New-York tribune., 1885-03-02
ADVOCATES OF SILVER.
REPLYING TO MR.. CLEvELANDs LETTER,
A STATEMENT PREPARED BY THOSE IN FAVOR OF
FREE COINAGE.

WASHINGTON, March 1.-The friends Of silver In
the House OF Representatives, while ct 6rst in
cined to make formal repy to the letter of Presi.
Cleveland since Il has been given to the
public, decided at conference held this evening
to reply openly to the parts of tho letter with
which they do not agree. They say that they did
not invite controversy, but on the contrary are
anxious to avoid it. They also say that 1t was
not till 1t had become known that determined Of
fort was being made to induce the President-elect
to commit himself and his administration in sd-
vance to the gold side Of the currency question
that they decided merely to ask him not to commit
himself till his Cabinet formed and both sides
of the question could be considered. They pro-
posed at first to send delegation to present their
views to him, but after communicating with him.
at his suggestion they sent paper signed by nearly
one hundred members of the present Congress and
members-elect to the next Congress. No reply was
necessary, they assert, and none was eX-
pected. They further say that while regretting
the step the President-elect has taken In advance
Of his Inauguration and of the formation of his
Cabinet, they do not propose TO have controversy
unless 1t is forced upon them. They believe, how
ever in tho independence of the legislative branch
of the Government and assert that they will, ct all
times maintain 1t.
They furnish the following as a statement Of
their views:
In the letter no distinction is made between silver
coinage and silver bullion while 1t is true that silver
bullion which s excluded from coinage and consequently
from monetary worth less dn the ratio Of 10 to
than So per cent Of the gold dollar" Silver coins
which are admitted to monetary use the same a. gold
are equal in value to gold coin The silver dollar VIII
exchange for much gold dollar 1t will even buy
the gold with which gold dollar may be made. France
with population of 36 900 900 and territory not -
large Texas has I'm circulation 900 Of silver
with $8500000 900 in gold, while we have but S2O0OOO-
900 OF full.tender silver to over SG00,0O0000
Of gold. Altogether $3lOOOOO000 Of silver
coins at the rate of 15ia to held in circulation In
Europe; side by side with 81 600 0o0 900 Of gold OF
paper and silver together, including silver certificates
we have less than $500 600, which shows that In
this country there more gold than paper and nearly
three times much gold silver With this proportion
In our currency and with gold and silver equally full
tender for everything 1t is difficult to understand why
the Secretary OF the Treasury might not IL he chose TO
do so pay out silver and less gold OF course,
while receiving into the Treasury United states notes.
silver silver certificates gold or gold certihcates no
pays out only gold his stock of gold would diminish I
On the other hand he should pay ont more silver and
paper and gold the OF the In tho
Treasury would change. In other words this is matter
entirely under the control OF the secretary OF tne & res
who receives money be permitted to choose the KIND no
That silver and silver certificates dspace gold true;
but only Treasury bank notes dspace It, The with
drawa OF hundred millions OF bank notes or the ssu-
ance OF hundred millions has the effect gold ~
so much In silver or silver certlncates why
notes as OF preventing the expulsion OF gold
To the proposition that there exists ever have ex-
able in gold the silver men feel il their solemn dGy 70
enter their most emphatic dissent at this very outset OF
,M1. he eSst op ever or dd eE Weer said GoM
and silver. at rates fixed by CoIsress constitute
the legal standard value this country, and neither
Congress any State has authority to establish any
other standard or to disp!see this The act soa 70
soenny pledged the United States to the payment OF the
Ve for the payment Of all reundng bonds in coin Of
tho then present standard valne, which te same AZ
is75 provided that from the day OF jan
is79 the Secretary OF the Treasury should redeem
| l" In coin the outstanding legal tendcr-i0tes.
BY the act Of February %, 1875, providing
for the sqmPon a Gt the Scsage ,s H Ie
for all debts and dues public and private unless other
wise expressly stipulated IN the contracts ana there s
not public obligation outstanding aud never was con-
tanning stipulation for payment IN gold In January,
lutio offered by stanley Matthews, then senator
on the supreme Bench: That all the bonds OF tho
United states issued authorized TO DC issued under the
said acts OF Congress herenbeore recited payable.
principal and interest at the option OF tie Goyernncne
Of the United States in silver dollars OF the coinage Of
the United states, containing il22 grains each Of
standard sver and that to restore to its coinage such
silver coins as egaltender Ia payment OF SAID Donds
principal and interest is not in violation OF the public
faith in dcrosation OF the rights o the pubc cred
The opinions Of Secretaries of the Treasury fom 1873
down are referred 10 authority The opinions OF Sec
retares valuable when supported by facts and sound
sons ought not control unless tney are lcan
be forgotten, however, lndl
have steadily predicted what has not taken place.
The friends Of silver concur In the opinion that II
most desirable 10 maintain and continue In use tue
mass OF our gold coin well the mass of silver
alIeady coined" They agree. too, that II Is
OF the two metals from parting company
But the two metals, as metals nave already
citation in other countries aud the hostility OF tho
Treasury and the banks to silver In this But & has tho
year will drive gold c OF circulation IN the near iuturc
z.
The total volume OF currency IN the United state;
outside o; gold less than IL ~ TSieysn
settled that II volume OF $750.0000OO not sllicient
mternationai prices then gold viii here and stay
here In Sufficient amount to make Win the VoiIne
our lIsrbutive share of the worlds money as deter
mined by our hternaonal trade lhit S.1oVoo.ooO -
suncent volume 10 maintain prces al tn woras a
level of prices is evidenced 10y the fact that SouoOoo
circulation either In the ioTu OF com OF eer.neates
now stays here and will away only when prices De-
cone lower escw here than they are here,
1t is believed, therefore, th no sutn crsis ns '
been forbocd Oyertakc us under exisng conditions
i Is nSi believes 10 PC thcy " we're so disposed to take
gold ont OF circulation and hold it for any length OF tne
Worlds n a. p''I, money aud arrest the worlds
commerce. Nor can the paper or silver or silver i've
expe the gold. The gold can be expelled only by iofo-
ing into circulation, In addition 10 the Stooooooov;
either silver or paper equal To the entire valne OK
gold now in circulation. In that manner. under
" be- w M ( s" auSisss iss true toS that il
and wealth In this country were at stand then lhe
continued coinage Of silver In suihricnt volume woo
in time expe gold from circulation; but ~ long 's pp
ulaton and wealth increasing then the conditions
Of the problem are changed In fact IN orier
m nrcserve n stable ratio between money
volume and population and wealth veal noo oaa aa
snnu.I increase OF not less than fio,oooooo
M currency OF kind is now required " Othcr
wo. the Increase OF population and wealth call Tor an
aJi,,ion 10 our circulation of a least Si00o00O0a year
NJ while these conditions continue silver Is coned NJ tue
rate of $2s 100000 year there Is eit stu consi
erabIc void TO filled with gold This Is the reason why
gold has Increased In the oinry steadily since the aes
of ISIS passed and why gold has Increased by nearly
81 during the last year. and j. now increasing
at the OF nearly Sl.OOOOOO month nowlths'anu.
iur the depression OF business In the country, ana us
matter OF fact there Is to-day more gold
in the country than there ever was before @ III os s
of the gold In the treasury put there IN exchange or
silver certificates The immediate effect OF stopping the