The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1878-06-05
Respectfully,
w. y. PERCY.
UNITED STATES SENATE CHAMBER,
WASHINGTON. Jan. ID, 1873.

UNITED STATES SENATE CHAMBER.
WASHINGTON, Jan. ID, 1873.
Hon. ~. 4. Percy, Jaekson Mss.
DEAR - beg to recall myself to your
| memory, and the acquaintance formed on
the occasion of my service on the Commit
tee OF Investigation in Mississippi, in 1876
| am profoundly impressed with the gray
ity OF the condition OF public affairs In this
country, ana chieflv "a they are to be affect
ed by measures now pending in Congress
in relation To the amendment of our coin
age laws-So as To restore double stan
dard of values.
The question is one of great difficulty,
bnt undoubtedly depends upon the degree
of acceptance which, in the markets of the
comm. ercial world, Is given 10 the use OF
either or both OF the precious metals.
Any statute of the United States which is
not in accord with the standard OF CONNER
cial dealings of those nations with whom
we chiefly have our exchanges. will be only
productive of confusion and certain loss
and Inconvenience to our people.
The great Obi ct we should now have in
view, is to stimulate productions in this
country and in your section the main need
is abundant capital at low rates of interest,
for the development of your industrial ca
pacities.
The owners and controllers of capital in
this country-withoQt eXception-are filled
with alarm at the proposed unlimited res
tpration of silver collars of 4l2 grains, as
full legal tender for all purposes whatever
Including customs duties aud interest on
the public debts.
This alarm is so utterly destructive of
confidence, that restrictions upon lOars Of
capital will be imposed, and increased rates
of interest will be sure to follow.
The rounding of L. ). Bonds, at a lower
rate of interest has been stopped, and there
Is great danger that American securities
held abroad may be returned here for sale
i'm such amount as to break down the mar
ket and absorb all the capital, thtt other
wise would seek inVes ment elsewhere and
in other things.
The people OF the South. who have the
prices of all their products fixed by the
id standard of the London markets, are
peculiarly interested in maintaining public
confidence in the certainty OF a return to
specie payment.
The West | am sorry to sly, is denoun-
cling so bitterly those whose capital have
been invested there, in public and private
improvements, that no idea of further loans
in that direction exists.
The South offers the best field for the in
vestment OF capital, and ali that is needed
| to make it abundant, and at very low rates
| of interest, is confidence.
Every public expression of sentiment
| favorable to good faith and confidence
which emanates from the Southern States
| is ofth greatest value to them and their
| people,
l am induced to write you this because
| of a report | saw in newspaper that reso-
lutions proposing to instruct ) our Senators
| in Congress. to vote for NJ. Stanley Mat
thews' reso ution aud Mr. BANDS bll We're
to be introduced into your Legislature.
The known good will bear q your peo-
pie, viii be my warrant in mus frankly ex-
pressing To you my earnest hopes that such
instructions will not BE- given.
] know you have every ju-t confidence
| in the ability and fidelity OF Mr.. Lamar, and
can rely upon his dealing with this most
important question III spirit worthy of it,
and your relations to it.
There are many excellent and well-mean-
ing people in the North, who look with
great fear upon the Sourh,-lest from sin
lister feeling it consent to financial measures,
which | forbear to discuss, but | feel war
| ranted in asking your associates in the Leg
islature not to anticipate debate here and
decide without hearing.
Will you do me the favor tC allow Mr..
William 4. Montgomery to read this hGr-
riedly-written lettery
/ do not intend it for publication, bat in
trust it your discretionary use among your US
s0ciates. Believe me,
Truly and respectfully yours.
L. f.. BAYARD.