St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1885-03-02
They Predict Dire Calamity With Gold as the
Only Standard, and Characterize the
Letter as Contradictory.
Reagan Also Makes Very Caustic Reply
He Thinks Cleveland's Statements Ex-
traOrdinary and Astonishing.
The Opening of the Winnebago and Grow
Creek Reservations Endorsed by the
President.
CLEVELAND ANSWERED.
The Silver Men Give Their Views to the
Public.

this evening to reply openly to the party con-
corning the letter, with which they do not
agree. They say they did not invite the con-
troversy, but on the contrary were anxious
to avoid it. They also say it was not until it
had become known that determined effort
was being made to induce the president-elect
to commit himself and his ad-
ministration in advance to the gold
side Of the currency question
that they decided merely to ask him not to
commit himself until his cabinet was formed
and both sides of the question could be con-
sidered. They proposed at first to send a
delegaUion.to present their views to him, but
after communicating with him, at his sug-
gestion, they sent paper signed by nearly
one hundred members of the present con-
gress and members-elect to the next con-
gress. No reply was necessary, they assert,
and none was expected. They further say
that while regretting the steps the presi-
ideut-elect has taken in advance of his in
auguration and of the formation of his cabi-
net, they do not propose to have controversy
unless it is forced upon them. They believe,
however, in the independence of the legisla-
tive branch of the government, and assert
that they will
AT ALL TINES MAINTAIN 1T.
They furnish the following as a statement
of their views: Sin the letter no distinction
is made between the silver coinage and silver
bullion. While it is true that silver bullion,
which is excluded from coinage, and conse-
quently from monetary use, is worthless in
ratio 16 to II, ''that 50 per cent. of the gold
dollar'' silver coins which are admitted to a
mon etary use the same as gold, are equal in
exchange for as much as the gold dollar. 1t
will even buy the gold with which the gold
dollar may be made. France, with q popu-
lation of SO, 000 600 and territory not as
large as Texas, has in circulation
| $500, 100000 Of silver with $3.50, Goo, 900 of
/ gold, while we have but 5000, 900, 900
of full tender silver to over 5000, 900, 900 of
gold. Altogether 81, 300 600, 900 silver coins
at the rates of 1519 to l are held in circula-
ton in Europe side by side with 81, 800, 000,-
600 Of gold. OF paper and silver together,
including silver certificates, we have less than
$3.50, 600, 600, which shows that in this
country there is more gold than paper and
nearly three times as much gold as silver.
! With this proportion in our currency and
with gold and silver full tender for every
thing, it is
DIFFICULT TO UNDERSTAND
why the secretary of the treasury might not
If he chose to do so pay out more silver and
less gold. OF course, if while receiving into
the treasury United States notes of 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 of the treasury
There would be no need of legal tender if
one who receives money will be permitted
to choose the kind he will have. That silver
and silver certificates displace gold is true,
but only as the treasury or bank notes dis
place it. The withdrawal Of 500, 900, 900 of
bank notes, or the assurance of 800, 900, 900
has the same effect on gold as so much in
silver or silver certificates. Why has it never
been proposed TO withdraw the national bank
notes as a means of preventing the exclu-
sion of.goldi To the proportion that there now
exists or ever have existed under our consti-
tntion obligations specifically payable in gold,
SILVER MEN FEEL
1t their solemn duty to enter their most en-
phatic dissent at the very outset of the dis
cussion of the question. No such obliga-
tons exist or ever did exist. Webster said {:
Gold and silver, at rates fixed By congress,
constitute a legal standard of value in this
country, and neither congress nor any state
has authority to establish any other standard,
or to displace this one The act TO strengthen
the public credit approved March IS, 1859,
solemnly pledged the United States to the
payment of bonds in coin. The refunding
act of July Il, 1870, provided for the pay
meut of all refundiug bonds in coin of their
present standard value which is the same as
the present value. The resumption act, Jan
uary IA, 1878, provided that from and after
the lst of January, 1879, the secretary of the
treasury should redeem in coin the outstand-
ing legal tender notes. By an act, Feb. 2S
1873, providing for the resumption OF the
coinage of the standard dollar, silver dollars
were made legal tender for all debts and
dues, public aud private, unless otherwise
expressly stipulated in the contract and
there is not public obligation outstanding,
containing a stipulation of the
PAYMENT IN GOLD.
In January. 1878, congress adopted the fol-
lowing concurrent resolution offered BY
( Stanley Mathews. then senator, now on the
/ supreme bench: That ali bonds Of the United
/ States issued or authorized to be issued I'M
der said act of congress herein before re-
ceipted. are payable, principal and interest, at
the option OF the government of the United
States, in silver dollars of coinage of the
United Ststes, containing 412I< grains each,
standard silver; aud that to restore to its
coinage such silver coins rs legal tender in
payment of said bonds, principal and inter
est. is not in violation of public faith, nor IN
derogatiop of the rights Of the public cred
itor. The opinions OF secretaries of the
treasury from 1878 down are referred to as
authority. The opinions of secretaries are
valuable when supported by facts and sound
reasons, but ought not to control unless they
are. Il eanno; be forgotten, however, that
these same secretaries have steadily pre-
dicted What has not taken place. The friends
of silver concur in the opinion that If Is
most desirable to maintain and continue in
use the mass Of
OUR GOLD CORK,
as well as the mass Of silver already coined
They agree, too. that il is Of moueutOus i'm
portauce 70 prevent (coin Of two metals
from parting company. Bat tEo
metals have already parted company under
the influence of silver in other
countries aud the hostility Of the irsasury
and banks 70 silver in this. Bas that Gun
tiuu1l coinage OF silver at the rate Of s26.-
600, 600 year will drive gold out Of circulation
in the near future, or force Il 10 3 premium.