The record-union., 1891-04-15

silver or gold, is assured of equal value
in commercial use, there need be no fear
as to the excess of money. The more
such money the better. But, on the other
hand, when any issue of paper or coined
dollars i'll buying and selling is rated at
less value than the other paper or coined
dollars, we have passed the limit of safe
experiment in finance. If we have dol
lars of different values only the poorest
will circulate. To the farmer and laborer
who are not in hourly touch of the tick er
or telegraph dollar is Of full value. The
fluctuations and depreciations always at
first cost these classes of our community
The banker and speculator anticipate,
discount and afterward profit by such
fluctuations. / have always believed and
do now. more than ever,
BELIEVE IN BIMETALISM
And favor the fullest use of silver in con-
nectiOn with our currency that is COM
patible with the maintenance of the parity
of the gold and silver dollar in their COM
mercial uses. Nothing in my Judgment
would so much retard the restoration of
the world as legislation adopted by us
that would result in placing this country
upon the basis of silver. The monomet-
alism legislation adopted by the first
session OF the Fifty-first Congress, | was
assured by leadingadvocates Of free coin
age, representatives from the silver States,
would promptly and permanently bring
silver to l29 per ounce and keep it there.
That anticipation has not been realized.
Our larger use of silver has apparently
and for reasons not agreed upon dimin-
ished the demand for silver i'll China and
India. In view of the fact that it is i'm
possible in this letter to elaborate, and
that propositions only can be stated, | am
aware that what | have said may be
assailed in points where it is easily
defensible, but where | have not attempted
to present argument. / have not before,
excepting in an official way, expressed
myself on the subject; but feeling the
interest, dignity and importance Of the
aSSemblage in whose behalf you speak,
have ventured, without bigotIy of
opinion, without any assumption of in
fallibility, but as an American citizen,
having the most earnest desire that every
individual and every public act of my
life shall conduce to the glory of our
country and the prosperity Of all our peo-
pie, TO submit these views for your con-
Sideration.''
OTHER LETTERS.
A letter was also read from J. NJ. Rusk,
Secretary of Agriculture. He suggests
that prominence will be given to the dis
cussion of those questions affecting the
agricultural interests of the country for
the reason that a prosperous agricultural
condition will insure prosperity in all the
other branches Of industry. He suggests
the subjects of s. transportation, -
markets and Federal and State statis-
tics" as the pivotical questions affecting
the farmer.
NJ. Ii. De Young of San Francisco sent
paper on Irrigation" Senator Pfcffer
of Kansas wrote expressing the hope that
the congress would result in bringing
the people of the West and South into
closer social and commercial relations.
Charles Francis Adams of Boston wrote
that while he recognized the hardShips of
the present situation in the West, he did
not believe any action except individual
action was necessary for the remedy, with
the very general popular idea that the
Government is grand paternal do-aIl, to
protect everyone and everything and
provide remedies for every i'll that the
body polite is subject to. Mr.. Adams
does not sympathiZe. ''On the contrary"
says he, Il am SO antiquated in opinion
as to think that the world is governed
altogether too much. and that it rarely
has been governed so much or so badly as
it has been in this country within the
last twenty-five years. the people are
left alone they will work out salvation a
great deal quicker and more satisfactorily
than while the Government necessarily
encumbers them with its well-meant but
ill-advised assistance" Mr.. Adams did
not believe that there was any gen
eral business and agricultural depression
except that due to natural and temporary
causes; that he did not believe any legis-
lation was required. He thinks i'm
proved transportation by land and water
would provide for itself, under the laws
of supply and demand, if the Govern
ment does not continually meddle
with it. Western products would
find market soon enough
if the Government would leave the mat
ter severely alone. The great trouble
with the currency is, he says, excessive
tinkering, and if the Government would
leave it alone the internal currency
ofthe country would regulate itself just
as perfectly as internal currency does
The manufacturing interests of the
country always have been successfully
promoted by individuals when the Gov
ernment had left them alone, and every
interference of the Government from the
beginning TO the Mckinley bill had been
detrimental to public interest. Irriga-
ton of arid lands is settling itself in
Idaho and Colorado, and other States
where the Government leaves it alone.
The fewer commercial laws the better,
and if there were no commercial laws
the community would be far more pros
porous that it is. The interference
of the Government with immigration
had been uniformly mischievous. Busi-
ness combinations and trusts were dan
gerous to those inside them and if let
alone by the Government would work
nothing but good unless perverted to
some purpose opposed to the laws OF
trade, in which case they inevitably
sooner or later bring about the ruin OF
those concerned in them. The Indian
question and the opening of Indian lands
has been brought into its present unfor-
tunate condition by Government inter-
ference and he knew no way of getting it
out of the snare.
II. X. Thurber of New York, writing
on the business combinations and trusts,
said they were caused by sharp COMPETE
ton. Their efforts were beneficial to the
producer and consumer. The aggrega-
ton OF capital, skill and experience in
almost every branch of business is for
the best interests of the masses.
Papers were read from John V. Far
well of Chicago and others on the same
subject.
PERMANENT ORGANIZATION.
Governor Frances was chosen Presi-
dent, and Temporary Secretary Springer
was made Permanent Secretary.
The congress then adjourned.
SOUTH CAROLTNA'S GOVERNOR.