New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-02-12

but wages 10 follow depreciation. The result
VIII be that the standard Of living in this country among
our working people would be reduced at least % per CENT
ana The provision which has been made Tor ola age loi
sickness, for death FOR widows and orphans Will DC W.
fec!ated same ratio No invasion OF hostile ar
Aies, burning and destroying they advance cOua "
any possibility equal the dssoatlon and ruin which "ouIu
thus be forced upon the great mass OF the people.
The rich can always tale care OF themselves anu
70 very large extent their property Is III
vested in commodities which would advance IN Naus
counteract the depreciation in the standard OF
value = represented by obligations when ar oy con
Tract made payable in gold The poor, however anu 'o'
whose Transaction, moderate scale cannot Pioco
themselves. AID accept the coni'caton Wmch i mus
lcltAtc,sy imposed upon them Tho result VIII ne u'0
the tch will richer and the poor poorer anu uo
antasonsnis between the rich and the poor Wheh are
Away, to be dreaded and far a possible m'uI'Vu
VIII De mten,!h d. Under the circurS -ahces s"on5
oNernm,nt will b. necessary, and the ancient safeguards
Po'dd by fathers for the preservation OF personal
liberty and the equitable distribution q the pioceeu' Vi
INDUSTRY viii be endangered by the general demahu o' po
NcIoh from cOnd,catOn and violence.
his picture will not appear be oyerdra"n I" ehoee
VINO can recall the Occurrences Of the late war; "Hfi vac
suspension Of snccie payments compelled creators " @
payment in deprecated money and the property Oi ~ie
country was transferred largely without any action OIL th
own from one class q the community to aho'her 80
WHO were thus suddenly cnuched at the expense Oh ~
h"shDor'. NO Ole can estimate the miecly "h4Vh W."
'ausd y thi- Wholesale transfer Of property Cnti u'e
va, ucIy speculative AMI the nature OF gantHlB
the result q which bring the working classes oil th'
county into the very great distress which prrNa o''
1913 y 1879. The return 10 specie payments III the at'l
undou tcIiy worked very great haidshps TO certain
CLASSES Ia community but A. the pr lniaton ha1 Ooen
erads the evils great as those "hc respu
Rom tie suspension Of specie payments NcN'l'"c''' 4"
1, wltan the memory Of all that, while Immediate pros
pcrty tn country concerned, followed INC
resumption specie payments there wcr> individual cases
Of h.dsA.ps Tor ahIh no rrparation could DC mate
The lesson, however. deeply liked IL
e pubic tlt any proposition 70 return to an era OF
irrcdomsbe money would be practically rejected by te
the Nation. The proposition to adolN
dcprccsd standard value IS only less Objectionable be-
cause silver intrinsic value than paper But the
great fact remains uat this adoption OF silver a. the
O, value wcuc be practically depreciation OF tho
cur ncy 90 e extent OF - pr cent the Consequence OF
which, the dew Of heaven viii fall alike upon the Just
unjust but not alike upon the shIe"d and the u
sophisticated rc Will Oe able t. take OF them
selves while the latter Will be- robbed OF ter hard earnings
without auy loIc oi compensation.
A. 10 !, thc fashion assert that opposition TO the free
couar. u silver only from capitalists and from Wal
street II proper for me personally to say that am
largely interested in silver mines and IN tae smelling OF
liver AID therefore would have prcudces against the
proposed legislation II thought II would be advantageous
either 70 uy-clf 10 the public am convinced now,
ever that those who Interested in the production Of
any VIII TO- seriously Injured IN The long run
lv o.. abortion " Iropp-ed l"-,a;on but whether
uey would injured not It is certain that the pro-
ducye interests the country, whose Interests Congress
bound protect would receive blow from which they
could 300. recover for many year,.
D.. II is 90. nee ,slry pa, the pending bill IN order
o, force . country 90 business upon silver basis
Tle existing law nqu.f.ng ia" purchase q 100000 q
silver bullion monthly iof cona-" into standard dollars
viii Inevitably bring thi, result u pass The limit 81
safety ha, ALREADY r., reached parity between gold
and silver Dee prIiI ny maintained. 80 soon a.
arrives when The receipts Of the Treasury are
mainly ln silver note 20 VIII Dee forced = pay out silver
100 discharge u all obligations not specifically payable IN
gold The evil. q free coinage Il silver Will then DO
upol u.s. and gold viii disappear tiom the operations u
-tc trade O." change. when IL com viii be sudden
and tho consequences Vii D.. caamitou' ne Withdrawal
from circulation 90. 500 600 00O Il gold now available ~
money VIII stroke u paralysis upon the business
~ tA country. and bring even the Government; 4t'eI 10
The N.--e - bankruptcy
Ile Chamber u Commerce, 80 long ago as 1870 when
%. PROPOSITION Tor the free coinage u silver was hst nade
-,nt T. grcss remembrance against the measure as
unlu.uy and n,di,,-ly permitting the payment OF more
than III 600 90 public and private debts by silver
.on then deprecated market at leas: Is Der cent and
liable 90 Sill further flttIauon and DEPRESSION
Fog more than century the Chamber o. Commerce has
been r,o-nil,d authority upon all questions pertaining
exchange and finance. 10 l. composed now" a. II IL
Way, has h.o.. . the leading mefchant' bankers ana
manufacturer, = the stat" q Newlork IL numbers over
500 m.ub.l- who's occupation training and Interest haNo
..e.-rv frd. Them familiar with the laws Of trade and
the d.rat. clements which af.ct credit public and pm
Satc. They G.om. ul, not merely experts so - speak
hut u.y az o. large 'Ntnt uc jealous E'aIu'N' u
common ID honor vth Dies az the foundation ot national
po.lr-ty The opinion expressed bf ,hr Chamber IN 1870
Aa. ben confirmed Dos subsequent experience. They ao
now practically unanimous 100 o." lr.t that si'at b''H
f.t. tl ..gttrv only O. De- avoided Jy the ,ary rc
peal % 40 Jaw, requiring uc compulsory purchase or co-
a.. q silver bullion ia DE presence Z uI' danger great
bushes. undertakings are suspended ccmnfca t1nsa;-
don, arc necessarily conducted with much caution as e.
seriously lu,rf,, with TIE general p0ree' aud prosperity
H. Therefore, the Chamber aupal- 20 tc-sess not merely 20
stay l, Laii a.. % he rug Of The minis TO The Tree com
age - silver but D ans, any stLcr addition 10 or silver
currency hy ropL.ne TIE CstIhf legislation "hich is
sta y and surely Undermining Tho solid basis o. gold value
rlon which the uu,Aaupe4 Development of Tie Jhlt !
state, ha. taken place since 1872 the appeal Is ado ear
1o,y .otDy and ,oaid,uy. because II l. believed tat In
other way u,r iEItnaL1 calamity Do bN"d"l am
the nation saved from oc and bankruptcy IA tlc midst u
resource, aul wealth. o. which Ac world hi, heretofore sth
no parallel. Your. respectfully, AEENN > HEWITT.
IL. hmm