Lexington weekly intelligencer. (Lexington, Mo.) 1871-1887, 1885-03-07
NIB. CLEVELAND on SILVER COIN
AGE.

ALBANY, Feb. 27.-The following is
the reply addressed by President-elect
to the silver coinage advo-
Gates in congress:
To the Hon. A. j. Warner and 9TH
ers, members of the forty-eight con-
gress:--Geutlemen:-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 I accept the suggestion in the same
friendly spirit in which it has been
made. It is also fully justified by the
nature Of the financial crisiswhich under
the operation of the act of congress OF
Feb. 28. 1873 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 90 per cent. of the gold dol
lar prescribed as 1.-THE unit OF value,"
and which with the silver certificates
representing such coin, are receivable
for all public dues. Being thus re-
ceiveable, while also constantly In
creasing in quantity at the rate OF
1928 600, 900 a year, it has followed, OF
necessity, that the dow of gold into
the treasury has been steadily dimln-
ished. Silver and silver certificates
have displaced and are now displacing
gold, and the sum of gold in the feder-
al treasury now available for the pay
ment of the gold obligations Of the
United States and for the redemption
of the United States notes, called
"greenbacks," if not already encroach-
ed upon, is perilously near such en-
croachment.
These are facts, which, as they do
not admit of difference of opinion, call
for no argument. They have been fore
warned to us in the official reports OF
every secretary Of the treasury from
1878 until now. They are plainly al
firmed in the last December report OF
the present secretary of the treasury to
the speaker OF the present house of rep
resentatives. They appear in the OFF,
cial documents of this congress, and in
the records of the New York Clearing
House, of which the treasury is q MEM
Der, 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, our danger and our duty to
avert that danger would seem to be
plain. 1 hope that you concur with
me and with the great majority of our
fellow citizens in deeming it most de-
sirable at the present juncture to main
tain and continue in use the mass of
our gold coin as well as the mass of
silver already coined. This is possible
by a present suspension Of the purchase
and coinage of silver. l am not aware
that by any other method 1t is posi-
BILE. It 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; to prevent the dis
use OF gold in the custom house of the
United States in the daily business of
the people; to prevent the ultimate ex-
puision of gold by silver. Sucha fnan-
cial crisis as these events would GER
talnly precipitate, were it now to follow
upon so long a period OF commercial
depression, would involve the people
OF every city and every state In the
Union in q prolonged and disastrous
trouble. The revival OF business en-
terprise and prosperity, 80 ardently de-
sired and apparently 80 near, would
be hopelessly postponed. Gold would
be Withdrawn to its boarding places,
and an unprecedented contraction in
the actual volume of our currency
would speedily take place. Saddest
OF all, in every workshop mill, factory,
store, and on every railroad and farm
the wages of labor, already depressed,
would suffer still further depression by
q scaling down of the purchasing pow
or of every so called dollar paid into
the hand of toll. From these impend-
ing calamities it is surely a most pa
triOtic and greatful duty of the repre-
| s~entatives of the people to deliver them.
I am, gentlemen, with sincere respect,
your fellow citizen,
GROVER CLEVELAND.
Albany, Feb. "a, 1885.
NEW YORK, Feb. 28.-Mr. Cleve-
lands letter on silver coinage is receiv-
ed with great favor by the leading
bankers aud financiers of New York.
The universal opinion is that it is a
very able and conclusive letter. Pres.
ident George S. C0e, OF the American
Exchange national bank said that Mr..
Cleveland's letter is an admirable pro-
duction. sit is judicious in its views
and in the language in which they are
expressed" He continued. 81 am sur
prised to find, however, that the bod,
of men to whom it was addressed paid
so little heed to it. 1t looks az though
they cannot be reached through any
appeal to their reasoning powers.
think the communication foreshadows
the wise financial policy of the new adj
ministration, and all with whom l have
spoken on the subject are warm in theil
appreciation of it,"
Mr.. Jesse Seligman, Of j. and w
Seligman b Co., bankers, also spoke
in earnest praise of the letter. MAftel
my conversation with Mr. Cleveland {
few weeks ago it is just such a letter al
l would expect from him. 1t is clear
outspoken and manly, aud it indicates
that its writer will administer tn,
Office of president for the good of hi
country, placing the national welfare
above mere party triumph. From me-
of all sorts of political affiliations will
whom l have converted about the let
. ter l have heard nothing but prais
/ of It,"