The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1885-02-28
STOP THE C0INAGEOF SILVER
Text of President-Elect CIeyeland's Let
ter to the Silver Men in Congress.
He Declares that Financial Crisis Is Near
at Hand, Which Can Only Be Avertsd
by Stopping Silver Coinage.

ALBANY, n Y, Feb. 27-Following is the re-
ply addressed by President-elect Cleveland to
the silver coinage advocates in Congress.
TO Hon, A. J. Warner and others, Members Of the
torty-eighth Congress:
Gentlemen--The letter which have had the
honor to receive from you, invites, and indeed
oonges me to give expression to some grave
.sn, necessities although in advance of the
moment when they would become objects of my
oHSiai care Your solicitude that my Judgment
snail have been carefully and deliberately
FORMED is entirely just and accept the sugges-
llon IN the same friendly spirit in which it has
been made. 1t is also fully justified bv the ma
ture OF the financial crisis which, under the op-
Grafton OF the act of Congress of Feb 2S 1878. is
now close at hand. By compliance with the re-.
qulrements of that law ali the vaults of the
federal treasury have been and are heaped full
of silver coins, which are now worth less than IS
per cent. of the gold dollar prescribed ms tho
unit of value in section IA Of the act of Feb
IL, 1878, and which, with the silver certificates.
represent such coins as receivable for all
public dues Being thus receivable, while also
constantly increasing in quantity at the rate Of
$28, 0O0, 600 year, it has followed of necessity
that the flow of gold into the treasury has been
steadily diminished. Silver and silver certih-
Gates have displaced and now displacing
gold and the sum of gold in the federal
treasury, now available for payment of the gold
obligations of the United States, and for re-
demption. of the United States notes, called
'greenbacks, If not already encroached upon, is
perllously near such encroachment
These facts, while they do not admit of DIFF
ference OF opinion, cali for no argument They
have been forewarned to us in the official re-
ports of every Secretary of the Treasury from
1873 till now. They are plainly affirmed in the
last report of the present Secretary to the
Speaker of the present House of Representa-
tlves. They appear in the official documents OF
this Congress and in the records of the New
York clearing house, of which the Treasury is q
hAN nNd
receipts and payments of the federal government
and the country pass These being the facts,
our present condition, our danger, and our duty
TO avert that danger would seem to be plain.
hope you will concur with me. and with the
great majority Of our fellow citizens in deeming
it most desirable, at tho present iuncture, 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 tiis purchase and coinage of silver l am
it is possible II is of momentous
Importance to prevent the two metals parting
company, to prevent the increasing displacement
OF gold by the increasing coinage of silver, to
prevent the disuse of gold in the custom houses
of the United States and in the daily business
of the people, and to prevent the ultimate expul-
sion Of gold by silver If such financial crisis
as these events would certainly precipitate were
now to follow upon SO long a period OF
commercial depression it would involve the
people of every city and State in che Union
in prolonged and disastrous trouble. The revival
of business enterprise and prosperity so ardently
desired, and apparently so near. would be hope
lessly postponed Gold would be withdrawn to
its boarding places, and an unprecedented con-
traction 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 the seal
ing down of the purchasing power Of every So
called dollar paid into the hand of toll From these
impending calamities it is surely most pa
triotic and grateful duty of the representatives
Of the people to deliver them.
II am. gentlemen, with sincere respect
"Your fellow-citizen,
"GRovER CLEVELAND.