The morning call. [volume] (San Francisco [Calif.]) 1878-1895, 1890-09-22
THE SILVER QUESTION.
How Cleveland Once Stood on Silver
The Historic Letter to Warner.

How Cleveland Once Stood Silver.
The Historic Letter to Warner.
ALBANY, Feb. 81, 1SS5.-The following is
the reply addressed by Cleveland TO the
siver-coinage advocates in Congress:
To Hon A. j. Varner and Others, Members Of
the Fortyeighh ongress-GENTLEMEN: A
letter which l have had the honor 10 Ieceiye
from you invites and indeed obliges me 10 give
expression 10 some grave public necessities, al
though IN advance OF the moment when they
would become the objects of my official care and
paitlal responsibility. Your soticitude that my
judgment SHAH hare been carefully and detid-
erateiu formed is entirely just and accept The
suggestion in the same friendly spirit in which it
has been made. Ii is also fully justified by the
nature OF the financial crisis which, under opera
tion of the act OF Congress of February %, 1878,
Is now at hand. BY compliance with the require
meDis OF that law all the vaults of the Federal
Treasury have been and are heaped fun of silver
coins, which are now worth less Than 80 per cent
OF the gold dollar prescribed as 1.-THE unit OF
Value IN Section IA OF the act OF February
for all public dues. Being thus receiy.
able, While also constantly increasing in
quantity at the rate of S2S,ooo,00o year. 1t has
followed of necessity that the flow OF gold INTO
the, Treasury has steadily diminished. Situer
noac displaciHy gold, and the If gold II. the
Federal Treasury no,o dudiLu6le for the payment
OF the gold obligations of The Uutcd States and
for the redeEHptjon Of United States notes, called
"Green6dch-," If not already encroached upon,
is peIoGsly near such encrOachment.
These are facts which, as they do not admit OF
difference of opinion, Call for no argument.
They have been forewarned to us in the official
reports of every Secretary OF the Treasury ftom
1873 I'll now. They are plainly affirmed in The
last December report of the present Secretary OF
the Treasury to the Speaker OF the present
House Of Represents alives. They appear in the
official documents OF this Congress and Ill the
records OF the New York Clearinghouse of
which The Treasury is member, aud through
which the bulk OF receipts and the payments OF
tne Federal Government and the country pass.
these being IdctS, our present COuulllOn, our
danger, and our duty to avert that danger. would
seem TO be l;ian. L hope you concur Win me
and with the great Dldj0ritV of our JeltOW-Cui-
zeI.s in deemng IL most desirable, at The present
juncture. to maintain and continue to use The
mass OF gold coin well as the mass OF silver
already coined. This is possible Uy present
suspension Of the purchase and coinage Of snger
L not dtCttre that By any other method it as
possible. 1t is OF mOmentous Importance to pre-
vent tho two metals parting company, TO prevent
an increasing displacement OF gold by increasing
the coinage OF silver, to prevent tile dI>use OF
gold in the Gus ON houses OF the United States
aud in the daily business OF The people, and 10
prevent the ultimate expulsion OF gold by silver.
Such a financial Crisis as these events would
certainly precipilate. were 1t now to follow upon
so long a period OF c0mmet cial depression. would
involve the people OF every city and every State
III the Union In prolonged and disastrous trouble.
The reCiUaL Of business enterprise aud prosperity
so drieItly desired and apparently near,
uo'dd be hopeLesSty postponed; gotd 'couid be
7cithdrdlca to its boarding places, aud lpre-
cedeated contraction IN the actual 10 unle
of our currency lCoajd speedily take place;
aud, saddest Of all III every WORK shop, mil, fac-
tory store, and on every railroad and farm. The
wages Of labor, already depressed, would suffer
still further depression by il scaling down OF the
purchasing power OF every so-cailed dollar paid
into the hand OF toll. From those impending
grateful duties Of the representatives OF the peo-
pie 10 deliver them. | am, gentlem Ell, with SIN
cere respect, your felloW-eiizen,
GROVER CLEVELAND.
Al6anN FEB. "a, 1885.