National Republican. (Washington City (D.C.)) 1872-1888, 1886-05-22
If the army cannot capture Geronimo,
suppose VIC give the marines chance9
Breakfast Table Letter to the Prosidon,


Breakfast Table Letter to the President.
Mr.. PRESIDENT: Ernest seyd says: "Tho
true cause Of trade depression is the contrac-
tion Of the metallic currency Of the world by
human law the so.called decentralization OF
silver. It Is a great mistake to sup
pose that the adoption of the gold standard by
other states besides England will be beneficial.
1t will only lead TO the destruction of the
monetary equilibrium hitherto existing, aud
cause fall In the value OF silver from which
, Epglnnds trade and the Indian silver valua-
ton will suffer more than all other interests,
0Tfdous as H. general decliRe Of prosperity all
OrCr The poIid ,cM BE-"
John Stewart Mil has said 'If the whole
money in circulation were doubled prices
would be doubled"
Emile de LOyeleye, another standard au-
thority, in an article printed in the May num-
Der of the CoRtcmI osary Reric,c, ofLondon, de-
clHres that 1.-THE economic crisis, which has
already lasted ten years. is becoming yearly
more and more acute. In every direction
workshops are closing, blast furnaces are
being put out, and factories and dock yards
are diminishing half their workmen. q
None, think, will deny that the immediate
cause of all this suffering is the excessive fall
| In prices. The price Of agricultural produce,
and more especially ofmanufnctured stock, Is,
as Mr.. Mulhall recently demonstrated in his
History of Prices now lower than In 1850"
1.-THE cause Is the ever.growlng
| scarcity of gold and the monetary contraction
, thence resulting
In this connection, Mr.. Laveloye quotes from
the EcoRotais of March, 1878, which pre-
dicted the inevitable consequences of Ger.
many's adoption of the single gold standard
| when that government received war indem-
nifty of two hundred million pounds sterling
from France, an amount which would not
cover the loss to the German people entailed
| by the adoption of the English policy.
| The Economist says by the present bill the
German government is certainly paying Eng
| landthe compliment of adopting It's single gold
standard, but the cost ofthe measure to London
and other money markets cannot but be great.
AS the annual money supply OF gold through
| out 1.-THE world is reckoned at little more than
f2OOO0OOO, and the usual demand for mlscclla-
neous purposes very large II follows thatifth
| German government perseveres In its policy, tho
strain upon existing stocks and currencles will
be most severe. Unless the annual production
Of gold should suddenly increase, the money
markets Of the world are likely to be p2rturbed
by this bullion scarcity"
Mr.. Laveleye, in another part of HIS article
states: ut can no longer be concealed that the
gold budget presents an alarming aspect"
- "Twelye million pounds sterling arc
annually absorbed by the arts" =
1.-THE amount of gold imported into India is
notably on the increase. midas imports over
exports average yearly Ei,72s,3i2 sterling. II
losses and wear and tear are taken into con-
sideration, there remains only s10OO,00O to
cover the monetary requirements of the entire
world, with all its growing population aud
trade"
Again he says 1.-THE quantity of gold avail
able for currency being insufficient, now that
silver is prescribed, 1t is quito certain that we
money. In England 1t Is already proposed to
make a first step by the Introduction of one
pound notes"
Mr.. President: Your now famous and fatal
silver letter, written in December, 1851, was a
public declaration that the policy of your ad
ministration would DO contraction ofthe cur,
Tency, and served as Il hint 10 sensitive CAPT
tallsts that the boarding of the money in
banks and safe deposit companies was safer,
and would be more remunsratiYe than invest
ments in enterprises or property that the
judgment was correct as to the effect of YOU
policy, the diagram of fluctuations Of the pur-
chasing power OF money which we print ir
this mornings issue shows. The purohasin;
power of dollar has been steadily on the In
crease from the date of your silver letter Il
the present moment, aggregating fully 20 pc
| cent.
Under your administration the decline II
property values is equal to q discount of Is pc
cent, more than thrice the sum total of our ma
tiOnal debt.
The law remonotizing silver gives discretion
to the Secretary Of the Treasury to purchas
and coin 81, 100000 trOrth of silver bullion eacl
calendar month, which, at present prices
would supply over 1909, 900 standard silver dol
lars per month. Yet your administration vii
not give the people the benefit of tho dIscre
tion the law intended to confer to mitgat
just such a condition of affairs that labor anC
enterprise are now suffering and struggling
against,
The greed of capital win discover, soone
than your Cabinet, that the destruction o
values is the destruction of securities The
Democratic party win discover this TALL that
the hand of idle labor will not cast ballot t,
support an administration that does not have
the EHgaclty or the craftsmanship to protee
and advance the interest OF the American
laboTer on the land and OF the American sallo
on the sen.
i THE NATIONAL REPUBLICAN,,