, 1877-12-30
THE DANGER OF SILVER MONEY,
To the Editor OF Tie Tribune.


| New York, Dee. 26-Permit nlc to saw thai
you and others at the West who advocate tht
'2ilycr bill ~ are making 4 pery great mistake
What Chicago and the West needs is cheup caDi
tai to build up manufactures and develop its
resources With this cheap capital you Ger
compete successfully with the East and, being
| nearer the raw material, and also nearer to tue
great grain atlti provision producing reaiur with
| coal i'll unlimited quantity III close proximity,
| lhcrc is no reason why Chicago should not man
| ufncture not only for tic Ncst,. but the East
also.
But the solid men are suspicious, and will not
invest their capital or send their sons where
they think au unsound sentiment Oh financial
matters prevails; they are afraid Of that COM
munity where there is a disposition to pay in
cheap currency, or any lowering of the standard
of mercantile honor: The rich. men OF the
Eastern aud Middle States, and OF Europe, who
furnish this cheap capital are, almost to II n,uu,
lit favor of that kind of money which is the
most stable anil uniform among the
commercial nations. These are facts which
no reasoning to the contrary can alter
The difference between cheap capital and dear
capital-that which comes Of distrust-s re-
spectacle profit, especially in these times. In
nation is not capita, lit drives away real capi-
tai; il is temporary rxpcdicnt momentary
intoxicatton, the inevitable consequence Of
which is Ill furious aud destructive.
You have imitation in Illinois, as haye other
Western States times when what was called
money WIS abundant; it did no good; on the
contrary, wild speculation followed, resulting
most disastrouslv; and this is the unyarying Sc
que! to all attempts at Initiation. Failure has
attended them. Does it uced second trial to
convince Illinois OF the fallacy of the inlation-
iSts' iogics
Where are the solid men OF Chicago of twcn-
ty years ago? Nearly all, alas! carried away bv
imitation, We're tempted into speculation and
ruined Had our country kept to specie basis I
it would have been otherwise with them. We're
it not for the unsound opinions that prevail on
financial questions and the rccklessuess thereby |
engcndcrcd, there is no reason why, with such |
a rich. productive country rs is tributary to |
Chicago, capital should not he cheaper there t
than At tile East You, Messrs. Editors, |
aud others who sympathizc with you,
have, I doubt not, a. | have, only the
'cst interests of the country in view, but Won
are mistaken | repeat, the great rant. Of the
West is cheap capital aud reaf capital, and the
course YOU adopt will not bring it. but drive it
lway. You need 10 attract, not rcpcl.
The Silver bill will benefit the owners of the |
silver mines, and those alone; the reaction
must and will come sooner or later, for VIC shall
1e less able to foat silver than We have bccu
'aper against tho practices Of the commercial
World.
Your candor and libcrality in opening YOUR
ofunns to those opposed to your views en-
deem most important crisis, impcriling tue
'elfarc Of the city as well as the whole West,
IS my interests are largely identified with your |
'ty and tilG Northwest, shal! suffer with |
lhers in anything that biights its prosperity.
his interest, allow me to state, is from an carly
lgar that went thence through the canal to
liica.o, since which have been more or less |
onncctcd with the city. Your obedtent
,rvant, z. STILES Elf.