Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-10-05
CLEVELAND ON SILVER.

More Hopeful Feeling Created In FL.
nancial Circles by President Cleveland's
Letter to Gov. Northen of Georgia, Set
ting Forth Where He Stands on the
Money Questionable Wants q Stable
Currency.
NEW YORK, Sept. 29.-The Evening
| Post says: A more hopeful feeling per-
vaded downtown business and fnan-
cial circles to day. The improvement
was brought about mainly by the pub
location of President Cleveland's letter
70 Gov. Northen of Georgia. Every
where there was praise to be heard of
this letter and Mr.. Cleveland for be-
| ing SO frank and outspolSen. Bankers
| and brokers and business men gener-
| ally were unanimous in declaring it tc
| be an admirable document, and that
Mr.. Cleveland had spoken at the right
time and shown his courage and fealty.
The effect of the letter was prompt
| ly show on the stock exchange where
it 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
uRhI, anu Indt OAAAASS
on the silver question was 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 that the uncondi-
tional repeal of the silver purchase law
was inevitable.
The letter in question is as follows:
EXECUTIVE MANSION,
September IS 1898.
Hon. n. j. Northern:
ny DEAR SIR hardly know how to reply to
your letter OF the 18th inst. It seems to me
that am quite plainly on record concerning
the financial question My letter accepting
the nomination to the presidency. when read
congress In extraordinary session, appears to
me to be very explicit. I want q currency that
is stable and safe In the hands Of our people
will not knowingly be implicated In a condition
that will justly make me in the least degree an
swerable to any laborer or farmer In the United
States for q shrinkage in the purchasing power
OF the dollar he has received for full dollar
worth of work. or for a good dollars worth OF
the product OF his toll. I not only want our
currency to be Of such character that all
kinds OF dollars will be of equal purchasing
power at home. but want it to be OF such a
character as will demonstrate abroad
our wisdom and good faith, thus
placing upon 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 it in business and new enterprises instead
Of boarding It. You can not cure fright by
calling 1t foolish and unreasonable, and you
can not prevent the frightened man from hoard
ing his money. 1 want good. sound and stable
money, and condition OF confidence that will
keep it in use.
Within the limits Of what have written
am friend Of silver. but believe its proper
place in our currency can only be fixed by a re-
adjustment OF our currency legislation and the
Inauguration of q consistent and comprehen
sive financial scheme. I think such thing
can only be entered upon proftably and hope.
fully after the repeal Of the law which il
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
way to relieve the situation
am, therefore. opposed to free and
unlimited coinage OF silver by this coun'
try alone and independently. and an in favor
of the imm ed1ate and unconditional repeal OF
the purchasing clause OF the so-called Sher.
man law.
confess am astonished by the opposition
IN the senate to such prompt action as would
relieve the present unfortunate situation. M
daily prayer is that the delay occasionei hS
such opposition may not be the cause 81 nlunr
ing the country into deeper depression than I,
has yet known, and that the dep,ocratic narty
may not be justly held respo,nsible for such =
catastrope. Yours veryjtrulv.
C,Y NJ