gold. So much so that men of Mr. Gage's views as to supply of the two metals varying, started a propaganda for the demonetization of gold.
"And yet with all that gold output, we find that it had no effect on the relative commercial values of the two metals. The reason why it could have had no effect was because the demand for either was unlimited. Both enjoyed the same advantage in that respect.
The attempt that was then made to demonetize gold had not gone far, when to the surprise of those that were engaged in it, gold maintained its commercial value. They realized then by the practical workings of free coinage of the two metals, their error and abandoned the effort.
"Had specie payments been in operation in 1873, no doubt silver never would have been demonetized. Nearly every one would have been alive to the interest of our metallic money and it would have been daily asserting its own importance as in 1850–54.
"It was during a period of suspension of specie payments in England following the French war that parlament demonetized silver in 1816, in much the same manner that it was accomplished in this country.
A COMPARISON FOR 200 YEARS.
"To show you how perfectly the law of free coinage worked from time immemorial till 1873, in sustaining the commercial value of silver and gold at a parity, I am now going to distribute among you a copy of page 50 of the 'Statistical Abstract' for 1892, issued by the Treasury Department of the United States."
Coin waited until they were distributed, and every one in the room had one in his hand, including Mr. Gage.
