New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-02-28
MR. CLEVELAND ON SILVER.
HIS LETTER TO CONGRESSMAN WARNER.

TIE kEAsONsUPON WHICH he URGED THE STOPPING
OF THE SILVER COINAGE.
ALBANY, Feb. 27.-The following is the reply ad-
dressed by Mr.. Cleveland to the silver coinage ad-
vocates in Congress-:
TO the Hon. A. j. WARNER, and Others, members Of the
XLVIIIh Congress
GENTLEMEN: The letter which have had the
honor to receive from you invites. aud indeed
obiiges me to give expression to some grave public
necessities, although in advance of the moment
when they would become the objects Of my official
care AMI partial responsibility Your soicitude
that my judgment shall have been carefully and
deliberately formed is entirely just, and accept the
suggestion in the same friendly spirit in which it
has been Emade. 1t is also fully justified iby the
nature OF the financial crisis which, under the
operation of the act of Congress of February %.
1873, is now close at hand BY compliance with
the requirements of that law all the vaults OF the
Federal Treasury have been and are heaped full OF
silver coins, which are now worth less than eighty
five per cent of the gold dollar prescribed as the
unit of value In section Ii of the act of February
II, 1873, and which, with the silver certificates
representing such con receivable for all public
dues. Being thus receivable. while also constantly
increasing in quantity at the rate of $2s 100000
year, it has followed of necessity that the flow
diminished. Silver and silver certificates have dis
placed and are displacing gold, and the sum Of
gold in the Federal Treasury now available for the
payment of the gold of the United States
and for the redemption of the United States notes
called greenbacks,' if not already encroached
upon. is perilously near such encroachment. These
facts which, rs they do not admit of difference
of opinion, call for no argument. They have been
fOrewarned to in the official reports Of every Sec
retary of the Treasury from 1878 till now. They
plainly affirmed in the last December report OF
the present Secretary of the Treasury to tho
Speaker of the present House of Representatives.
They appear in the official documents of this Con-
gress ami in the records of the New-iork Clearing
House, of which the Treasury is n member, and
through which the bulk of the receipts and pay
ment OF the Federal Government and of the country
pass.
These being the facts of our present condition,
our danger and our duty avert that danger would
seem to be plain. / hope that you concur with me
aud with the gr, at majority of our fellow citizens
in decming it most most desirable at the present
Juncturc TO maintain and continue in use the mass
0f our gold coin as well the mass of silver already
coined. This is possible by present suspension OF
the purchase and coinage OF silver. am not aware
that by any other method, il is possible. Ii Is OF
momcntous Importance 10 prevent the two metals
from parting company; to prevent the increasing
displacement of gold by the increasing coinage Of
silver TO prevent the disuse of gold in the custom
houses of the United states in the daily business of
the people; TO prevent the ultimate expulsion OF
gold by silver. Such financial crisis as these
events would certainly preciDiate, were 1t now TO
follow upon 80 long period Of commercial dePres-
sion. would involve the people OF every city aud
every state in the Union in pro longed and DIS
nstrons trouble The revival of business enterprise
aud nrosuerity so ar,ently desired and apparently
So near wonid be hopciessIy postponoi. Gold wonld
lee withdrawn to its boarding places. and an I'M
precsdent.d contraction in the actual volume of oul
currcncy wcald speedily take place. Saddest OF
ALL in every Workshop mill, factory store. and -oi
every railroad and farm the wages of Labor already
depressed, would suffer still further depression by Il
scaling down of the purchasing power of every 80
called dollar Jald into the hand Of toll. iom these
importing calamities 1t Is surely a most patriotic
and grateful duty OF the representatives, oi tile pcO
pie to deliver them. ,,--
| am. gentlemen, with sincere respect. your icliow
citizen. uEONhE CLhNELANp'
iiLday. Feb. -, lss5.