National Republican. (Washington City (D.C.)) 1872-1888, 1886-01-23
breakfast Table Letter to the Presiden


Mr. PRESIDENT: The slippery silver dollar
commands the attention of both houses of Con.
gress 1t is part of the constitutional money.
1t is known as specie; 1t is known os cash; It
has faithfully served the people as medium
of exchange 1t is composed of a metal that
has been used as money since Father Abra-
hams time.
In proportion to Its supply, and the require.
ments fthe people, 1t has been coined into
money. For fifty years its weight has been uni.
form, without regard to the fluctuations OF
the market price of silver bullion. Its intrin.
sic value and legal tender quality combined
give 1t a purchasing power within the con.
fines of the republic equal to any other kind
ofmoney. Its representative, the silver Ger.
tihcate, has been exchanged at par with bank
ers for gold to the extent OF seventy.flve mil
lions of dollars. A standing offer for silver
dollars payable in gold at a half per cent. dis
count is made, and they cannot be obtained
at that price. Among the people the posses.
sion of it supplies every want that
money can buy. Its volume, in
every denomination. does not equal
five dollars per capita. By constitutional en-.
actments the American people have coined
alike into money gold and silver, making them
alike legal tender. The moment that either
coin is carried TO foreign countries II is placed
into the scales and treated as q commodity.
This course will continue until congress of
commercial nations shall establish plan of
International coinage which shall be approved
by their respective governments.
Mr. Webster, in his great argument in the
Senate in regard to money, said that 1.-THE
power to regulate commerce between the states
carried with 1t, necessarily and directly, the
essential element of commerce. currency,
the money, which constituted the life and soul
OF commerce. Paper money In this age was
an essential element In all trade between the
states; II was connected with all commercial
transactions, and 1t belonged to the general
government, and not to the state governm ants,
to provide for or regulate the currency be.
tween the states. A paper medium, equiya.
lent to coin, and of equal credit in all parts of
the country, was an important instrument of
exchange. Currency and exchange were
united, and If the government would do its
duty on the great subject of the currency, the
mercantile and industrious classes would feel
the benefit through all the operations of OK
change"
All the service that Mr. Webster asked for
money is now performed in every state and
territory by the slippery silver dollar" or Its
representative, the silver certificate, as well as
by any other form Of national money.
Mr.. President, the American people, by the
operation OF law, have yoked the two metals,
gold and silver, together under the authority
Of the national government, as stated by Web.
ster, to perform the service of money, aud
designated their equivalents, without stlpulat-
ing any change to be made in the quantity of
metal used on account of the fluctuations in
the price of the bullion.
If English sentiment and government refuse
10 join in an International congress, why
should not the American people have the In.
dependence to maintain their own financial
sentiments For, after all, II is but senti.
ment' which makes custom, and customs make
laws. Because England is the creditor nation,
and the national banks of this countryare the
creditors of the people, 1t gives them no right
to demand an Increase Of the amount of metal
to make dollar TO pay dollar Of indebt.
edness.
Mr.. Presidents Do you suppose there is an
American farmer while blowing his field
with yoke OF oxen, fool enough to unyoke
his white OK and let the yellow OK perform
the service, because the white one Is the