The Caldwell tribune. [volume] (Caldwell, Idaho Territory [Idaho]) 1883-1928, 1885-03-20
REPLYING TO MR.. CLEVELAND.


o in the house, while at first inclined to make
q formal reply to the letter of President-ele
4 Cleveland, since it has been given to the pu
G lie, decided at a conference held this evenir
to reply openly to tn ose parts with which the
do not agree. They say they did not invite
controversy, but on HE contrary, were anxior
to avoid it. They also say it was not until
, had become known that a determined effol
was being made to induce the president-elec
10 commit himself and his administration 1
advance to the gold side of the currency ques
ton that they decided merely to ask him no
to commit himself until his cabinet had beef
formed, and both sides of the question coul,
be considered. They believe however, in tn,
independence of the legislative branch of the
government, and assert they will at all time.
maintain It, They furnish the following as
statement of their views:
In the letter no distinction. is made between
silver coinage and silver bullion. While it is
true that the silver bullion, which is excluded
from coinage and consequently from monetary
use, is worth less lin the rato of 10 to II than
50 per cent of the gold dollar silver coins,
which are United to monetary to use the
same gold. are quail in value to gold COIN
The silver dollar will exchange for as much as
a gold dollar. 1t will even buy the gold with
|
population Of $1,000 600 and territory not
ms large a Texas, has in circulation 5000, 000,-
600 silver with $780, 000, 900 gold while we have
but 5000 00J,00O fulltender silver to over
100000, OCO in gold Altogether s., 800 O00, 900
silver coins, at ratio of ISL to |, ara held In
circulation In Europe, side by side with 81, Co.,
| CN,OCO gold OF paper and silver together,
| including silver certificates, we have less than
$750,000,cO0 which shows that IN this country
tnere is more gold than paper, and nearly three
times as much gold silver. With this pro-
portion In our Currency, and with gold and sill
yer equally full tender for everything fiji diff
cult to understand " hy the secretary of the
treasury might not II he chose to do so, pay
out more silver and less gold. OF course, #
whilereceiving into the treasury United States
notes. silver and silver certificates, gold or gold
certificates, he pays out only gold, his 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 reserve IN the |
treasury would control the secretary.
There would be no need for gal tender
IL one who receives money b., permitted to |
choose the kind we will have. That silver and
silver certificates diaDlace gold is true, but
only as treasury or bank notes displace It.
The withdrawal of hundred millions OF bank
notes, or the issuance Of a hundred millions,
has the same effect on gold as so much In sill
vr or silver certificates. Why has 1t never
he n proposed to Withdraw the national bank
notes as means OF preventing the expulsion
exist, or ever have existed under our constitu-
ton, obligations specifically payable in gold
the silver men feel it their solemn duty to en-
ter their most emphatic dissent at the very
outset of discussion Of the question. No
such obligations exist or ever did exist Web
ster said 'Gold and silver at rates fixed by
congress constitute legal standard of value ,
In this country, and neither congress nor any {
state has authority to establish any other a
standard or TO displace thisn One act to :
strengthen the public credit, approved March i
49, 1879, solemn'y pledged the United States q
% the payment Of bonds In coin. The refund. n
ng act Of July IA, 1870, provided for the pay f
nent OF all reiunding bonds In coin, Of their n
he present value. The resumption act of n
an. II, 1915, provides that from and after II
an airy Jan. |, 1879, the secretary of the B;
reasury should redeem In coin the outstand- n,
ny legal-tendsr notes. By the act of Feb %, n
SIS, providing for the resumption OF the com w
ge OF the standard dollar, the silver dollars n
ere made legal tender for all debts and dues, b,
ublic and private, unless otherwise expressly
tipulated in the contract; and there is not a fir
uolc obligation outstanding, and never was, as
stipulation of payment in gold of
q january 1873, congress adopted the follow til
lg concurrent resolution, offered by Stanley III
latthews, then senator, now on the supreme b1
cnch: ~
That all bonds of the United States issued or ha
lthorized to be issued under the acts of con- gi
|
Al and interest, at the option of the govern pa
ent of the United States, in silver dollars of
re coinage Of the United States containing
% grains each Of standard silver, and that
restore to its coinage such silver coins as
gal tender. In payment of said bonds, prin- A.
pal and interest, is not in violation of the
lblic faith, nor in derogation OF the rights
the public creditor.
The opinions of secretaries of the treasury 10
ON 1878 down are referred to as authority 10 70
lie opinions are valuable when supported BY Vi VI
cts and sound reasons, but ought not to con- PI
d unless they are. 1t cannot be forgotten, 1pIl
wevCr, that these same secretaries have oe
sadily predicted what has not taken place re-
lie friends of silver concur In the opinion an
at 1t is desirable to maintain and continue eq
use the mass Of our gold coin, well as the W
.ss of silver already coined. They agree, too, re-
ut it Is of momcntous Importance to pre- ~ ~
Mt the two metals from parting company. ~, ~,
t they have already arted company, under ~
, influence OF silver decentralization IN other 'ir
lntries, and the hostility of the treasury and 80
nks to silver in this, but that the continued ~
mage of silver ct the rate of S2S 0OO 900 ciil
If viii drive gold out of circulation in the up
ar future, or force it to premium does not wa
them seem to be sustaine d by facts or sound
soning. The total volume of currency in e.
United States, outside Of gold, is less than An A.,
70 900 000 1t is believed to be principle u i.d
economic science, perfectly well settled, nc.
t If volume of $3.50 600 900 is not suf- ;s,i'
Ut III llScn 10 PRICES III lnS cOun- 1
at the level of International prices then a.
will come here and stay here In sufficient 10
cunt to make, with the volume already in III.
,ulation, what will constitute our dstrlbu- AZ
share Of the worlds money as determined DE-
our international trade. That $3.50 900, 900 ~
ot a sufficient volume tomantain prices at ~ ,s
worlds level of prices Is evidenced by the VII
that 5000 COO, 600 in gold, considerable 70. uS
of which is in circulation, either in the Pr Pr
n Of coin or certificates, now stays here, ; ~
it will go away only when prices become Ing; ;rS
er elsewhere than they are here. r ,nS
is believed, therefore, that no such crisis 20 20,
as been foreboded can overtake us under t .ail
existing conditions. 1t is not believed to ; IAN
n the power of all the banks in the coun- ny X
even II they were so disposed, to take the o.,r
out of circulation and hold 1t for any a.,S
tn of time at premium. They must first NJ
up the worlds money and arrest the p pSi
DIS commerce. Nor can paper or silver ,' a,,e
ihcates now in circulation side by side n ,,,oa
gold expel gold. The gold can be ex- a aa.a
ID only by forcing into circulation in ad- iene
IN to 500, 900, 0OO, either silver or paper
i 10 the entire volume Of gold now in cir
ton. In that manner, under Gresham's
gold might be expelled, and probably
ID be. 1t is doubtless true too, that If Tho
population and wealth of this country alb