The semi-weekly miner. [volume] (Butte, Mont.) 1882-1886, 1885-03-04
rnr v QUESTION.

the SILVER QUESTION.
srr. cl.ve,anA's Letter crstieissA n the
WAsH1NaToN, March 1.-The friends ds
of silver IN the house. while az ntst
inclined to make fOfmal reply 70
the letter of Presldent-elect Cleve-
land, since 1t has been given to the
public. decided at . conference neid
this evening to reply only to those
parts of the letter with which they
do not agree. They cay they did not
invite q controversy, but, on the con-
trary, were anxious tn avoid 1T. They
also cay it was rot until it bad DC.
come known that . determined effort
wae being made to induce the Presl-
dent elect to commit himself and bis
administration In advancet0 the gold
side of the currency question, that
they decided merely to ask Linn not
to commit himself. uutil his cabinet
was formed and both sides of the
question could be considered. They
proposed at first to send . delegation
TO present their views to him; but
after communication with him, at
his suggestion, they sent q paper
signed BY nearly one hundred men,
bers of the present congress and
members elect to the next congress.
No reply was necessary, they assert.
They further say that while regret
ting the step tho President-eleet bal
taken IN advance of his inauguratlon
and Of the formation of his cabinet,
they do not propose to have any con-
troversy, unless 1t ID. forced upon
them. They believe. however, In the
independents ofthe legislative branch
of the government, and assert they
will at all times maintain 1t. They
furnish the following rs q statement
of their views: :
In the X tter no distinction Is made
between silver coinage and silver
bullion. While it is true that silver
bullion, which is excluded from coin
age and consequently from monetary
use, IL worth less, lin the ratio of is to
II than IS per cent. of the gold dollar,
tie silver coins which are admitted
tn monetary use the same as gold, are
equal. in value to geld coin. The sill
yer dollar will exchange for as much
as the gild do lar, 1t will even buy
the gold with which the gold dollar
Is made. France with q population
Of Ye, DOC, 600 aud q territory not NJ
l.roe as Texas, hss in circulation
S6OO, OOO, 900 Of silver with $3.50. QUO 000
of gold. while we have hut $500. co.,
600 of full tender silver to over S60u,-
VOC. 600 Of gold. Altogether 81. 500, WO..
OOO in silver coin, at y ratio of ISL to /,
are held In circulation in Europe,
side BY side with 81. $50, O0O, 900 IN
gold. OF paper and silver together,
Including silver certificates, we have
lees than $780, DOC, 900, 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 cur
rency, and with gold and silver
equally a full tender for everything,
it Is difficult to understand why the
Secretary of the Treasury might not,
if he chose to do so, pay out more sill
yer and less gold. OF course, if while
receiving INTO the treasury United
States notes, silver and silver certIfi-
Gates, gold or gold certificates, he paws
out only gold, his stock of gold would
diminish; while if,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 q legal
tender, If tt Q one who receives money
be permitted to choose the kind he
will have.
That silver and silver certificates
displace gold is true, but only as
treasury or bank notes displace it.
The withdrawal of q hundred mil
lions of bank notes, or the issuance of
q hundred millions has the same ef-
feet on gold Is so much in silver or
silver certificates.
Why has it never been prop )sed to
withdraw national bank notes as q
means of preventing the expectation
Of gold7 10 the proposition that
there now exists, or ever have existed,
under our constitution, obligations
specifically payable in gold, the silver
men feel it their solemn duty to enter
their most emphatic dissent at the
very outset of the discussion of the
question. No such obligations exist
or ever did exist. Webster said
and silver, at the rates fixed
by congress, constitute the legal
standard of value in this country, and
neither congress nor any state has
authority to establish any other
standard or to displace this"
The act to strengthen the public
credit, approved March, 1859, solemn
ly pledged the United States to the
payment Of its bonds in coin. The
refunding act of July IA, 1870, pro-
vlded for the payment of all refund
ing bonds in coin of their present
standard value, which is the same as
the present value. The It resumption
act Of January-l4, 1875, provides that
from and after Janu,ry /, 1879, the
secretary of the treasul should re-
deem in coin the outstal ding legal
tender notes. BY the act of Feblusrv
q, 1873, providing for the r.sump-
ton OF the coinage of the stan ard
dollar, silver dollars were made a legal
tender for all debts and dues, public
and private, unless otherwise tx
pressly stipulated in the contract ;
and there is not a public obligation
outstanding, and never was, contain
ing the stipulation of payment it
gold.
10 January. 1873, congress adopted
the following concurrent resolutions.
offered by Stanley Matthew'S, then
senator. now on the supreme bench :
THAT all bonds of the United States,
issued or authorized to be issued,
under the said acts of congress here
inhefore recited, are payable, princi-
pal and interest, at the option of the
United States, Ia silver dollars of the
coinage Of the I'm ted States, con-
tanning 4l29 grains each, stand ard
silver: and that to restore to It's COIN