Asheville daily citizen. [volume] (Asheville, N.C.) 1890-1900, 1893-07-21

to constitute the business interests" of
the land. The effect of this prompt and
united action cannot possibly be doubted.
In the next place was glad to read
the resolutions of your Alliance because
it concurred with my own most serious
convictions.
Many years ago after as thorough and
impartial examination of the question
as 1 was capable Of making, l came to
the absolute conclusion that the use OF
silver as we'll 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 sometimes yielded more of one
metal than of the other. thus causing n
discrepancy in their intrinsic values did
not disturb me; for learned from his
tory that for nearly three hundred years
during which a ratio between the two
metals was fixed by law, the huctua-
tions in intrinsic value had never ex-
ceeded 313 per cent; and that soon after
that law was withdrawn great and
material fluctuations Immediately bCEa",
which will doubtless continue so long
as we treat one metal as of fixed and
standard value and the other as com
modify.
His Convictions Unchanged.
1t is not necessary to go over all tho
grounds on which my conviction was
founded. 1 simply wish to assure you
that my opinions are unchanged. Recent
developments which seem to have unset
tied so many silver advocates and make
| them & i've way to the repeal of the Shcr-
man law, have rather strength
| encd me In the determination to yield
nothing to the mono-metalists whose
| schemes l regard as absolutely selfish
/ and unpatriotic. The panic" SO indus
triously advertised is known now to
have been created by them, and will be
known hereafter as the "rich mans
panic" The explosion of the Indian
bomb is already discounted as the grasp
ing by the government of the profits of
coming silver rupees, which heretofore
had been reaped by British merchants.
The coming will go on as largely as
ever; only the India government
and not the merchants. England
does not dare to dcmonctizc silver in In
dia which alone enables her to dem one
tize it at home. There is not spare gold
enough in the world to replace the 5000, =
600 900 of silver in that country. The
attempt to do so would bankrupt hall
of christcndom, and England we'll knows
it. The suggestion is pure bluff and can
only disturb politician who holds a
| very weak hand.
Nor have the allegations SO distress
ingly shouted that the Sherman la w was
had any effect me. From the begin
ming knew them to be false. Gold
went out because we owed it abroad
and the balance of trade was against us
, Shipments of wheat have turned the
tide. and gold is now coming in. Some
of our securities did come home and
take off gold in payment, but this hurt
: nobody except SPECTATORS in them who
were fearful the price would fall and they
would lose money. But even thoss
which did come from abroad came ir
consequence of the scare got up by oul
own capitalists. Ofcourse foreigners be
lievcd the stories of ruin and bankruptcy
II the Sherman law was not repealed
which our own people told them.
Finally, hope it is unnecessary for MI
c to say that the hope of ingratiating my
E self with the administration in order tt
receive patronage at its hands, has in nc
sense affected my opinion of right in thu
premises. How far such a motive may
] operate in the repeal of that law l hav
E no means of knowing; believe, however
it will not go great way.
But let things go as they may it Shal
be my earnest endeavor to do my dut,
t in maintaining the cause of the pcopl
p by preserving the character of thei
| money and increasing it's abundance
Very truly yours, Z. B. Vance.
The Senator anticipates "A struggle i
the fight over the white metal and be
lieves that the strength of it's friends i
u the senate will prevent it's demonctiza
8 ton. He said he looked for a session 1
y months long.
9 In a reference to the tariff laws tn
Senator said: The debt caused by r.
. publican extravaganza makes it next t
s impossible for us to make such tariff n
t, duction as we would like without r,
Il sorting to other means of raising tt
needed revenue"