The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1891-04-22
THE PRESIDENTS VIEWS.

He Discusses Homo Markets and tho Silver
Question In an b tanner.
The following letter was sen to the
Western Commercial Congress held at
Kansas City:
WASHINGTON, D. c. April 2, 1891.
To Hon. Ii. B. Kelly, Chairman, Kansas
City, Mo.
DEAR SIR: 1 have the honor to ac-
knowledge tho receipt of your letter of
March "a, inviting me to attend tho
meeting Of the Commercial Congress Of
the Western Agricultural and Mining
States, to assemble in Kansas City,
April IA to 10, for the purpose of con-
siderlng measures affecting the general
agricultural and business prosperity of
the Mississippi Valley States. Iregret
that it will not be possible for me to &C.
cept this invitotion. If am not de-
tanned here by public business 1 shall
probably start about that time for the
Pacific coast by the Southern route, and
if that purpose should be thwarted it
will be by considerations that will also
prevent the acceptance Of your invita-
ton.
A public discussion Of the conditions
affecting agricultural and business
prosperity cannot but be helpful if it is
conducted on broad lines and is hospita-
Bile to differences Of opinion. The ex-
t%raordinary development Of production
OF agriculture which has taken place in
recent periods in this country by reason
OF the rapid enlargement Of the area of
tlllage under the favoring land laws of
the United States very naturally has
called attention to tho value and, in
deed, tho necessity of larger markets.
l am one of those who bcliove that a
home market is necessarily tho best
market for the producer, as it meas
urably e~mancipates him in proportion
to its nearness from the exactions of
the transportation companies. If tho
farmer could deliver his surplus pro-
ducts to the consumer out Of his farm
wagon, his independence and his pro-
fits would BIO larger and surer. 1t seems
to mo quite possible to attain a largely
increased market for our staple farm
products without impairing tho homo
market by opening the manufacturing
trades to a competition in which foreign
producers, paying n lower scale of
wages, would have the advantage.
A policy that would reduce tho num-
Der of our people engaged in mechanical
pursuits or diminish their ability to
purchase food products by reducing
wages cannot be helpful to those now
engaged in agriculture. The farmers
insist that the prices of farm products
have been too low-1elow the point of
fair living and fair profits. 1 think so,
too, but l venture to remind them that
the plea they make involves the conces-
sion that things may be too cheap. A
coat may be too cheap as we'll as corn.
The farmer who claims q good living
and profits for his work should concede
tho Same to every other man and woman
who tolls. l look with great confidence
to the completion Of further reciprocal
trade arrangements, especially with tho
Central n South American States, as
furnishing new and large markets for
meats, ~breadstuffs and an important
line of manufactured products.
Persistent and earnest efforts are also
being made, and n considerable measure
of success has already been attained, to
secure the removal of restrictions which
we have regarded as unjust upon the
admission and use OF our meats and live
cattle in some of the European coun-
tries. l look with confidence to a sue
cessful termination of the pending ne
gotiations, because l cannot but assume
that when the absolutely satisfactory
character of the sanitary inspections
now provided by our law is made known
to these foreign States they will
promptly relax their discrim mating
regulations. No effort and mono of tho
powers vested in the Executive will DO
left unused to secure an end which is so
desirable.
Your dclibcration will probably en-
brace the consideration of the question
OF the volume and character of our
currency. 1t will not be possible and
would not be appropriate for mo in this
letter to entcr upon any elaborate dis
cLssion Of these questions. One or two
things l will Say, and first, 1 believe
that every person who th%oughtfully
considers the question will agree with
me upon a proposition which is at the
base OF all my consideration of the
currency question, namely, that any
dollar, paper or coin, that is issued by
the United States must BIO made and
kept in its commercial uses as good as
any other dollar. So long as any paper
money issued or authorized by the
United States Governments accepted in
commercial use as tho equivalent of tho
best coined dollar that VIC issue, and so
long as every coined dollar, whether of
silver or gold, is assured of an equal
value in commercial use, there need be
no fear as to an excess of money.
The more such money the better. But
on the other hand, when any issue of
paper or coined dollars is in buying and
selling rated at a less value than other
paper or coined dollars, we have passed
the limit of safe experiment in finance.
If we have dollars Of different values
only the poorest will circulate. The
farmer n the laborer. who are not in
hourly touch with the ticker or the tele-
graph, will require above all other