The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1892-02-23
sPEAK OUT LOUD, 4AvID.
Seaator Stevvart Whites a LgettGr to New
York's New SenRtSr.N AR Intima-
tea That the Ex-Governor Has
Fallen Into a TraASet by
the Gold Trust.
WASHINGTON, D. q, Jan. T.~-2

w 144 O1N - We ~ IA II
Senator stewart has addressed the
following letter TO Senator Hill with
regard to the latter'S resent speech at
Elmira:
HON, DAVID B. HILL:
Ny Dear Sir: If you ara in favor OF
free bimetallIc coinage on the ratio
now established by law why do yOutake
pains to %repudiate NeVada2 Nevada
is and always has been, since silver was
demonetized, in favor of restoring the
white metal to the place 1t occupied as
money previous to the passage or the
mint act of 1873. No representative
from that State has ever advocated. IN
either house of Congress any other
doctrine.
In your Elmira speech you advocated
free bimetalhc coinage. In your Al
bany speech on New Years W you
advocated the repeal of the act of 1890,
which gives the people more money,
bv the difference between silver certlti-
Gates issued on the coinage of $24, O0O,-
eco worth Of silver per annum and the
amount Of treasury notes issued IN the
purchase of "a, 200, 900 ounce of silver
bullion each year. You also propose
to deny to the farmers and planters
the benefit of the enhanced price of sill
yer, in which the value OF their prod
acts is measured, knowing full we'll
that the increased demand under the
act of 1890 over the requirements of
the Bland act enhances the value of
silver.
The lead of Nevada for free coinage
seems OdIOus to you, although the lead
Of the Chamber of Commerce of New
York, a representative body Of the gold
trust, you follow with alacrity. TIE
gold trust, through the Chamber of
Commerce. demands the repeal of the
act of 1890. You re echo that demand,
and advise Mr.. Bland. the chairman
Of the House Committee on Coinage, to
obey it. If he will do so and pretend
to be for free coinage while legislating
to limit the use OF silver, you assure
him the respect, admiration and sup
port Of the Democracy of New York.
Are you aware, Mr.. Hill, that this is
the old story that the people of the
South and West have been assured
ever since silver was rejected as money
Of the respect and admiration of New
York Demo .racS if they would co -oper
ate with the representatives of the gold
trust In contracting the real money of
the world to gold alOne3 There Is no
doubt that every speculatOr In ASiatIc
products who buys cheap silver In The
United States, coins is into rupees or
other AsIatIc money, and exchanges 1t
at par in Asia for wheat. cotton and
other products, and pockets the dit
ference. will a imire and sup JOrt ANY
Western man who will aid u perpetu
ating this extOrtiOn. There is no doubt
that every great banker of New York
who invests and collects on foreign &C
count, and il required by his European
patrons to collect in dear money, will
]~~,~ I'D 49, 49, IEDrN~n, 800,
who will betray his constituents by re
s~tricting the use of silver.
Your ElmIra speech, stripped of the
suggestion of the employ nlent of the
cutie isn policy to deceive the people,
would have met with the unbOuuded
gratitude and admi- alton of the pro
duCers of wealth in she United States.
l was so much impressed with your
utterances IN favor of free bi metallic
coinage that | prepared a letter Of con
gratui StiOn TO you, but refrained from
sending 1t on account of the Conclud
ing portion of that speech, wherein you
suggested the possibility of obtaining a
partisan advantage by non action dur
ing the present session of Congress, be-
cause the resident and a majority of
the Senate were Republicans and might
share IN he rpuIarity sure to follow
In the free coinage Of silver. | did not
at the time suppose that you were play
ing a part III harmony With the gold
trust and in concert with the move
meut inaugurated by the chamber of
commerce of New York to rApeal the
act OF 1892,
Mr.. Hill, have you discovered that
that act must inevitably lead to bi me
tallic coinage to prevent the deprecla
ton t sIlver2 Do you know that there
are nearly $500, 0O0, 600 of silver coin In
the United States, including bullion
awaiting coinage. and that no means Is
provided bv law for the redemption of
the treasury notes issued under the act
of 1890, except the gold and silver coin
received for duties and taxes, and the
silver coin produced from the bullion
under that act? Has the gold trust
ascertained that there IS no possibility,
under existing law, of accommodating
sufficient gold TO pay the national debt
and redeem the outstanding greenbacks
ami legal tender treasury notes issued
for} the purchase of silver without a
very large use of silver coin for such
purpose? Do you see that the existing
law must inevitably force all parties to
advocate free bi metallic coinage? If
yo4 do not understand the situation,
tho gold COntraCtiOnists do. In order
to prevent The passage of a free coinage
acttthey propose the repeal of the law
of 800,
Dam sorry, if you are really in favor
Of free bi metallic coinage, as declared
in your Eimrra speech, that you have
falleu into the trap set by the gold trust,
and are now willing to aid them in
their efforts to cOnfne the real money
of the world to gold alone. If the
Demo ;racy of South and West adopt
your policy and make a retrograde
movement at the present session of
Congress-. the people will place yerv
little confidence in promises to restore
free cOlnage when YOur marty ohnn