Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1885-03-06
Cleveland's Silver Letter.


The following is the reply addressed by
President-elect Cleveland TO the silver coin
age advocates in Congress on the Gath of
February, and published last Saturday
To the Hon d. j. Warner and Others, Mem.
bers Of the Forty Eighth Congress.
Gentlemen: 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
advance of the moment when they would
become the 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
spirit in which ii 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 %, 1878, is now
close at hand. By q 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 dol
lar prescribed as The unit Of value 10 section
IA OF the act of February l2, 1873, and
which, with the silver certificates represent
ing such coin, are receivable for all public
dues. Being thus receivable. while alsD
constantly Increasing 10 quantity at the rate
OF $2S 10000 year, it has followed OF ne
cessIty that the aow a gold into the treas.
ury has been steadily diminished. Silver
and silver certificates have displaced and
are now displacing gold. and The sum OF
gold in the federal treasury now available
ior the payment Il the gold obligations OF.
the United States and for the redemption OF
the United States notes called "greenbacks,"
II not already encroached upon, is peril.
ously near snch eacroachment
These ane facts which, as they do no, AL.
init OF difference OF opinlon, call for mo- argu.
ment. They have been forewarned To US in
the official reports Of every Secretary Of the
Treasury frum 1878 TIL now They are
plainly affirmed In the last December re
port OF the present Secretary OF the Treasury
10 the Speaker OF the present House Of Rep.
reseniaiiyes. They appear 10 the official
documents Of this Congress and ia the re-
cords OF the New York clearing house, OF
which the treasury is member, and through
which the bulk OF the receipts and payments
OF the federal government and of the coun-
try pass. These being the facts OF our present
condition, our danger and our duty % avert
that danger would seem 10 be plain. hope
that you concur with me and with the great
majority Of our fellow citizens in deeming il
most desirable at the present juncture ~
maintain and continue 10 use the mass OF
our gold coin, as well as the mass OF silver
already coined. This Is possible by a pres.
ent suspension Of the purchase and coinage
Of silver am not aware that by any other
method Is II possible. II Is Of momentous
Importance 10 prevent the two metals from
parting company; 70 prevent the increasing
displacement Of gold by the increasing coin.
Age Of silver; " prevent the disuse OF gold |
10 the custom-houses Of the United States |
10 the daily business OF the people, To pre-. |
ventthe ultimate expulsion Of gold by silver. I
Such financial crisis as these events !
would certainly precipitate, were IL now " /
Iollow upon 80 long period Of commercial
depression, would Involve the people of every
city and every State In the Union In a pro.
onged and disastrous trouble. The revival
y siness enterprise and prosperity 50 ar
lently desired, and apparently 80 near, would
Dc h0pelesely postponed Gold would BE-
Withdrawn 70 its boarding places, and an un.
Drecedented contraction in The actual volume
y our currency would speedily take place..
'addest OF all, In every workshop, mill, fac.
DRY, store and on every railroad and farm The
wages Of labor, already depressed, would
uffer still further depression by scaling
Town OF the purchasing power OF every SO.
allied dollar paid into the hand of toll.
from these impending caamitles II is surely
most patriotic and grateful duty OF the ,
representatives. Of The people to deliver them
am, gentlemen, with sincere respect, your
-
GROVER CLEVELAND
Albany, February "a, 1885.