The Rock Island Argus. (Rock Island, Ill.) 1877-1885, 1885-03-02
THE SILVER QUESTION
1T MEETS THE NEW ADMlNlSTRAa
TON FACE TO FACE.
Text, of Eicveland's Letter on the Subject
-Outspoilen in Favor Of Suspension
Referred to in Congress-Cab-
met Gossip-ArtTiur's For
eiri Policy.

Inter Oceans correspondent telegraphs his
paper as follows: The vote in the house
Thursday on the question of silver coinage
mas peen IA matter of general discussion in
connection with the incoming administra-
ton. On all sides the vote is regarded as
significant particularly i'll view of the fact
tht'F the pfaldent-aiect, III Il letter addressed
To about 100 Democratic members of
ine house, expire. sed himself in
favor OF the passage Of sucha measure as
the house by decided vate rejected. The
TACT that OF the 200 Democratic members of
the house only 81 voted to suspend silver
coinage, knowing that the president-elect
haG declared in favor of such Iagisla-
ton, augurs that there is to be a wide differ
ence between the leaders of the Democratic
party on the financial policy that should pre
vail during the next four years.
The letter was given to the press from AL
bany, N, Y, Friday night and is as follows;
ALBANY, N. y, March 2-The following
Is the reply of President-elect Cleveland to
the silver coinage advocates in congress:
ALBANY, N. V, Feb. 24, 1885 TO Hon.
A. j. WARNER AND OTHERS, MEMBERS OF
THE FoRFY-EiGHTH CoNGRESS-GENTLE
MEN: The letter which | have had the
II, II
deed, obiiges ne to give expression to some
grave public necessities, although i'll advance
0f the moment when they would become the
objects Of my official care and partial re-
sponsibility.
y our solicitude that my Judgment shall
nave been carefully and deliberately formed
Is entirely just; and accept the suggestion
IN 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 the act
Of congress of Fob. 2S 1873, is now
close at hand. BY compliance of the re-
quiremants Of that law, all the vaults of
the federal treasury have been, and are,
heapad full of silver coins, which are now
worth les than IS per cent Of the gold dol
lar prescribed as the unit of
value in section II OF the act of
Feb, l., 1873, and which, with the silver
certificates representing such coin, are re-
ceivahle for all public dues. Being thus re-
ceivable while also constantly Increasing in
quantity at the rate of S2S 900, ,OU0 a year, it
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
godi and the sum Of gold in the sederal
treasury noN available for the payment of
the gold obligations of the Uuited States,
and for the redemption of the United States
note, called "Eroenbacks,' il not already
encroached upon, is Uperilousy near such
encroachment
These are facts which as they do not admit
OF difference of opinion, call forno argument.
They have been forwarded to lis in the of
ticIal reports Of every secretary Of the treas
ury from 1873 till now. They are plainly
affirmed in the last December report of the
present secretary of the treasury to the
speaker Of the present house of representa-
1
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 the receipts
and payments of the federal government
and Of the country pass These being the
facts OF our present condition, cur danger
and our duty TO avert that danger would
seem to be plain,
hope that you concur with me and with
the great majority of our fellow citizens in
deemiug it most desirable at the present
juncturo 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
present. suspension Of the purchase and
coinage Of silver. am not aware that by
any other method it is possible
1t IS OF momentouS Importance to prevent
the two metals from parting company; to
prevent the increasing displacement of gold
by the increasing coinage of silver; 10 pre-
vent the diSuse of gold in the custom house
Of the United States ana in the daily bust
ness Of the people. to prevent the ultimate
expulsion of gold by silver
Such a financial crisis as these events
would certainly precipitate We're it to fol-
low upon so large period of commercial
depression, would involve the people of every
city and every state i'll the Union in pro-
longed and disastrous trouble. The revival
Of business enterprise and prosperity, so
ardently desired and apparently 50 near,
would be hopelesSly postponed. Gold would
be withdrawn To its boarding places, and an
unprecedented contraction in the actual
volume OF our currency woCld speedily take
place.
Sadlast Of nil, i'll every workshop, mill
factory. store and on every railroad and
farm, the wages of laborers, already de-
pressed, would suffer still further depression
by a scaling down of the purchasing power
Of every so called dollar paid into the hand
of toll
From these impending calamities it is
surely a most patriotic AMI grateful duty Of
the representatives of the people to deiiverl
them.
I am, gentlemen, with sinclse respect, your
fellow citizen,
CuDx-r7r, y T,4-r,r