The Hartford herald. [volume] (Hartford, Ky.) 1875-1926, 1885-03-04
Cleveland ON Unlimited Coinage OF
Silver.

The following is the reply addressed
by President-eleet Cleveland to the
silver coinage advocates in Congress:
To THE Hon. A. }. MILLER AND
OTHERS. MEMBERS 18TH CONGRESS
Gentlemen The letter which I have
had the honor to receive from YOU in
vites, and indeed Obliges, me to give
expression 10 some grave public neces-
stiles, although in advance Of the
moment when they would become
objects of my official care and partial
responsibility. Your solicitude that
my judgment shall have been carefully
and deliberately formed is entirely just,
and accept the suggestion in the same
friendly split In which it has been
made.
Ii is also fully justified ny nature Of
the financial crisis which, under oper-
alton Of the act of Congress of Feb. Is,
1878, is now close at hand. BY c. M
plisnee with requirements Of that
law, all vaults Of the Federal Treasury
have been aud are hesped full Of silver
coins, which are now worth less than
So per cent. Of the gold dollar, pre-
scrlbed as the "unit of value in
Section II OF the Act of February IL,
1873. and which, with silver certificates
representing such coin, are receivable for
all public dues. Being thus receivable,
while also constantly increasing i'm
quantity at the rate of S2S,OOO, 900 a
year, il has followed Of necessity that
the flow of gold into the Treasury has
been steadily diminished. silver and
silver certificates have displaced, and
are now displaeing, gold, and the sum
of gold IN the Federal Treasury now
available for the payment OF the gold
obligation Of the United States, and for
the redemption of United States notes
called greenbaeks, il not already en-
croached upon, is perilously near such
eneroachment.
These facts, while they do not admit
Of difference of opinion, call for no
argument. They have been forewarned
to US in official reports Of every Secre-
tary of the Treasury from 1873 till now.
They are plainly affirmed i'm the last
report of the present Secretary to the
Speaker of the present House of Rep
resentatives. They appear in official
documents of this Congress, and i'm
records of the New York Clearing
house, Of which the Treasury is a
member, and through which the bulk
of receipts and payments Of the Federal
Government and country pass.
These being tine facts of our present
condition, our danger and our duty to
avert that danger would seem to be
plain. i hope you concur with me and
with the great majority Of our fellow
citizens in deeming ii most desirable at
the present juncture to maintain and
continue In Use the mass of our god
coined. This is possible by the present
suspension of the purchase and coinage
Of silver. I am not aware that by any
other method is il possible. tt is of
mOmentOus Importance to prevent the
two metals parting company; to pre-
vent increasing displacement of gold by
coinage of silver; to prevent
disuse of gold i'm custOm-hOuse of the
United States. in daily business of the
people; to prevent the ultimate expuI-
sion Of gold by silver; which financial
crisis these events would certainly pre-
cipitate, and were they now to follow
upon so long period Of commercial
depression would involve the people of
every city and every Safe in the Union
in prolonged and disastrous trouble.
The revival of business enterprise and
so srdentIy desired and ap-
psrently so near, would be hopelessly
Gold would be withdrawn
10 its boarding place, and IAN unprece-
tented contraction in the actual volume
Of our currency would speedily take
place.
In every workshop, mill, factory,
store, aud on every railroad and farm,
the wages of labor, already depressed,
would suffer still further depression by
scaling down Of the purchasing power
Of every so-called dollar paid into the
hand Of toll. From these impending
it is surely a most patriotic
md grateful duty of the representatives
IF the people to deliver them. I am.
gentlemen, with sincere respect. your
elbow citizen. GROVER CLEVELAND.
ArPASy Eah 81 ISS,