If such a rule were adopted, and
a proper ratio once established, it would be pretty likely
to continue, unless there were a very large increase in the
production of one metal or the other. If the supply of gold
in proportion to silver were diminished a little, the corresponding
demand for silver by all mankind would bring up its price
and cure the inequality. So, if the supply of gold were to
increase in proportion to silver, a like effect would take
place.
If, however, the nations of the world were to agree on one
metal alone, it was best that the most precious metal should
be taken for that purpose.
The above, in substance, was the doctrine of Alexander Hamilton,
the ablest practical financier and economist that ever lived,
certainly without a rival in this country.
The duties specially assigned to me in the Senate and in
the House related to other matters. But I made as thorough
and faithful a study as I could of this great question, and
accepted Hamilton's conclusions. I believed they were right
in themselves, and thought the reasons by which they were
supported, although the subject is complex and difficult,
likely to find favor with the American people.
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