George Boutwell

This statement as a statement of an existing fact was wide of the truth, and as a prophecy it was as fallacious as are the prophecies which predict the destruction of the world.

If we had chosen to accumulate gold and postpone payments upon the Public Debt, we could have brought the nations of the earth to our feet.

Everybody knows what a dollar in gold is worth.

Every step in civilization, every advance movement that we call progress, is a peril to many and a ruin to some.

The measure was soon followed by the depreciation of silver and coincident with that change came the attacks upon the Mint Bill, and the denunciation of the "Crime of 1873.

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 choice of gold as the standard was not due to hostility to silver or to the silver mining interests, but to the well grounded opinion that gold was a universal currency, while in some countries, as in England and Germany, silver coins…

Silver had been recognized in the Coinage Act, but practically it had not played any part in the financial policy or fortunes of the country.

Such was the commercial demand for American silver coins that in 1853 Congress authorized the debasement of the subsidiary silver coins as the only means of securing their circulation.

Until the act of 1878 was passed, silver coins had had no appreciable influence upon the volume of currency or the business of the country.

Silver or paper may be used for domestic purposes, but the value of that silver or paper is determined by its value in gold.

The value of every article is resolved finally by the ascertainment of its value in gold.

I was of the opinion then, as I am of the opinion now, that nations cannot escape from the gold standard in all inter-state transactions.

In 1873 I had come to believe that it was wise for every nation to recognize, establish, and maintain the gold standard.

The proceedings at the mints were unsystematic, and I resolved upon an attempt to codify the laws and to place the administration in the hands of a recognized, responsible officer.

Of the many measures of my administration of the Treasury Department, the Mint Bill of 1873 is the only one which has been made a party issue, and which has entered permanently into the policy of the country.

And if they had had a defence they were in no danger even if they had violated the law ignorantly, for no Secretary would have allowed honest men to suffer for an ignorant violation of the revenue laws.

For the purpose of protecting and preserving the seal fishery, Behring Sea ought to be treated as a closed sea.

The United States and Russia are interested in the seal fishery which can be preserved only by the protection of the animals in Behring Sea.

The value of the fur seal fishery depends upon the market for the dressed furs, and the value of the dressed furs depends upon the fashions, and the fashions are manipulated by the producers of the varied competing goods.

Congress, however, adopted the system of leasing and upon experience that system was shown to be more advantageous to the country.

With an established credit, or with a credit improving constantly and an income in excess of expenditures, there is no difficulty in meeting all liabilities as they mature.

It was my opinion, however, that it would be wiser to delay resumption until the balance of trade should be so much in our favor that specie payments could be maintained by our own resources.

It was no longer difficult to borrow money at the rate of five per cent, and with the adjustment of our controversy with Great Britain there remained no reason to question the rapid progress of the United States in wealth and population.

From that time forward the credit of the Government has been improving constantly.