The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1885-03-24
THE SILVER DOLLAR.
Reply of the Friends of Silver Coin-
age to the Letter OF President
Cleveland.

Reply of the Friends of Silver Coin
age to the Letter OF President
Cleveland.
A Valuable and Interesting Docu-
ment.
WASHINGTON, March 1.-Friends of
silver in the House, while at first inclin-
ed to make formal reply to the letter
of President elect Cleveland, since it has
been given to the public, decided at d
conference held this evening to reply
openly TO the letter, with which they do
not agree. They saw they did not invite
the controversy, but ON tie contrary,
they we're anxious TO avoid it. They al.
so say it vas not until it had become
kpownihat determined effort was be-
ing made TO induce the President-elect
TO commit himself and his administra-
ton in advance to the gold side of the
currency qnestioo, that they decided
merely to ask him not to commit him.
self until his Cabinet was formed and
both sides Of the question could be con-
sldered. They proposed at frat to send
delegation TO present their views to
him, but after communicating with him,
at his suggestion they sent paper sign.
ed by nearly one hundred members Of
the present Congress and members elect
10 the next Congress.
No reply was necessary, they assert,
and none was expected They further
say that while regretting the step the
z esident-elect has taken in advance Of
his inauguraiion and OF the formation
Of his Cabinet, they do not propose to
have q controversy unless it is forced
upon them They believe, however, In
the independence OF the legislative
branch of the government and assert
that they will, at all times. maintain it,
They furnish the following as state
mept of their views:
In the letter no distinction ia made be-
tween silver coinage and silver bullion.
While it is true that silver bullion, which
is excluded from coinage, and conse-
quenily from monetary use. is worth
less lin ratio l6 TO j than So per cent.
OF tae gold dollar, the silver coins which
are admitted to monetary use, the same
as gold dollars, are equsl in value to
gold coin, the liver dollar will exchange
for as much as the gold dollar 1t will
even buy the gold with which the gold
dollar may be made. France, with O
population of $4,000, Geo, and territory
not az large as Texas, has in circulation
5000 00e,G00 OF silver with $3.50, 900 :
600 in gold, while we have but $500,
600 goo Of full tender silver to over
$500, ,0G0. 900 in gold. Altogether $500.
600 900 silver CONS at the ratio Of I51
to l, are held in circrlation in Europe,
side by side with 50 66O, 900 600 in gold.
o: paper and silver together, including
silver certificates, We have less titan
$3.50, ,00G 600, which shows that in this
country there is more col than paper,
and nearly three times as much gold as
silver.
W tn this proportion in our currency,
and with gold and silver equally full ten.
der for everything, it is difficult 10 ur.
derstand why the secretary of the treas.
urg might not, if be chose to do so, pay
out more silver and less gold. o course,
if while receiving into the treasury Uni
ted States notes, silver and silver cartif.
Gates, gold or gold certificates, be pays
out only gold, bis stock of gold would
diminish. Ii on the other hand he
should pay out more silver and paper
and less gold, the character of the re-
serve in the treasury would control the
secretary OF the treasury. There would
be no need OF legal tender if the one
who received ,be money be permitted to
choose the kind he will have. The sill.
yer and silver certificates displace gold
is true, but only as treasury or bank
notes displsce it. Tue withdrawal of Q
hundred millions of hank notes, or the
issuance of one hundred millions, has
the came effect On gold as so much in
silver or silver certificates. Why has il
never heen proposed to with traw nation
al bank notes as a means OF preventing
the expulsion of gold2
To the proposition that there now ex-
lists, or have existed under our Consti-
tuition, obligations specifically payable
in gold, the silver men feel it their sol.
emn duty to enter their most emphatic
dissent st The very outset of the discus
sion Of the question No such obliga-
tions exist or ever did exist Webster
said: Gold and silver, al rates fixed by
Congress, constitute legal standard oil
value in this country, aud neither Con.
gress Eor any sate has authority to es-
tab ish any otter standard or to displace
this" One act to strengthen the public
credit approved March Is. 1859, solemn
ly pledged the Uni'ed States to the pay
ment oil the bonds in coin The refund
ing act of July IA, 1870, provided for
the payment of all refunding bonds in
coin of their present Standard value,
which is the same as the present value
The resumption act of January Ia, 1875,
provided that from and after January l,
1879, the secretary ofthe treasury should
redeem in coin the outstanding legal ten
der notes. BY act OF Februsry %, 1878
providing for the resumption OF the
coinsge of the standard dollar, the sill.
yer dollars we're made legal tender for
all debts and dues in public and private,
unless otherwise expressly stipulated in
the contract. and there is not a public
obligation outstanding, and never was,
containing stipulation Of the payment
N gold.
In January. 1873, Congress adopted
the following concurrent resolution of.
fered by Stanley Matthews, then a sena.
tor, now on the supreme heuch, that all
the bonds of the Uai,ed States issued
or auLhorizad 10 be issued under the said
acts of Congress hereinhefore recited
are payable, principal and interest, al
the option of The government Of the
United States, in silver dollars OF the
coinsge of the United States, contain.
Ing 4i21 grains each, standard silver,
and thai 10 restore 10 its coinage such
silver coins as legal tender in paymen!
OF said bonds, principal and interest. is
not in violation OF the public faith, MOI
in derogation of the rights of the public
creditor rhe opinions Of the secreta.
ries of the treasury from 1878 down are
referred to as authority. The opinions