The Dillon tribune., 1885-03-07
CLEvELAND'S LETTER.
He Takes the Wall Street View Of the.
silver Question.

tLEt Ella MI > LEXIEn
He Takes the Wall Street View of the
silver Question.
ALBANY, February ,7.--The following
is the reply addressed by Pre- ,ident.elect
Cleveland to the silver coinage advocates
in Congress:
To Hon. \. ]. Warner and others, Members OF the
Forty eighth Cungrcss-CENrLEMEN:
The letter which have had the honor
to receive from you invites, and, indeed
obliges me to give expression to some |
grave public necessities, although in ad-
vance of the moment when they would be-
come objects Of my special care and par
tial responsibility. Your solicitude that
my Judgment shall have been carefully and
deliberately formed is entirely just, and l
accept the suggestion in the same friendly
spirit III which it has been made. 1t is also
fully justified by the nature Of the financial
crisis, which, under the operation Of the
act Of Congress Of February IS, 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 IS per cent. Of the
gold dollar prescribed as the unit Of value,
in section IL, 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 constantly increasing in quantity al
the rate of $,S,ooo,ooo year, it has fol.
lowed, of necessity, that the flow of gold
into the treasury has been steadily dimin-
istng. Silver and silver certificates have
displaced and are displacing gold, and the
sum Of gold in the Federal Treasury for
the payment OF the gold obligations Of the
United States and for the redemption of
the United States notes called greenbacks,
il not already encroached upon is peril
ouslv near such encroachment. They
have been forcwarned to us in the official
reports of every Secretary OF the Treasury
flom 1873 til! now. They are plainly at
firmed in the last December report Of the
present Secretary Of the Treasury to tht
j Speaker Of the present House of Repre-
v sentatives. They appear in the officia
documents OF this Congress, and in tn
d records Of the New York Clearing House
rs of which the Treasury is a member, am
through which the bulk Of the receipts an
>, payments of the Federal Government an
:. the country pass. These being facts, on
present condition, our danger and our dut
to avert that danger would seem to be plail
= hope you concur with me and with tn
=, great majority of our fellow.citizens i
=" deeming it most desirable at the preser
juncture to maintain and continue in us
a. the mass Of gold coin, as we'll as the mas
&c Of silver already coined. This is possibl
y by the present suspension Of the coinage
silver.
al am not aware that by any other metl
IS, cd it is possible. 1t is Of nonentous in
,e portancc to prevent the two metals partin
company; to prevent the increasing di
I'd placement Of gold by increasing the coli
s. age of silver; to prevent the disuse Of go
I'd in the custom houses Of the United Stat
and in the daily business Of the people, at
Is. to prevent the ultimate expulsion of 60
s, by silver. Such financial crisis as the
re events would certainly precipitate were
now to follow upon so long period
commercial depression would involve tt
- people of every city and every State in Il
- Union in paralyzed and disastrous troubl
" The revival Of business enterprises az
prosperity, so ardcntly desired and a
TO- parently 50 near, would be hopclcssly pos
'r, poncd. Gold would he withdrawn to
We boarding places, and an unprccedcnt'
contraction in the actual value of our GU
ke rcncy would speedily take place. Saddle
Il OF all, in every work shop, mill, factor
I'd store and every railroad and farm the was
of labor, already depressed, would sutt
c. still further depression by the scaling dow
at Of the purchasing power of every s
a called dollar paid into the hand Of t"
in From these impending calamities it
surely the most patriotic and grateful du
,t Of the representatives of The people to d
.. liver them.
l am gentlemen, with sincere respect, your f
10 low citizen, GROVER CLEVELAND
TN
As Unintelligiblc as Mysterious.