The sun. [volume] (New York [N.Y.]) 1833-1916, 1892-03-28
THE OLD B4NKER or NEU MN.


The Demand for Lecture ny Nr. tIevs,..
on the Periis OF Free silver.
To THE EDITOR OF THE Srx-Sir: bo,.
carefully read your editorial comncnts ON nv
letter of March -. on tho evils of flee coinos,
Your position Is correct in some rnspc,,s mi
wrong In other points. ! am afraid YOU ,y.
never studied Ricardo. Some persons nn,r.
days regard him as obsolete. but am ccr,o,,
no one can fully and clearly UNDERSTAND
finance unless he knows Ricardo 10y heart
In tho outset. you are wrong in suy!nrtb,,
Grover Cleveland's predictions ubuu, tho oyiI,
OF silver coinage have been d,-rrrItcI l.,
events. Just wait. A prophet always nc.l.
plenty OF time In order to have his prediction.
unfold themselves. ] conrcID that than,
phecies OF Mr. Cleveland have not Yet con,o,,
pass but his theories arc based ulm, such
profound research that ia cp",'sc NJ TIME ,hs,
must prove truo. Some persons snccr at IN.
predictions of our fellow townsman. Irof. Tn.
ten. but would it not be wiser To- defer passn,
judgment on both these learned gentlemen,
| regret that you do not favor my rlan a,
having Mr.. Cleveland's enormous abilities and
Attachments made practically useful Iy secur.
ing from him the boon Of u lecture on III, III,
yer question. So far as my nOwcigc cvtppds
he is the only flnancier in this coun,ry-w,h
the exception OF u person whom moios,y for.
bids mo TO unacceptable u( clearly explain.
ing how silver coinage could and would initiate
currency and at tho Same time make d,l,r,
scarcer aud more difficult 10 obtain. A.,
how it could and would happen that rrlc.,
would rise: In other words. how dollars"
could become cheaper and more plenty ut the
same time. that terrible contraction Mths
number Of those dollars had occurred and
existed.
i admit that these things do look strange t,
an ignorant person: but they wruid al. 10
made clear il Mr., Cleveland conli h" mli,d
I" explain them IN public discourse III hi
habitually lucid language.
am anxious to impress my fellow capital.
lists with the supreme Importance IF honesty
We must not only advocate honesty with TN.
tuke pains to have our honesty known # ali
mon: Moreover. We should be prudent and
might be miscontruei by tho minimizing. "''"
1t pains me to notice that many OF our friends
are sa ~ that res GHSe Td
ther debts and thus rob the creditor. T '
of tlrnnsogucs and dishonest men who arc
ready to take 4dvantage'of every om"runity
to m i,y and HfSs ave the SGsrs n,",
the restoration Ct silver to the place /, orca
Wy confess Tint tho greut fall which has taken
place in all Kinds OF prices since | s7s has teen
You admit that i Colossal robbery Of lie
debtors and producers has been going on Tor
nGSHt twenty nS yesps Ena s"t the Tree I%Ia
original status. and stop the theft which has
stsadi!!y enricheda few at the expense ot'Ne
OF course we. as honest mon and learned
fnanciers. know that the, demoneti2ai2n Of
prees. STILL ignorant peope will re reason SON IN
an ignorant way. and we cannot be toe. Guarded
II our expressions Even the best IF ", will
to corrupt voters. For instance my friend.
David 4: Wells. wrote q learned book, in which
the general decline In prices was the oneningot
the suez canal But ut the close Of the work.
he "a. If ]
Il, superficial and not an actua! fact that
thousand ounces Of silver would buy as much
1872. and that. therefore, the change in prices
was due to an increased demand for GoI,! and
OF Course Mr. VOLS is honest, and he wants
to keep other people honest. l merely quote
him for the purpose OF showing both the Ian;
Of silver although it will Increase the number
time put prices away down and thus ruin the
debtors Mr.. Cleveland is also right in calling
to viii a that oey on Rs
lab !abo!e;rs" Our soli.GitHde for the weliar" Of
cages will represent a less amount Of labor
restored to it's position before 1874.
In your editorial comments on my letter you
say: " AS Il matter of justice n FREQ silver hill
should except from It's operation contracts
heretofore made on u gold basis" This state.
ment is perfectly correct. Certainly tho cred.
itor should receive from, the, debtor lust the
Besides. this course is fully cstabls he'd BY all
the fnarcia prccedents of our country. iur-
ing and Immediately after the war an ruor-
nous amount Of debt was contracted in green
backs, When the meaning OF the word dol.
lar" was changed. first by demonetizng silver
md afterwnrd by returning to a gold basis.
the debtors were not required to pay the Iar
contrary Congress. inspired by THO Same lofty
sense OF justice which now animat"s yolL
passed an act ithe date OF which have for.
gotteni which prescribed that tho enormous
debt contracted in greenhncks should DO
scaled down so TINT each debtor should rnT
only the amount of value he received on th.
day he borrowed the money. This measured
from the burdens of the debtors by lesscning
the number Of dollars" called for 10y tlicir
obligations.
As this benevolent legislation has always
been enacted to guard the rights OF til" debt;
ors, and thus prevent tho concentration "
wealth in comparatively few hands. it follows
that II silver should b" admitted to the minis
thereby restored to what it was hefor" lSEt
then all debts should he paid only in h" kind
Of dollar which was used when the debt
was contracted.
There is nothing like honesty. and We all
should labor for honest money. rldn'W
like to tell you my ideas about honest
mon"y' But am al old man and It tres mo
NEW HAVEN. March 20.