The spirit of democracy. [volume] (Woodsfield, Ohio) 1844-1994, 1885-10-20
New York Herald. Oct. Cd.
Mr.. PIERREPONT'S PLAN.
Letter to Congressman Warner on
the Silver Question.

the Silver Question.
Mr.. Edwards Pierrepont, Of New
York, has addressed the folo~in letter
to Congressman Warner, If Ohio, In
rela ion to his proposed modification Of
the Silver Coinage law: ~
No. 103 FIFrH AVENUE. NEwI
Yo,K October l, 1885.
The Hon. A. J Warner, M. c.: e q.
DEAR SIR-Tbe in'erview at my hous'.
few dsvs since and the careful reading
OF your Silver bill, which you asked me
to examine, induce me to write this letter.
! dare say that yon noticed, the mex
day after, that the Bankers Convention
OF Chicago passed the following resolu.'
lion:
Resolved, That It is the sense of the
Convention that the coinage of silver
dollars under the compulsory Law. Of
1878 is detrimental to the bes, interests
OF the people and dangerous to the vel.
iare of the government aud that the las
should he immediately suspended, and
remsiu imperative until an International
agreement # leading commercial major s
shall give substantial assurance as to the
future relation Of gold and silver as
monev.
Nothing in the future is more certain
than that the proposed duration Of the
suspension will run far beyond the lie.
lime Of any member Of that Conven'i,n
There is not the smallest probabili v that
England, Germany ami the United Stat 8
will agree upon q mint ratio between
gold and silver. Tie Judgment of the
country iUdecidedIy in favor OF cur
rencv composed OF both gold and silver;
this q ,es,lon need not he discussed. Tue
weight and hulk of siiver forbid the
circulation # that metal, but there is no
difficulty in circulating silver notes is
sued upon silver deposits. 10 his letter
of the Oath of February the President
we'll says. .it is OF momentous INN /
ance to prevent the two metals fr N
parting company."
liver NOTES TO CIRCULATE.
The thing TO he aimed as 10 srbsti
iute for the Bland bill is such an act q.
will allow silver notes 10 issue upon {
deposit OF silver, the deposit TO be suct
10 amount as will make the security
eqnal in gold to the face OF the note
This cannot be done exactly, but 1t car
he made near en"ugh for practical use
Or notes Of legal tender may issue upor
deposits OF silver bullion at its marke
value as your bill proposes. LIT coin
age be free and let the deposiior OF sill
Yer receive therefor legal tender note,
at the rate OF 81 for each odnce OF stand
ard silver, redeemable on demand 10 tbt
same amount of silver, coined or lincoln
ed, at the holders option. Bot If. in tn.
judgment If C'ngress, an ounce dollar
is too large let them make it of 40,
number OF grains which they think will
in the general average, mske the silve'
rqral to the gold dollar. II is OF D.
moment that the gold and silver dolIa;
shall At all times he Of the same exsc
bullion value. A small variation eithei
way is unimpnrtsnt 81 that the averag.
le, ell ia preserved, and especially il ",
have legal tender silver notes 10 suppl,
any vacuum caused by shipment OF gold
INADrouAcY OF The DID SUPPLY.
The yield OF the gold mines is largel,
diminishing, and it is we'll known tina
the annual consumption of gold in th'
arts and ornaments Of luxury Is full,
equal to the product, 40 that no surplu
Of gold is left to increase the gold cil
OF the world.
Let the United States demonetize ell
yer and reduce our currency to gold, ,snt
great disaster will swiftly fsll upon tn,
entire debtor interest OF the countr,
Mortgages given under our present vol
ame Of currency and demanded after
reduction to q single gold currency vii
cause infinite distress to oil but the rich
i DANGEROUS POWER OF MONEY.
It is quite easy for great moneved cor
poration or for 9 combination Of capi
ta'ists to contract the currency at will b.
Withdrawing it largely from circulation
and thus free the debtor to sacrifice bi
property 20 pay his debts. Wheat, col
ton, stocks and all kinds of property ar
thus depressed and exlorled from th
owner.
Lord George Ben'inck, discussing th
effect OF this po yer in the Bank Of Eng
land to contract the currencv, present
. KAN Piles Of its baleful influence I
E nj. published letters to Croker, date
9 Nov, 3, I847, be says:
' But l will give you two or three prat
b tical example, OF Pters Bank Char,e
e act. The act was conditional'y suspend
ed last Monday week. the week prev
e Gus manufacturer holding fl00,000
y $500. .000-N ,rth western Railway deber
lures guaranteed FIVE per cent for 6y
{ vesrs required hank notes to meet hi
liabilities. He went 10 Samuel Jont
Lloyd and desired. TO have his dehenturt
j. discounted. Samuel Jones Lloyd refu.
J, ed The manufacturer replied, II mu
d have money" The banker rejoined 9
l.an't do it-but stay; strike of 25 p,