The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1891-02-18
CLEVELAND WRITES = LETTER..
He Comes Out Squarcly Against FREQ Sti-
Yer Coinage.

NEW YORK, Feb. 11.-3etween 600
and 700 people attended I mass meet
ing at the Cooper Union to night to op-
pose the silver bill, in response to the
call Of the Reform Clu1. Charles $.
Fairchild, Ex-Secretary CT the Treasu-
ry, nominated Z. Ellery Anderson,
president CT the Reform Club, for
chairman of the meeting, and he was
elected by acclamation.
Meution of Grover Cley Glands name
was the signal for prolonged burst Of
applause, and when the secretary had
finished reading his letter the applause
was deafening. The EX-Presldent
wrote as follows:
S16 MADISON AVENUE, Feb. 10, 1891.
e. Ellery Anderson-My Dear Sir: l
have this afternoon received your note
inviting me to attend tomorrow eve
ming meeting called for the purpose
of; voicing the opposition OF the bUSl-
ness men Of our city to the free coinage
oftsilyer in the United States. | shall
not be able 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 the sub.
ject.
1t surely cannot be necessary for me
to make formal expression Of my
agreement with those who believe that
the greatest perils would be initiated
by the adoption Of the scheme en-
braced in the measure now pending in
Congress for an unlimited coinage of
silver at our mints. If we have devel-
oped an unexpected capacity for the
assimilation of a largely Increased vol
ume Of currency, and even II we have
demonstrated the usefulness of such an
increase, these conditions fall far short
Of insuring us against disasterlf IN the
prerent situation we enter upon the
dangerous and reckless experiment Of
free, unlimited and independent silver
coinage Yours very truly.
GROVER CLEVELAND.
The following resolutions were
passed unanimously:
!, Resolved, That the first requirement
of sound metallic currency is that its
value shall be permanently stated.
Resolved. That the equality Of value
between 4121l grains of standard sill
yer and % S grains Of standard gold
asserted in the bill for the free coinage
of silver is untrue in fact, is contradic-
ted by the record of the market price
of silver bullion for many years and
cannot be sustained against the linan-
cial policy of all civilized nations.
Resolved, That the free coinage Of
silver on the basis of eq uality OF value
at the ratio stated, in oIr judgment,
will cause q premium OF gold and its
immediate banishmeDt from circula-
tion, and will debase the value Of our
dollar to the bullion value Of the silver
it contains.
Resolved, That the proposed debase-
ment of our currency is dishonest. 1t
will impair private andlublic credit,
twill confuse and hamrer ouf-coHl--
mercial relations with sold paying
countries, it will curtail legitimate
business, it will violate the obligations
of existing contracts and dlsastrously
affect many industries. 1t will fall
with peculiar severity on GepoSltoTs in
savings banks and trust companies,
and those holding life Insurance and
mutual benefit policies. 1t will lessen
the purchasing power CT money in
which are paid the earnings Of laborers,
and of the salaried classes. 1t will
benefit no one except the temporary
owners of silver 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
centres, who would be enabled to dis
charge their obligations on debased
currency and retain the advantage of
the premium on gold.
Resolved, That we shall oppose with
all the means at our command the
pending bill, or any one which favors
the free coinage Of silver without the
cooperation of Other nations.
A committee of ten members OF the
Reform Club will be appointed by
President Andersen to go to Washing
ton and oppose the passage OF the silver
bill.