He properly stated that the mere desire to utilize the silver
product of the country should not lead to a coinage not needed for
a circulating medium. Only 50,000,000 of the silver dollars so
coined had actually found their way into circulation, leaving more
than 165,000,000 in the possession of the government, the custody
of which had entailed a considerable expense for the construction
of vaults for its safe deposit. At that time the outstanding silver
certificates amounted to $93,000,000, and yet every month $2,000,000
of gold from the public treasury was paid out for two millions or
more silver dollars to be added to the idle mass already accumulated.
He stated his view of the effect of this policy, and in clear and
forcible words urged Congress to suspend the purchase of silver
bullion and the coinage of silver dollars until they should be
required by the business of the country. This is the same question
now pending, but under circumstances of greater urgency.