The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1893-07-27
LETTER FROM SENATOR VANCE.
He Defines His Position on the Finance
Question.
[Charlotte Observer

YuCSSIOh'
[Charlotte Observer
GoABRooN, } |
NEAR BLACK MOUNTAIN, n. c., ;
July l9, 1893. }
r. ". Elliott, Esq.,,
Secretary Mecklenburg County AL |
lance:
S1R:-I have received copy of the
resolution of Mecklenburg Alliance,
adopted at recent meeting, urging
Senators and Representatives to stand
by the present silver purchasing law
until some satisfactory substitute shall
be adopted.
I observed this action with great
pleasure, for two reasons: In the first
place, it is the exercise of one Of the
most valuable and legitimate functions
by which the Alliance can be made to
subserve the interest of the farmers
the concentration of their whole in
fluence upon the issues of the day. In
view of the notorious fact of combina-
lions among all other branches of
industry and in every form of capital,
1 years ago urged upon our agricul-
tural classes the Importance of such
organization as would enable them to
make their vast but widely scattered
and disjointed strength felt, promptly
and efficiently, in legislation. Now,
the preservation of silver as part of
our currency is one of the most vital
of all the issues which our people have
been called upon to decide for half
century. The enemies of silver money
have displayed wonderful sagacity in
their tactics. Though scattered through
out the civilized world they have
obeyed a single voice from head
quarters in London. From New York
the word comes down the line to all
American capital and the response is
immediate. What is known as the
Sherman law is the only legislation on
our statute books which binds us to
the use of silver, and the cry is raised
for its repeal under various pretences,
all equally false. The banks, stock
brokers, bond-holders, chambers of
commerce, ct i'd omne genus, clamor
for it's repeal and urge the calling of an
extra session of Congress to assemble
and sit during the dog days for that
purpose alone. Tariff reform, which
formed the chief issue of the past
campaign, is thrust to the rear and the
interest of capital is placed in front, to
be dealt with under the demoralizing
conditions of a fraudulent panic created
by capital itself and called by Mr..
Ingersoll " the bankers panic.''
Under these alarming circumstances
1 have listened, and mostly in vain, for
| the voice of the Farmers Alliance
| sounding their opinions and wishes of
| those they represent, composing fully
one-half of the nation; giving the
feeble and vacillating among politicians
to understand what they had to expect
if they betrayed the peoples cause on
this great financial question. The
action of your Alliance is the first
official utterance on the subject have
seen in the State. It is time your order
was bringing every atom of its influence
to bear. 1t should use every means
possible to let it be known that there
is yet another and entirely different
world in the fields and homes Of toll,
whose interests demand attention as
we'll as that combination of money
dealers, stock brokers, gamblers and
spectators who assume for themselves
to constitute the ''business interests"
of the land. The effect of this prompt
and united action cannot possibly be
doubted.
In the next place 1 was glad to read
the resolutions of your Alliance because
they concurred with my own serious
convictions. Many years ago, after as
thorough and impartial an examination
of the question as I was capable of
making, I came to the absolute con-
clusion that the use of silver as well as
gold, on equal terms, as the basis of
our currency was best for the welfare
of the people of the United States.
This view has governed my course in
Congress. The fact that nature some
times yielded more of one metal than
of the other, thus causing a discrep-
ancy in their intrinsic values, did not
disturb me, for I learned from history
that for nearly three hundred years
during which ratio between the two
metals was fixed by law, the fluctua-
tions in intrinsic value had never
exceeded 81 per cent, and that soon
after that law was withdrawn great
and material fluctuations Immediately
began, which will doubtless continue
so long as we treat one metal as of
fixed and standard value and the other
as commodity. It is not necessary
to 60 oyer all the grounds on which
my conviction was founded. I simply
wish to assure you that my opinions
are unchanged.
Recent developments which seem
to have unsettled so many silver adj
vocates and make them give way to
the repeal of the Sherman law, have
rather strengthened me in the deter
mination to yield nothing to the mono
metalists, whose schemes 1 regard as
absolutely selfish and unpatriotic.
The "panic," industriously advertised,
is known now to haYe been created by
them; and will be known hereafter as
the rich mans panic; the explosion Of
the Indian bomb is already discoudted
as the grasping by the government OF
the profits of coming silver rupees
which heretofore had been reaped by
British merchants. The coming will
90 on as largely as ever, only the
Indian government will pocket the 40
per cent. gain and not the merchants.
England does not dare to demonetize
silver in India, which alone makes her
demonetize it at home. There is not
spare gold enough in the world to re.
place the 1900, 100000 of silver in that
country. The attempt to do so would
bankrupt half Of Christendom and
England we'll knows it. The sugges.
ton is pure bluff, and can only disturb
the politician who holds a very weak
hand. Nor have the allegations SC
distressingly shouted that the Sherman
law was causing our gold to leave the
country had any effect on me. From
the beginning knew them to be false
Gold went out because we owed il
abroad and the balance of trade was
against us. Shipments of wheat have