The advocate., 1890-07-16


for the payment Of gold obligations 0i the United
States And for the redemption Ol the United
States notes called 'gTeenhackA' u nOt already
encrOached upon, N pelilOusly near such en-
cr0nchmenl. These are iacis, which, Y they d0
not admit uf differences 0t opinion thll Tor ~ mr.
glmeni. They have been iOreWarned tO uS In the
official reports Ol every secretary uf the treasury
from 1873 tlll now. They are phlnly affirmed m
the lAst December report Ol the present secretary
Oi the treasury % the speaker Oi the present
House Of Representatives, They appear In the
official documents Of this Congress, and In the
records NJ the New York clearing HOUSE, Oi
which the treasury ls member, AMI through
Which the bulk Of the receipts ana payments Ol
lnc Federal government ANA the coultly Elss'
These being the hlcla ln Our present condition,
our danger and our duty 10 avert tlnl dnnger
would appear tO be- plain / hope that you CON
cur With me, and With the great majority OF our
fellow citizens, In deemlng Il most desirable nc
the present hhChTe % maintain AMI continue In
use the mass Of our gold coin, M we'll aa the mass
" silver already coined This IN possible ny "A
present suspension NJ the purchase nnd coinage
VI silver. / am not nWnre that 10y any other
method Il X possible. u IL Of mQmentOus I'M
pOTtanCc tO prevent the two metals from part
ng company, % prevent Increasing the dis.
placement VI gold by the increasing cOnage Of
silver; tO prevent the dlsllse Of gold ln the Gus.
tom houses 0f the United States In the daily
business Of tile people. 70 prevent she ultimate
expulsion Of gold by silver. Such u financial
crisis AZ these events would certainly precpmte
were II now iO follow upon ~ long period VI
commercial depression would Involve the people
VI every city and every state In lhe union IN
prolonged and disastrous trouble, ThcTevlyal "
business enterprise and prosperity, w hTdently
desired and, apparently, W near, would Be- hope
essly postponed, Gold would De- Withdrawn tO
lts boarding pmces, AN unprecedented COntrnC.
ton In the actual volume OF our currency would
speedily take place. Snddest OF All, In every
workshop, mill, factory store aud ON every rail-
rOad and farm, the wages Of labor, already de-
pressed, would suffer stll further depression hyn
sealing down Of the purchasing power Of eYory
sO-Called dOllAr paid Into the hand 0i toll. From
these impending Cahmltles y Ii MrelyA most
patriotic and grateful duty Of the representatives
" the people 10 deliver them.
| am, gentlemen, with sincere respect, your
fellow citizen, GROVER CLEVELAND,
ALBANY, January %, iss5,
A meeting Of the bankers was held In
New York, which United States Treas
urer Jordan attended. At this time 4
plan was devised and loan arranged for
by the government from the banks, Mr.
Jordan says he was not there in His Of
fetal capacity, but he afterwards stated
that no further arrangements were made
regarding the loan. Consequently he
acted in his official capacity and was
therefore party TO transaction FOR
which he should have been impeached.
The letter from OK President Cleveland
was written before his Inauguration and
shows how anxious he was TO have his
views known on the silver question
The remaining correspondence regard
ing the loan is given in full below
OFFICE or ASSISTANT TREASURER
UNITED STATES
NEW YORK, n. ", Jny ~, 1885,
SGRs; hereby certify that have this day re-
rplyed from the Associated hanks ilyO million
nine hundred and fifteen thousand dollars In
gold, and that have set aside the same amount
yZ., five million nine hundred and hllecn thOus
and dollars, In subsidiary silver c0ln In vault
NJ this Oillce under seal, which ] agree ~ hold
subject only 10 the order Of the chairman Of the
clearing house committee and the manager Of the
New York clearing house.
Assistant Treasurer United States
10 Mr., william DOwd, Chairman NJ the Clearing
house Committee, and Mr. William A, Camp
Manager
OFFICE or ASSISTANT TREAsURER
UNITED STATES,
NEW York, July ~, tSS6
Sm,l have 10 report the receipt " 9b,OlbOOO
In gold certificates from tile associated banks Zone
VI the banks tO which was app0tiOned 9s5,O
declined ~ TespOnd) In exchange for the same
amount OF subsidiary silver coin (half dOars)
which now hold In one Of the vaults under SEAL
for the purpose OF exchange II desired by the
banks,
have not taken up the amount In the treasur-
er's general account 40 q receipt and dlsburBe.
ment, but as an exchange Of one kind Of money
for another Thus have reduced the amount Of
subsidiary silver coin 10 that extent and core
spOndlngly increased gold coin. IL will appear In
form 6i4, In the receipts Of gold certificates"
and In the payments Of fractional silver coin"
and In form ~, In the report Of liabilities and aB
sets, and ON none other Of the accounts. Very
respectfully THOMAS q. ACTON,
Assistant Treasurer
To G. n. Jordan, Treasurer United States.
NM Vnnsg ~ A. anvaFt TT.tttrs