St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-02-28
CLEyELAND'S LETTER
To the Silver Cciaage Advocates in Con-


10 the >AlNer SCsaa3e -1NNOcaSeS III NOH-
gress.
ALBANY. y. Y, Feb. 27-The following is
the reply addressed by President-elect
Cleveland 10 the silver coinage advocates in
congress:
To Hon. A. J. Warner and Others. Ne m
bers OF the Forty-eighth Congress: Gent e.
men: The letter which have had the honor TO
eceive from you invites, and indeed, obliges
me to give expression to some grave public
p.cessities. although in advance Of the mo-
ment when they would become objects of
nv official care and partial res
possibility. Your solicitude that my
Judgment shall have been carefully aud de-
liberately formed is entirely just, and l ac-
cept the suggestion in the same friendly
spirit in which it has been made. 1t is also
fully justified By the nature of the financial
crisis which under the operation of an act Of
congress, Feb. 2S, 1878, is now close 1t
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 S5 per cent.
of the gold dollar prescribed as ''the unit of
value' in section IA Of the act of Feb. -,
1873, and which, with silver certificates rep
resenting such coin, are receivable Tor all
public dues, being thus receivable, while also
constantly increasing in quantity at the rate
of S2S, 900, 600 a year. 1t 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 displacing gold, and the sum Of
lah 40
for the payment of the gold obligations of
the United States and for the redemption of
United States notes called ''green Backs if
not already encroached upon, is perilouslY
near such encroachment. These are facts
which, as they 10 not admit Of difference Of
opinion, call for no argument.
THEY HAVE BEEN FoREwARNED
to US in official reports of every secretary of
the treasury from 1878 to the speaker of the
present house of representatives.
They appear in the official documents of this
congress and in the records of the New York
clearing house. Of which the treasury is a
member and through which the bulk of re-
ceipts and tie payment of the federal gov
ernment and the country pass. These being
the facts Of our present condition, our dan
ger, and our duty to avert that danger. would
seem to be plain. hope you concur with
me, and with the great majority Of
our fellow citizens, in deeming it
most desirable at the present juncture TO
maintain and continue in use the mass Of
oUR GOLD COIN
as we'll as the mass of silver already coined.
This is possible by the present suspension
Of the purchase and coinage Of silver. / am
not aware that by any other method it is pos
sibie. 1t is of momentous importance to
prevent the two metals parting company, 10
prevent the increasing displacement of gold
6y 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 a financial crisis as
these events would certainly precipitate,
were it now TO follow upon so long period
Of commercial depression, would involve the
people of every city and every state in the
Union in prolonged and
DISASTROUS TROUBLE.
The revival of business enterprise and the
prosperity so ardently desired and apparently
so near would be hopelessly postponed Gold
would be withdrawn to its boarding places,
aud an unprecedented contraction in the ac-
tual volume Of our currency wOull speedily
take place. The saddest Of all, in every
workshop, mil, factory, store, and
on every railroad and farm the
wages Of the labor already depressed would
suffer still further depression by the scaling
down Of the purchasing power of every So
called dollar paid into the hand Of toll. From
these impending calanties it is surely the
most patriotic and grateful duty OF reprcscn-
tatives Of the people TO deliver them.
am. gentlemen, with sincere respect, your
fellow citizen, GROVER CLEVELAND.
Albany, Feb. "a, 1855.