The morning news. [volume] (Savannah, Ga.) 1887-1900, 1891-02-12
CLEVELAND ON COINAGE.
THE Ex-PRESIDENT OPPOSED TO
THE SILVER BILL.


/ he Sends a Strong Letter on the Sub
ject to a Meeting of the Reform
Club of New York-Nsw Workers
and Philad elphians Appear Befor e
the Committee.
NEW YORK, Feb. 1L-Betveen six and
seven hundred people attended mass meet
ing at Cooper Union tonight TO oppose the
silver bill, in response TO call Of the Re
form Club. Charles s. Fairchild, ex-Sec-
rotary of the Treasury, nominated
E. Ellery Anderson, president Of
the Reform Club, for chairman
Of the meeting. and he was elected by &C
clamation. Mention Of Grover Clevelandis
name was the signal for prolonged burst
of applause, and when the secretary had
finished reading his letter the applause was
deafening. The ex-President wrote as fol-
lows:
SIC MADISON AVENUE, Feb. 10, 1891.
T. ElierY anderson. Esq:
My DEAR SIR have this afternoon received
your note inviting me to attend tomorrow
evening a meeting called for the purpose of
vOcing the opposition of the business men of
our city TO the free coinage of silver in the
United States l shall not be able to attend
and address the meeting as you request.
Ras am gs New that YORK the business ness
10 be heard on the subject. II surely cannot be
necessary for me 70 make a formal expression
Of my agreement with those who believe that
the greatest pers would be initiated by the
adoption Of the scheme embraced in the meas
ure now pending in congress for an unlimited
coinage OF silver at our minis. If we have
developed an unexpected capacity for
the assimilation OF largely in
creased volume Of currency, and even IL we
have demonstrated the usefulness of such an
increase, these conditions fall far short Of in
surfing US against disaster If in the present sit
uation we enter upon the dangerous and reck-
less experiment of free, unlimited and indie.
pendent silver coinage. Yours very truly,
GROVER CLEVELAND.
THE RESOLUTIONS.
These resolutions were passed unanimously:
RESOLVED. That the first requirement of
sound metallic currency ia that its value shall
be permanently stable.
RESOLVED, That the equality of value between
4l919 grains OF standard silver and % grains
of standard gold asserted in the bill for free
coinage of silver is untrue, in fact is contra
dicted by the record of the market price of sill
yer bullion for many years, and cannot be sus
tanned against the financial policy of all civilized
nations.
RESOLVED, That free coinage of silver, on the
basis of equality of value at the ratio stated, in
our judgment, will cause premium on gold and
its immediate Punishment from circulation, and
will deoase the value of dollar to the bullion
value of the silver it contains.
RESOLVED, That the proposed debasement of
our currency is dishonest IL will impair prl-
vate and public credit; IL will confuse and
hamper our commercial relations with gold
paying countries. IL will curtail legitimate bust
ness; il will violate the obligations of existing
contracts and disastrously affect many indus
tries; IL will fall with peculiar severity on the
depositors in savings banks and trust COM
panies, and those holding life insurance
and mutual benefit policies; it
will lessen the purchasing power of money
in which are paid the earnings of laborers and
of the salaried classes. 1t will benefit no one
except temporary owners Of silver or of silver
mines, who may secure an enhanced price for
their product and properties and the holders of
gold or of gold values at financial centers. who
would be enabled to discharge their obligations
in debased currency and retain the advantage
or premium on gold.
RESOLVED, That we shall oppose with all the
means at our command the pending bill or
any bill which favors free coinage of silver
without the cooperation Of other nations.
A COMMITTEES of ten members of the Re-
form Club will be appointed by Mr.. An
derson to go to Washington and oppose the
passage of the silver bill.
PROTESTS BEFORE THE COMMITTEE.
WASHINGTON, Feb. 1.-THE House coin
age committee gave hearing tonight at
the Riggs house to a delegation from Phila-
delphia and another from the New York
| Chamber of Commerce in opposition to the
pending free coinage bill Frederick Fra
| ley OF Philadelphia, president Of the Ma
tional Board Of Trade and Mr.. Mexican of
| the Philadelphia Ledger, briefly expressed
their views
AT the suggestion of Mr.. Fraley a letter
was read on the subject of free coinage
| from Robert Patterson of Philadelphia, a
! grandson of the director of the mint under
| President jefferson and an acknowledged
| financial authority. He took the ground
that no special harm would result to the
commercial intercourse Of the country, with
| either gold or silver as q money basis, but
| with two standards one or the other must
/ go to premium and thus destroy the
financial equilibrium of the country.
NEW YoRK's OPPOSITION.
Charles d. Smith, president of the New
| York Chamber of Commerce, addressed
the committee. He said that the organiza-
| ton of which he was president was the
oldest commercial institution in the United
| States. 1t was an entirely non political
body, the two parties, he thought, being
about equally represented. Yet the chamber
by very large majority was agreed as to
the pending bill. He believed that the
chamber of commerce, having a member
ship OF about 900 successful business men,
fairly, and, in their protest against silver
legislation, honestly represented the senti-
meut of the people of the entire state of
New York. Mr.. Smith read a long letter
from Abram 3. Hewitt who, though a
silver mine owner himself and smelter of
silver, saw great danger from the passage
of the pending measure.
Jonn Hanson RhoadeS, president or saw
ings bank in New York city, and William
V. Mexican of Philadelphia, also made ad-
dresses in opposition to the bill.
A BOARD OF TRADE PROTEST.
The board of trade and transporta.
ton this afternoon adopted resolu-
tions protesting most earnestly against
any legislation looking to free coinage of
silver until the cooperation of other com.
mercial nations can be secured.
FREIGHT TRAINS COIIInE