Omaha daily bee., 1889-04-21
BUZZINGS.


dressed letter to United States Senator
William NJ Stewart, on the subject of coin
as circulating medium. The following re-
ply, under date of April IS, was received
and will prove OF special interest TO the
readers of The BEE:
The use of coin as money involves many
difficulties, the great complaint against sill
yer being the inconvenience of handling it.
successful combination against the use Of
silver was formed until the passage of the
law allowing certificates, In small denomina-
tions, to be used therefor, since which time
silver, or certificates representing silver,
has gone into circulation so that there are
only twelve or sixteen millions of silver dol.
lars in the treasury at a time This has
done much to popularize the use of silver.
The argument in favor of using paper is that
it is lighter and more convenient, and, by its
use the wear and loss of metal Is saved,
which is very important consideration. My
main object is to secure sufficient supply of
money to prevent contraction, which, you
know very well, is so distressing to all the
people doing business or engaged in pro-
ductive pursuits of any kind. If we could
secure the free use of silver so that the vol
ume of currency would not be less than the
aggregate amount of the two metals COM
bined it would be great step in the right
direction. 1t is impossible to accomplish
everything we wish and it seems to me that
we had better confine our efforts to what is
possible.
agree with you that 1515 to is the proper
ratio between the two metals and in my
opinion it is the only ratio upon which there
is any prospect of getting a universal con-
currence. But then again we have estab-
lished the ratio of 16 to l and all the bonds
now outstanding are payable in gold or sill
yer dollars, the gold dollar containing 25 $40
grains of standard gold and the silver dol
lars 4l215 grains Of standard silver which is
the ratio of 1G to l. The difficulty in attempt
ing the change is that our enemies will at
once say that we are violating the obligation
of contract, an obligation which they are
willing to violate, but would object very
strenuously if the debtor class were as i'm
| moral and unjust as they are.
The rejection of silver as money after the
civilized world had contracted to pay hun.
dred thousand millions of indebtedness in
either gold or silver was such palpable
fraud as should bring a blush to the cheek
of Shylock, but nothing can make a money
grabper blush. His cheek is harder than
adamant and more brazen than brass. 1t is
gratifying to know that so many people are
beginning to discuss the question and under
stand something of the wrong that has been
perpetrated by the manipuators of money
The city treasurer has recently Cancelled
| the old Union Pacific depot bonds for
| 100000, which were ordered refunded in the
| February city hall election. Grave doubts
have existed as to the validity of these
| bonds, good many people of this city hold
| ing that the Union Pacific procured them
under false pretenses. 1t was thought that
| there was very little doubt that they could
| be repudiated, but there has always been in
| this city feeling against repudiation. Many
| OF the old citizens thought it would not
| do to question the validity Of these
| bonds for fear of gripping Omaha's
| credit abroad and placing her on a par
| with other cities that repudiated and scaled
| their debts The city has stood so high that
| it was thought that we would save s20O,0 600
| by reason of our improved credit by the re-
| funding of these bonds, and that the city
| would soon be able to float its bonds at per
| cent without difficulty. The time is not far
| distant when the city will have to purchase
| the gas and waterworks, and when that Is
done the city will be able to profit by It's ere.
| dit. These bonds are signed by Mr.. George
| Roberts, one of the earliest mayors Of Omaha.
He was elected as republican and was the
first of number of republican mayors
| elected in Omaha. Before that time the city
had been presided over by democratic may.
| ors. MIR. Roberts is now successful law
yer of Lawrenceburg, Ind, having left
| Omaha some fifteen years ago. Three weeks
ago Mr.. Rosewater, editor Of The BEE, met
him at the Ebbitt house in Washington Mr..
Roberts was anxious and highly pleased to
learn all that could be learned Of Omaha and
of the giant strides made Oy this city during
the years that have elapsed since he WAS
mayor He was more than gratified to hear
of the present prosperity of this city.