New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-03-15
MIR. BAYARD ON SILVER.
4 WORD OF WARNING TO "FOOLHARDYe
DEMOCRATS IN CONGRESS.
THE PASSAGE OF A FREE COINAGE BILL. HE
SAYS, WOULD CAUSE WIDESPREAD RUIN AND
MORE SUFFERING THAN ANY ACT
COMPLAINED OF IN THE DECLA-
INDrpENDENcE.
RATION OF INDEPENDENCE.

an open letter to the Democrats OF the country
upon the question of free silver coinage, and in
| the course of it he says:
In proportion to the gravity OF public questions
plain and candid utierance becomes the duty OF an
American citizen. have watched With Increasing
apprehension the legislation OF Congress In relation
deplored and opposed the false position assumed by
the Government. in 1878. for the fist time in its his
bullion and forcing its coinage as money and as an
unlimited legal tender at nominal value, beyond It's
Until February 1878, the sole function and duty OF
the Government was that conldcd by the Constitution
true and precise weight and fneness OF the various
| money. OF course | do not include the fractional
token coinage for the convenience and minor tasac-
lions OF the people which Is not legal tender except IN
very limited sums. But earnestly opposed at every
stage those laws by which the Government became
OF silver bullion and OF its lcgtender composed
pon aG my sc ef s OF 3 F % y s Sai % rpy
Increased under the progressive legislation OF Congress
fixed ratio and create parity Of value and exchange
ability between the two metals, in which the United
states stood solitary and allne in the fiscal and com
% mcrcla world As result t,e nominal % rilo a, wmch @
the actual ratio Of market Value is - TO /.
History VIII not permit IT TO be forgotten ra altnouga
were all placed upon the statutebDok under the conn-
sci and advice Of the Republican party; and while
from the fact that the responsibility for such grave
errors and consequent injury to the country cannot
trary, have been strongly dsapproved BY the only
Democratic Administration OF the past thirty years.
| tive satisfaction rapidly giving way to feeling OF
present Congress and elsewhere such Indications q
disposition the part OF Democrats processing TO
tensify continue these terrible mistakes OF their
party opponents and this too. Just at the mGment
| when the public mind seems to have been slowly
awakened to the exposed and admitted dangers ot
such of action. cannot sufficiently express
| my amazement and sorrOw see men Of the Demo
cratic rarty now fastening adopt these dangerous
faaclss and clothing their honoed party WIN vi ,a ,nGn
rs march to power and usefulness by such balls ana
don't n pretend to read between the lines OF tho
late and action In the House of Represent ltives
II 1t shrewd and cunning fnesse the strategy of
concealed motive can only say that 1t Is playing Win
| the fire, and Is treating question OF the grlVcst
public import In an unworthy manner; but II mo
then, say the hour has struck for the Democrato
! masses to themselves and examine their in
divdua conscences and sense OF duty 10 the country
and to realize that salus popul suprma est lex Is
not Of Democrats alone, but of all other patriots TO
whom parties are, but means to an end ana that chd
assured that the true Democracy will neyef permit
their party organization - be misled a to become an
! nstumentaly Of Injury and wrong TO the country.
Where does any man find warrant ia the lonC ard
honorable record OF the Democratic party, or Of any
hersy that values can be created by Congress
| Where do they hnd warrant for the ownership and
them. by The Government Of the United states These
precious metals are not public properly they beSSns long
are produced out Of the earth, are certified BY tho
Weg 0a and s0 nenes nqS for mSney dealing Who viii
deny that the simple creed under the constitution of
been that il has two material and the
stamp; tho former giving IT its value and the latter
Of which ii is compo;cdl .,-,. -,
the right of private contract properly and Justly con;
troll the presence or a9senee Of GOD or silver; & ana
ways malefescent and creative Of confusion and dis-
aser In the business Of mankind, These truths are
plainly written the face OF history and all human
experience Their denial rejection will be met by
speedy proof Of their necessary ana ineSorioe ao-
and being possessed Of the temporary repre- sentative
power shall assert by the passage Of statute. their
other commodity. and enforce it, free and unlimited
coinage at ratio Of value a, compared to soid ias
ind thsnseves and their followers face face with
forefathcrs solemny appealed when thGy struck ne
Ministry and declared for liberty and independence.
For there is not of the acts Of yrnnca power
comPaned Of in the Declaration Of Igdepssnde@Ge s that
loss and suffering that claimed by the advocates
states without rega to the actual value Of the ma
era o which & coS M are TO be GGnRosan o1 has assumed
and for the public profit only to coin silver 6uoa iio
s of v %Sae M uel slo% at IA opn are ne bn s
proposition is now strangely advanced to hand over
h TST and nd 6 the cs@ Se G S to e ta ne %
private owners Of silver bullion for their inydnal
nature Of things stimulate the production Of the metal
and attract to yS SF n 4s the a" @oq fee IN al o I GPS apc M and
forms-thus increasing an alreadY redundant suppyl
| With such flood set IN motion, what must become
Of the carefully conserved power Of present gold
reserve OF SlO00O0.OO0 expressly set apart fr tho
n Gle and special end OF maintaining specie resumption
and the nterconvertlbty Of the two precious metals
fund. be II remembered, bought and paid for by the
ever since been regularly paid Can this single bul
Hark which has been The great potential factor In
dollar in the hands OF the men, women and children u
the land withstand the current OF demand for geld
when IL has reached premium, and the panic that
Iei any nan ask himself why the entire business Of
the country has been carried ON for The la,t twelve
years with such smootlne,s and facility. alike in tho
S%He, G as , il G the 6 ea' 6 Of d I, tbd %5ns 5ns
represented in the loans OF great states or incor-
poratcd companles-with no discounts calculations
arising from the money employed. It has been ne
cause the central pivot upon wdch the entire bisl..
Of cold coin held in reserve in the Treasury placed
there meet. and ready and able 10 pay when dug
in specie. I'm coin Of either metal and tle gold so
reserved has prHn 1t, own , STABILITY STABILITY 81 M vae TO
and legal right Of convertihilty into gold. -
this convcrt'ilty at the will Of the holder into gold.
then we would have witnessed the disastrous effects
lions Of business / have referred to would have been
wen nigh impossible only by careful adwlIn,Siiron; I,.,i
reserve have the United states been able to nalnln
IN circulation eyeywherc within their 1nrl rl,dicilon
or coin emission on an absolute. unqueoned equality
equal only because convertible inio gold.
Now who will dare. or what American who pau.eS
10 think will have the heart TO deprive the masses
OF his countrymen OF that which gives HE and health
70 ,heir daily dealngsf Yet the free coinage ~
silver as now proposed wOnld accomplish TINS hoinous
wrong How long would be before the suctionpp's
OF demand for gold would drain the Treasury of every
onnce OF that metal and throw upon cur
silver and the various , forms N
noner suf stitutes the test Of their actual
value II Congress- can create values ruin may ne
stayed but Congress can do no such thinSLOohgyess
cannot make a llade of grass Yet such l. the power
claimed BY such legislation IS is now proposed. Then
vould come the OF dlsrust and lis shadow would
darken every avenue Of Industry and enterprise
d,scouracing outlay diminishing employment reduc-
INC wages and sending business men into iaulfatOn
n withsich nominal money, debts already incurred
NAV be discharged. future transactions would be
hov:ond the reach Of such bad faith and defacaon,
and nrlces would advance and adjust themselves to
meet The risks Labor, poor labor would be the last
IL Inn Hf.l..a