The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1891-02-20

: CLsvELAND OPposED TO Free CoISAos or
SfLvER.-New York, February 1l.-Between
600 and 700 people attended q mass meet
ing ut tho Cooper Union tonight to oppose
the silver bill, iu response to the call Of the
Reform Club.
Mention Of Grover Cleveland's name was
the signal for u prolonged burst Of applause,
and when the secretary had fioished reading
his letter the applause was deafsniDg. The
Ex-Pre.ident wrote as follows:
81G MADISON AVENUE, February 10, 1901 !
IL. e lery Anderson-My Dear Sir :. Ihsse)
this afternoon received your note inviting
me to attend Tomorrow evening q meeting
eN}Ae6. fexs sbasRRsAenfsAf aAiNipe easbe fiRpHls
coli age Of silver in the United States.
sha'l not be abe to attend and address the
meeting as you request, but am glad that
the business interests OF New York are at
last to be heard on tho subject.
II surely cannot be necessary for me to
make formal expression Of my agreement
with those who believe that the greatest
peri would be initiated by the adoption of
the scheme embraced in tho measure now
pending iu Congress for an unlimited coin
age Of silver at our miuts. five have de-
yeloPed an unexpected capacity for the
assimilation Of largely increased volume
OF currency, and If We have demonstrated
the usefulness Of such au increase, these con.
ditions fall far short of insuring US against
disaster ifin the present situation we enter
upon the dangerous reckless experiment of
free, unlimited and independent silver coin
age. Yours very truly.
GnovER CLEvELASD.
The following resolutions were rassol
unanimously:
Resofved, That tho first requirement Of n
sound metallic currency is that its value shall
A.sv.sssS-~ -
Resolsed, That the equality Of value be-
tween 4l23 grains Of standard silver and
20 grains Of standard gold asserted ia the
bill for tho free coinage Of silver is untrue :
In fact, Is coniradicted by the record of the
market price of eilver bullion for many years
and cannot be sustsined against the financial
lolicy Of all civilized nations.
Resotred, That the free coinsge of silver
on the bssis Of equality Of value at the ratio
stated, In our judgment, will cause premium
on gold and its immediate bauishment from
circulation, aud will debase the value of our
dollar to the bullion value of the silver il
contains.
Resolced. That the proposed debasem mt
CT our currency is dishonest. Il will impair
private and public credit, il will confuse and
hamper our commercial relations with gold
paying countries, il will curtail legitimate
business, 1t will violate the obligations of
existing contracts and disastrously affect
many industries. 1t will fall with peculiar
severity on depositors in savings banks and
crust companies, and those holding life
,sfo - insnrnnna ina, and mutual benefit policies.
~ will lessen the purcha, ng power OF munry
an which are paid the earnings Of laborers,
aud OF the salaried classes. It will benefit
no one except the temporary owners Of silver
or silver mines, who may secure en- enhanced
Price Of their product and properties, and
'hs holders ofgold or Of gold values at finan-
ciai centres, who would be enabled TO s.
charge their obligations in deb Used currency
and retain tho advantage of the premium on
gold.
Resotred, That wc shall Oppose with all the
means at our command the Iending Till, or
any one which avors the free coinage of
silver without the cooperation Of other
naiions."
a committee Of ten members of The Reform
Club will be appointed by Pres dent Andcr-
son TO goio Washington and oppose ihc pas
cage 81 the silver bill