The Milan exchange. (Milan, Gibson County, Tenn.) 1874-1978, 1885-03-07
CLEARLY DEFINED


MIR. Cleveland, in Replying to the Silver
Coinage Advocates, Defines His Position
On the Question, Favoring Suspention Of
the Coinage of Standard Dollars.
ALBANY, N. Y, February 23.-The fol-
lowing is the reply of President-elect
Cleveland to the silver coinage advocates
in Congress:
ALBANY, n. Y, February "a, 1888.
TO Hon. A. j. Farmer aud others members OF
the Forty Eighth Congress:
COMMUNICATING letter which l have had
the honor to receive from you invites ana.
indeed, obliges me to give expression 70
some grave public necessities, although IN
advance of the moment when they would
become the objects OF my ofi1cial care
and partial responsibility, Your sQilci,
tude that my Judgment shall have been
carefully and deliberately formed Is entire
ly just; and ] accept the suggestion In tne
same friendly spirit In which IL mas poem
made. 1t is also fully justified by the nature
of the financial crisis which, under the OPP
GRAFTON of the act of Congress OF FEBRUARY
2sth, 1875, isnow close at hand BY com
pliance with the requirements OF that law
all the vaults of the Federal Treasury nave
been, and are heaped full OF silver coins,
which are now worth less than
eighty.fve per cent. of the gold dollar pre-,
scribed as the "unit of value" in sec Ion IA
of the act OF February tn, 1873; and wnich,
with the Silver Ger iicate5 repres mt n5
coin are receivable for all pu0li dues. Be-
ing thus re, eivab g, while also consantly m IN
creasing in auantity'at the ate of $2S,OOO,OOO
"a year Il has foil wed, OF necessity, tlat
the flow OF gold INTO the treasury
has been steadily diminished. Silver ana
silver certificates have displaced ana are
now dsplacing gold; and the sum of gold in
the Federal Treasury now available for the
payment of the gold obligations of the United
States and for the redemption OF the United
States notes. called "Greenbacks," If not al
ready encroached upon, Is perilously near
such encroachment. These are facts which,
as they do not admit of difference OF
T 3RR1lon have of been forwar mo to us
thesofficial reports of every Secretary of the
Treasury from 1878 till now. They are plain
ly affirmed in the last December report oil the
Secretary of the Treasury to the Speaker or
the present House of Representatives. They
appear in the official documents of this Con-
gress and in the records OF the New YORK
Clearing house, OF which the treasury Is a
member, and through which the bulk OF the
receipts and payments of the Federal Gov
eminent and of the country pass.
These being the facts of our present ondi.
ltlon our danger and our duty to avert that
danger would seem to be plain. hopo that
you Goncur with me and with the great ma.
jority of our fellow citizens In deem,ng ~
most desirable, at the present Juncturel TO
maintain and continue in use the mass OF
Jour gold coin, as well rs the mass OF silver
Ialready coined. This is possible by pres
Ient suspension of the purchase and coinage
tOf silver. L am not aware tnht ny any oShOi
method 1t Is possible.
tits OF momentous Importance to prevent
the two metals from parting company; TO
prevent the increasing displacement of gold
tby the increasing coinage OF silver; to pre-
went the dsuse OF gold in the Custom
houses of the United States and In the daily
business of the people; to prevent the III
inmate expulsion of gold by silver. Such q
financial crisis as these even.S would GER
t0inly preciptate, we're 1t now to fol.
low upon so long period of commerce ial
depression would involve the people of ev-
cry city and every State In the Union In pro.
nonged and disastrous trouble. The revival
Iof business enterprise and prosperity, so
iardentiy desired, and apparently so near,
would be hopelessly postponed.
Gold would be withdrawn to
hts boarding places, end an
unprecedented contraction In She actual
volume of our currency would speedily take
place, and, saddest OF all, in every work
shop, mill, factory, store, and on every rail
road and farm, the wages OF iaborers
already depressed, would suffer still further
depression by a scaling down of the pur.
chasing power of every so called dollar paid
into the hand of toll. From these impending
-calamities it is surely most patriotic and
grateful duty of the representatives OF tint
people to deliver them.
am, gentlemen, with sincere respect
your fellow citizen,
GROVER CLEVELAND.