting while the eccentric old assayer told doleful tales of other days, tales of other men who had rushed in, just like Fairchild, with their sample of ore, only to depart with the knowledge that they were no richer than before, days when the news of the demonetization of silver swooped down upon the little town like some black tornado, closing down the mines, shutting up the gambling halls and great saloons, nailing up the doors, even of the Sampler, for years to come.
The demonetization of silver by the government in 1873, and its great production, had reduced the value of the white metal one-half, so young Harris resolved to seek for gold, and began a search, which proved to be a most romantic success.
It is certain that in the month of February, 1874, when the contents of the Mint Bill were in the public statutes, the demonetization of the silver dollar, and the recognition of the gold dollar as the unit of value, had not affected the judgment nor disturbed the sensibilities of the advocates of silver.
But the leaders thought differently, and from their own point of view their course was natural. The country desired more silver. Business was largely extended, overtrading was the rule. Farmers and business men were straitened for money. Economists, statesmen, and politicians had told them that, as their trouble had come largely from the demonetization of silver, their relief lay in bimetallism.
These within the limits of a statement are the reasons for the demonetization of the silver dollar and the adoption of the single gold standard. The measure was in accord with my policy, and it was in accord with the unbiased judgment of the commission.
Kelly, interrupting him, said: ``But, prince, if you fully believed in using both the precious metals, why did you allow the demonetization of silver? ``Well, said Bismarck, ``I had a great many things to think of in those days, and as everybody said that Camphausen and were great financiers, and that they understood all about these questions, I allowed them to go on; but I soon learned, as our peasants say of those who try to impose upon their neighbors, that they had nothing but hot water in their dinner-pots, after all. He then went on discussing the mistakes of those and other gentlemen before he himself had put his hand to the work and reversed their policy.
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