National Republican. (Washington City (D.C.)) 1872-1888, 1886-06-12
nrenkrnst Table Letter to tho President

Mr.. PRESIDENT. The time which you al
lotted for your bridal tour and for recreation
having expired IL ls presumed that you will
not consider It intrusive TO invite your atten-
ton to the most important public document,
concerning the fiscal policy Of your admins
traton, that has yet been published under
your sanction.
Secretary Manning resigned the presidency
OF national bank in Albany when he nc
cepted your invitation to become member of
the Cabinet and take charge Of the Treasury
Department Of the United States Mr.. Jordan
resigned the cashieBhip in bank OF the city
of New York to accept the position Of treasurer
of the United States. To these ex.bankers,
more than to all Others are the people and
your administration indebted for the present
financial policy of the government.
The Secretary bscamesuddenly and severely
III. He had administered the complicated af-
fairs of the treasury as its executive head,
examined It's management and work in detail,
advised with the statesmen OF the Democratic
party in and out of Congress, and given a
truthful construction of the platform Of his
party ns he understood It. Then, after serious
meditation. he prepared his letter Of advice
and resignation.
The letter is tersely written, and boldly
avows the sentiments and the policy which
many New York and European bankers desire
should obtain in this country.
In your first message to Congress the sccre-
tury advised you to say regarding the future
coinage of silver, the following words; ~ rec
ommend the suspension of the further coinage
of silver dollars, directed by the law passed
In February, 1878"
In his letter of resignation, the Secretary
states: "our currency is a chaos, into which
we pour from forced purchases Of one OF the
precious metals mechanical increment, I'M
der coinage law so ill,judged and untimely
that II binders the opening Of our minis TO the
natural and unlimited coinage of both metals
and the free expansion of our gold and silver
coin along with the growing needs of mighty
people,"
Mr.. President; These declarations arc
made concerning our currency at time
when the people are determined, in q
lawful way, to retire the national bank
currency. The people want currency
of gold, OF silver, and of paper, all Legal
| tender for any amount II is difficult for them
to understand what the Secretary means By
natural coinage OF silver. There are those who
have examined the question closely who be
| lieve that the Secretary and the administration
are opposed to the coinage Of legal tender sill
yer dollars of any weight. The natural coinage
referred to by the Secretary means the coinage
of the subsidiary coins, half dollars quarters
&C., which are legal tender for limited
amount only Thus claiming TO favor blmot
alisn but practically adopting the English OIL
| gold standard.
Ifthis analysis is correct, the policy OF con
traction and shrinkage of property values ha
but Just commenced. Archimidos claimed
that he could move the world with lever, 1
he had restng.place for the fulcrum. Thi
English policy has brought about an economic
crisis throughout tho world. The banker
who hold or hoard the money OF the worlC
know how and when to place the tulcrum
They have q place to rest their instrument
namely, the necessities of the people.
Ifyou had written your celebrated sllve
letter before your election, how many electora
votes do you think the Democratic ticke
would have obtained?
The second important Recommendation Il
the farewell letter of the Secretary is to plac
nearly four thousand articles upon the FIRE
list, and collect customs dues upon few scor
of articles This is nothing more or less thai
English free trade.
In answer TO the policy of contraction an
free trade, aslaid down in Secretary Manning
letter, the people of oregon have responded b
re -elocting Mr.. Hermann, a Republican.
member Of Congress, by a majority of abou
twelve hundred
The Republican party boldly accepts tn
issue of the administration, namely, free trad
and contraction, knowing full well that tn
gold Of European bankers will freely flow int
the Golfers of the Democratic oongressiouO
committee, to aid them in electlng Demo
cratic Congress that will vote TO sustain tn
administration.
The owners of realty, the mon OF enterprise
the men of labor viii combine this fall an
elect Congress that will support an Amer
can policy of customs and currency.
THE NATIONAL REPUBLICAN,.