The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1893-10-06
CLEVELAND ON SILVER.

4 More Hopeful Feeling Created In ~
nancial Circles by President Cieveiand's
Letter to Gov. Northrn at 1~orgis, set
ting Forth Where lie stands On the
Money Question II. Wants % stable
Currency.
New YORK. Sept. ao.-The Evening
Post saws: A o hopeful feeling per-
vaded downtown business and finan-
cial circles To day. The improvement
was brought about mainly by the pub
l~ication of President Clcvclanl's letter
To GOV. Northen Of Georgia. Every
where there was praise 10 be heard of
this letter and Mr.. Cleveland for be-
ing so frank and outspoken. Bankers
and brokers and business men gcner-
ally We're unanimous in declaring il 10
be an admirable document, and that
MIR. Cleveland had spoken AT the right
time and shown his courage and fealty.
The effect Of the letter was prompt
~ show on the stock exchange where
IL was taken as an explicit and COM
plete denial Of the many absurd stories
which unprincipled Washington CORE
~spondents have deluged Wall street
this last week TO the effect that the
administration had given up the
fight, and that compromise
on the silver question vas be-
ing arranged, The market opened
very strong. and there was an advance
on nearly all stocks of a point to a
point and a half. with sugar leading.
The strength in the market was helped
also by the beginning Of fortnightly
settlements in London. Foreign houses
said the London market was strong on
Mr.. Cleveland's letter. and the general
opinion there was hat the uncondi-
tional repeal of the silver purchase law
was inevitable.
The letter in question is as follows:
EXECUTIVE MANSION
September - f>9i
Hon. IT. j. Norfhsn:
My DEAR SIR- hardly know how 10 reply 10
your letter OF the 18th inst. II seems to me
that ] am quite plainly on record concerning
the financial question MY letter accepting
the nomination TO the presidency. when read
In connection with the message lately sent to
congress In extraordinary session. appears TO
me to be very explicit. want a currency that
Is stable and safe in the hands OF our people. /
will not knowingly be implicated in n condition
that will justly make me in the least degree an
swcrable To any lahorer or farmer in the United
States for a shrinkage in the purchasing power
OF the dollar he has received for n full dollars
worth Of work. or for a good dollars worth OF
the product OF his toll. I not only want our
currency To he OF such a character that all
kinds OF dollars will he OF equal purchasing
power at home. but | want IL to be OF such q
character as will demonstrate abroad
our wisdom and good faith. thus
placing upon n firm foundation our
credit among the nations OF the earth.
want our financial condition and the laws re
lating to our currency so safe and reassuring
that those who have money will spend and in
vest IL In business and new en- Enterprises instead
OF boarding IT, You can no. cure fright hy
calling IL foolish and unreasonable. and you
can norprevent tho frightened man from hoard.
ing his money. I want good. sound and stable
money. and a condition OF confidence that will
keep IL In use.
Within the limits OF what l have written
am a friend OF silver. but l believe It's proper
place in our currency can only he fixed by a re.
OF our currency legislation and the
inauguration OF u consistent and comprehen.
sive financial scheme. l think such a thing
can only be entered upon probably and hope.
fully after the repeal OF the law which is
charged with all our financial woes. In the
present state OF the public mind this law can
not be built upon nor patched in such
a way as to relieve the situation.
! am, therefore. opposed TO free and
coinage OF silver by this coun.
try alone and independently. and I am in favor
OF the imm ediate and unconditional repeal OF
the purchasing clause Of the socalied Sher
man law.
confess ! am astonished by the opposition
In the senate to such prompt action As would
relieve the present unfortunate situation. My
daily prayer Is that the delay occasioned by
such opposition may not be the cause OF plung.
Ing the country into deeper depression than IL
has yet known, and that the democratic party
may not be justly held responsible for such q
catastrope. Yours very truly.
GROvER ND.