Fort Worth daily gazette. (Fort Worth, Tex.) 1882-1891, 1885-03-02
A STRONG REJ0INDER.
Ths Silver Men Express Regret at
ClevelaDd's Reply to Their
Nom Committal Petition.
They Claim that the Continued Coinage
Of Silver will Not Drive Gold
Out Of Circulation.
II Is Not In the Power Of the Banks to
Take Gold out OF Circulation
No Crisis Is at Hand.
A REJoINDER TO LEygLAND.


WASHINGTON. March |. - The
friends OF silver In the house, while at
frat inclined 10 make q formal reply
to the letter OF President elect Gleve-
land, since II has been given TO the
public, decided at conference held
this evening to reply orenly to the
letter, with which they do not agree.
They say they did not invite contro.
versy, but on the contrary are anxious
to avoid IT.. They say also that 1t was
not until 1t had become
known that determined effort was
being made to induce the president
elect to commit himself and his adj.
ministration in advance to the gold
eide OF the currency question that
they decided merely to ask him not to
commit himself until his cabinet was
framed and until both sides OF the
question could be considered. They
proposed at frat TO send delegation
,opresent their views TO him, but after
communicating with him at
his suggestion they sent
paper signed by nearly one hunded
members of the present congress and
members.elect TO the next congress.
No reply was necessary, they assert,
nor was expected. They further say
that, while regretting the step the
president-elect has taken In advance
of his inauguration aud of the forma-
ton OF his cabinet, they do not propose
TO have controversy unless II Ia forced
upon them. They believe, however,
In the independence OF the legislative
branch OF the government, and assert
that they will ht all times maintain IL.
They furnish the following as n state
ment OF their views.
I'm the letter no distinction Ia made
between silver coinage and silver bul.
lion. While II IL time that silver bull
lion, which Ii excluded from coinage
and consequently from use, IL worth
less ratio than one.sixteeuth TO one,
silver coins, which are admitted to
moLetary use the same AZ gOld, are
equal In value togold coin. The silver
dollar will exchange for as much as
the gold dollar. 1t will even buy the
gold OF which the gold dollar NAV be
made. France, with population OF
30,OOOO00, and a territory not IA large
as Texas, has In circulation 5000 00O,-
600 In silver with $3.50, 900 600 in gold
while we have but 5000, 900 900
silver to over $600,G00,000 In gold.
altogether 81 800 600 900. Silver coins
mt ratio OF fifteen aud one half 10 one
are held In circulation In Europe
side BY side with $1,000, 600, 900 gold.
OF paper and silver together, including
al Ana tn A..
1I60,OO0 900, which shows that In this
country there is more gold than paper
ana nlnety'threo times AS much gold
AZ silver. With this pro,
portion In our currency
and with gold and silver equally full
tender for everything, 1t Ia difficult TO
understand why the secretary of the
treasury might not, II he chose to do
30, pay out more silver and less gold.
or course II while receiving into the
treasury United States notes, silver
and silver certificates and gold or gold
certificates, lie pays out only gold. his
stock Of gold would diminish. III on
the other hand he should paw 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 II the one who re.
ceives 'Eo money be permitted to choose
the kind he will have. That silver
ana silver certificates dlsplace gold Ia
true, but only treasury or a bank
note displaces silver. The withdra al
oiSlOo 600 ONO bank notes or tho issu.
ance of Sl00,000 600 has some effect ON
gold as 30 much In silver or silver GER
uhcates. Why has it never been PRO.
posed TO withdraw the national bank
note as means of preventing
the expulsion of gold? TO
the proposition that there now
exists or ever has existed under
our constitution obligations specifical-
payable In gold, the silver men
feel IL their solemn duty to enter their
most emphatic dissent at the very
outset Of the discussion OF the cues.
ton. No such obligation exisis or
ever did exist, Mr.. Webster saws that
gold and silver at the rates fixed Inv
congress constitute the legal standard
value In this country aud that
neither congress nor any state
mas authority to establish any
'o,hef standard or 10 displaoe
TINS. One act to strengthen the pub.
nc credit, approved March 10, 1850.
suiemhly pledges the United States TO
NAoAN VI bhhQH com, Thp
reminding act OF Julyl4, 1870. nrovldsd
Tor the payment OF all refunding
bondsin coin of tueirpresent standard
value, which Is the same as the pres.
snt value, The resumption act OF
january IA, 1915, provided that from
nnu AFTER the lat OF January, 1879, the
secretary Of the treasury should ne.
deem In coin the outstanding legal
tender notes. by the act on
February ~, 1878, providing for
tne resumption OF coinage, standard
silver collars were made a legal lender
for all debts and dues. public and
private, unless otherwise expr, salv
stipulated In the contract, and there ia
not public obligation outstanding
and never was, containing a stipul's.
.ion OF payment In gold. On January
Y, congress adopted the following con.
current resolution offered hv Mr.
Stanley Mathews, then senator. now 4,
on the supreme bench, That ali |