National Republican., 1877-12-31
Grant On Silver.

The Kansas City Journal says "There can
be no better evidence Of the covert manner
in which the silver dollar was dropped from
the coinage, covered up in the mass of Re
yised Statutes, composing large volume,
that had been revised by a commission that
worked years on it, and which was ratified
by passing Congress. OF course the Presi-
dent, in adding his approval, could mi, be
expected to read 1t all, for no one cal, DO so
in ten days-the limit of the time the Pres
ident can hold bill That he did not know
of the trick is evident from the following
letter, which he wrote during the panic to
a gentleman of prominence in financial cir
cles in New York" This is the letter:
WASHINGTON, October g.
Ny DEAR Mr.. CowDREy: The panic has
brought greenbacks about to par with silver;
! wonder that silver is not already coming into
the market to supply the deficiency in tho cir
culating medium. When it does come-and
predict that 1t will be soon-we will have made
a rapid stride toward specie payments Cur
rency will never go below silver after that
The circulation Of silver will have other bene-
fetal effects. Experience has proved that IL
takes about A0,0O0,00O of fractional currency
to make the small change necessary for the
transaction Of the business of the country.
Silver will gradually take the place of this
currency, and, further, will become the
standard of value, which will be boarded in q
small way. l estimate that this will consume
| from two to three hundred millions in time,
| of this species of our circulating medium. 1t
will leave the paper currency free to perform
| the legitimate functions Of trade, and will
tend to bring us back where we must come at
last-t0 a specie basis. i confess to a desire TO
see limited boarding of money. 1t insures Il
firm foundation In time Of need. But want
to see the boarding of something that has a
standard of value the world over. Silver has
this, and II we once get back to that our
strides toward a higher appreciation of our
currency will be rapid. Our mines are now
producing almost unlimited amounts Of silver,
and it Is becoming a question, "What shall We
do with itN ! suggest here solution that
will answer for some years, and suggest to
you bankers whether you may not initiate IL /:
To put IL In circulation now, keep 1t there
until II is fixed, and then we will find other
markets. The South and Central American
countries have asked us to coin their silver for
them. There has never been authority of law
to do so. trust it will now be given. When
II Is given, IL will be more than the equiva-
| lent of becoming exporters of articles of manu-
| facture which were previously articles of i'm
port. Orders will come for large amounts Of
coin. 1t will be all in silver, while payments
are not necessarily SO. We become the manu-
facturer of this currency with profit, and
will probably secure portion of our pay in
the more precious metal. U. 8. GRANT.
Among all the silver advocates none have
gone beyond this letter of Gen. GRANT
Not only does he advocate the coinage oi
$500 900 of silver for our own use, but
favors our doing the coinage for all the
South American States, so as to make q
market for our silver. 1t was not till two
years after this letter that the fraud was
discovered. There is one thing in this lettel
that will strike the masses of the people a,
containing a fund of sound sense, and shows
not only that Gen. GRANT had thought
deeply on the subject, but that his thinking
was all in the direction of the people rathe
than the bond-holdeTs."