Carl Schurz

“ Drawing logical conclusions from such facts, the bimetallist, to be candid, would have to admit that if the establishment of the gold standard had any effect upon the material well-being of the great masses of mankind at all, it has been in the way, not of deterioration, but of marked improvement. ”

“ Having persuaded themselves of the necessity of this remedy, they readily assume the possibility of its application; and in this respect they encourage themselves with the belief that an overwhelming majority of civilized mankind is not only in favor of it, but positively yearning for it, and that only the malign influence of a conspiracy of powerful financiers within a square mile around the Bank of England or within hearing distance of Wall Street in New York stands in the way of the happy consummation. ”

“ You ask ten persons whom you happen to meet whether it would not be a nice thing to have some arrangement by which silver and gold could be made safely to circulate together, thus giving the world about twice as much money as it has now — and nine of these persons, not having given the matter much careful thought, will probably reply that this would be a nice thing indeed. The propagandist of bimetallism then promptly registers them among the firm believers in his panacea, and thus puts down a majority of nine to one. ”

“ Not only has there been in the countries named, as well as in England — the leading gold-standard country of the world — a most remarkable industrial development during that period, but the condition of the great masses of the people has, temporary depressions and cases of local distress notwithstanding, on the whole, strikingly changed for the better. ”

“ But the most characteristic delusion of the bimetallists is their belief that, excepting a small number of persons interested in the gold standard, all mankind is fairly hungering and thirsting for the realization of their scheme. The method by which the propagandist of bimetallism swells his roll of adherents is a very simple one. ”

“ An increased consumption of the things which enter into the daily life of every individual, especially of those things which, although in common use, are not necessaries in the strictest sense, is always a trustworthy symptom of rising prosperity among the many. ”

“ Confronted by such practical questions, the majority of nine to one will instantly evaporate. Only some visionary who hopes against hope will remain, or some debtor who has a vague impression that bimetallism will in some way relieve him of his incumbrances. ”

“ To be sure, there is much poverty, distress, and suffering in this world — more than enough to move a good heart to pity. All the more should we be careful to base our schemes of relief upon a correct diagnosis of the evil. ”

“ It is an instructive instance of the imagination of otherwise sensible persons running away with their understanding. In the first place, the very evil which these philanthropists mean to remedy is not such as they assume. ”