The Indianapolis sentinel. [volume] (Indianapolis, Ind.) 1880-1904, 1885-03-02
THE SILVER QUESTION.
Silver Men In Congress Dissatisfied With
the President-Elect's Letter
On the Subject.
They Make Reply IN Three Parts,
Giving ACKNOWLEDGEMENT Re.
plies Separately.
THE SILVER QUESTION.
The Friends OF silver Make ao Open Reply
tothe President- Elects Letter on Silver.


tothe President-E Elects Letter on silver.
WASHINGTON March 1.-The friends OF
silver in the House, inclined at first to make
a formal reply TO the letter OF President
elect Cleveland since il has been given to
the public decided, al conference held this
evening, to reply openly to the letter, with
which they do not sgree. They say they did
not invite a controversy, but on the con.
trary, we're anxious TO avoid il. They also
say il was not until il had become known
that o determined effort was being made
to induce the President elect u COM
nit himself and his administration
in advance {, the gold side of the
currency question, that they decided merely
to ask him not to commit himself till his
Cabinet was 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 q
paper signed by nearly 100 members OF the
present Congress and members-eect to the
next Congress. No reply was necessary, they
ther 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 70 have a controversy
unless 1t is forced upon them. They believe
however. in the independence OF the legisls-
tive branch Of the Government, aud assert
that they will at all times maintain it,
They furnish the following as a statement
OF their views:
In the letter, no distinction is made between
silver coinage and silver bullion. While ii Is true
I " IL M N
and consequently from monetary use, is worth
less Tin the ratio OF l6 10 - than IS per cent OF
to monetary use. are equal in value TO the gold
coin. The silver dollar will exchange for as much
as the gold dol dollar Il Will even buy the gold with
france, with population OF S6,6W,OO0, and
territory not as large as Texas has IN circulation
While we have but SEQ OC0 OoO full tender OF silver
TO over 5000 600 in gold although 81 800 600 goo
beld in circulation in Europe Side 6y side wiI6 I
| S26OO(0o coo in gold. I'm paper and silver to-
getber including silver certificates, we have $50,
country there is more gold than paper,
and nearly three times as much gold
currency and with gold ana silver equally ull
tender Tor everything, 1t Is difficult 10 under
less gold? OF course, if while receiving into the
Treasury United States notes. silver and silver
certificates. gold gold certificates. he pays ont
only gold, HIS stock of gold would diminish. If,
on tbe other hand, he should pay out more silver
and Isper and less gold, the character of the
serve in the Treasury would control The secretsry
| OF the Treasury There would be no need of legal
/ tender III the one who receives the money ba per.
uited 20 choose the kiDd he viii haze. That silver
and silver certificates dispace gold is true, but
only as the Treasury or bank notes displace H.
The withdrawal of sloo. 600 600 of bank notes or
issuance OF Sl00 600 900 has the effect on gold
as so much in silver or silver certificates. Why
has II 10 nave been proposed to withdraw the
i National Bank notes as a means Ol preventing the
expulsion of gold?
TO the proposition that there now exists, or ever
| has existed, under our Constitution, oblg tiOns
specifically payable in gold the silver men feel il
their solemD duty to enter their most
set OF The disc tussion Of the question No such
obligations exist or ever did exist. Webster said
/ gold ana silver, at the rates fixed by Congress.
constitute the legal standard value In this coon
! try, and neither COngTess any State has the
| authority to establish any othtr standard or to
| dispace this. One act to strengthen the public
orr DIT, approved March Is 1869, sOlemnly pledged
the United states TO the payment OF the bonds in
| Tor he payment OF sll refunding bonds In coin of
their present standard value which is the same rs
usTy II, 1875 provided that from and after the It
| OF January. 1879, the Secretary of tie
IsesSsinIy snould ps redeem e In coin the me OF
| OF February & 1873. providing for the resumDti.
OF the coinage OF the standard dollar, silver dbl
lars were made legsltender Of all debts and dues.
| public and private. unless otherwise expressly
stipulated IN the contract, and there is not 10
| !ie obligation outstanding, and never was, con
| tanning stipulation Of payment in gold In Jan
| uaTy, 1873, Congress adopted the following con-
| current resolution, Offe ed by Stanley Mathews
| THAT al bonds OF the UHitTd States. issued
tbOrized 10 be issued under the said acts OF Con
gress, herein before recied, are payable pricipal
ment of the United states, in silver dol
/ lars OF the COINAGE of the United States.
containing 4f215 grains each OF standard silver
and that to restore its coinage silver coins
ssa lessl tender On payment OF said bonds, prin-
cipaI and interest is not IN violation of pub
faith, nor in 6erogation of the rights of puOic
creditors. The opinions of the secretaries of the
| Treasury from 1873 down are referred 10 as
thority. The opinions of ths Secretaries are valu-
able when supported BY facts and sound reasons.
but ought not 10 control unless they are Ii can
not be forgotten. however, that the same Secre
tsries have steadily predicted what has not taken
| place.
The friends of silver concur in the opinion that
! tits most desirable to maintain and continue the
mass OF our gold corn as well as the mass of silver
| already celned. They agreed, too, that IL
| is of momentous importance to prevent (the coin
| of the two metals from parting company. but the
| the influence OF silver demonetization in other
| countries and the hostility OF the Treasury and
coinage OF silver, at the rate of s2sOOO 900 year
viii drive gold out ot circulation in the near fu-
ture. or force It to premium, does not by them
| ine. The total volume of currency in the United
states outside Of gold Is less than $3.50 100000.
homie science peTtectIy PIe wen 81 seteS es9
! thst il the volume o $3.50 10000 is not sufficient
In Itself TO maintain prices in this country at the
Level OF international prices. then gold will come
| here and stay mere in su thcient amount to make,
| with the volume already in eiculgtion. what will
| constitute our distributive share OF the worlds
! money, determined by our interna tional trade.
Thst S750.000,0Q0 is not q SUFFICIENT volume 70
maintain prices at the worlds level OF prices is
evidenced by the fact that $500 600, 900 in gold,
considerable part OF which, az least is in crcuia
/ tion, either in the form OF coin or
! sway only when prices become lower elsewhere
than they are here. II is believed therefore. that
no such crisis has been fOretOlG can 0Yertake US
1
/ he N he power o. all the banks in the country