The morning news. [volume] (Savannah, Ga.) 1887-1900, 1893-09-29
Cleveland's Letter to Northen.


yesterday. boa answer to % letter addressed
20 him by Gov Northcu, is the first au-
thoritativc uttcraucc OF the President iu
respect 90 silver since his message 90
congress 40 the beginning Of the extra
session In his letter the President eN-
I presses surprise that there should bcanN
doubt bout his position in respect TO sil-
Yer And he has good reason 10 express
surprise. At various times he has frankly
stated his views on that question. aud
they ought 20 be pretty well understood.
. He states again, however in this letter to
Gov Northen. the kind of legislation in
behalf Of silver he is willing TO approve,
and there is no doubt that he voices the
sentiments of all who are nfavor of hon
/ est money
The President has no objection TO silver
money lie is willing that as much of II
| may be coined as can be put into circula-
ton and kept on parity with gold. He
is not willing that more Of it shall be
coined and put into circulation than can
be maintained at its face value.
DO the extreme silver men find any
fault with this position Of the President!
If so WHAT Do they want more silver
coined than can be carried in the cur
rency at its face valuel If so why don't
they say so frankly. II they do not then
;hey do not differ with the President, eX-
cept perhaps as to the amount which can
be maintained on parity with gold.
But how is the question to be settled as
to the amount that can be maintained on
parity with gold2 There is only one way,
and that is by the confidence which the
people show in silver. When the volume
of silver currency becomes dangerously
large the fact is showed by financial dis
turbances. The people question the
ability of the government to maintain
parity between gold and silver. 1t is I'M
derstood, however, that this condition
exists only when the bullion value of sill
yer coin is below its face value.
Have the people of this and other coun-
tries yet questioned the ability of the
government to maintain parity between
the two metalsl They certainly have. The
recent panic, that ruined so many banks
and business firms, and caused so many
factories to shut down, was brought
about by feeling that the government
had reached the danger point in issuing
paper money based upon silver They
saw the silver being piled up in the treas
ury at the rate Of 4,5OO, 900 of ounces
month, and gold going out of the country
at very rapid rate. They became
alarmed. The holders of our securities
abroad also became alarmed, and began
sending their securities home while they
could get cold for them
The President therefore has convinc-
ing evidence that our silver policy had
reached the danger point. The evidence
was so convincing weeks ago that he
called congress together to change it in
order to prevent an overwhelming fnan-
cial disaster.
What evidence have the silverites that
our silver policy has not reached the dan
ger point or that we could now enter upon
the free coinage of silver at the rates of
10 to l without forcing the country to
silver Standard They have no evidence.
They have never pretended to have any
Against the strong position occupied by
the President they have simply pre-
sented what they call their views-views
that have not even the support of argu-
ment or the experience of the past
The President, in his letter to Gov.
Northen, says that he has no objection to
legislation in behalf of silver after the
Sherman silver law shall have been re-
pealed. He does not believe it wise, how
ever, to attempt to patch up that lava
law which all agree is bad. He will sign
any bill in behalf of silver that will give
the country honest and stable currency.
He will not sign bill that Will leave in
doubt the question whether the money
for which it would provide would be
sound.
Is there anybody who is controlled by
desire to promote the welfare of the
whole people who has any fault to find
with this position of the Presidents
There is not. No sincere and conscien-.
tious man can reasonably find fault with
it.
This letter to Gov. Northen ought to
satisfy the people that the President has
their interests at heart. He does not
want them to be cheated and defrauded
by a debased currency. The farmer and
the wage-wOrker would be the greatest
sufferers from such a currency.
Senators Teller, Stewart, Walcott and
other senators who are Obstructing the
repeal of the Sherman silver law ought to
read the letter carefully, thoughtfully
They must admit that the President is
right, and they must see that by their
present course they can accomplish moth
ing except retain IN force a law which
they themselves condemn, and which does
not raise the price of silver so as to make
silver mining profitable. The President
will sign no compromise measure that
does Lot insure beyond all doubt the
maintenance of the parity between gold
and silver currency.
The hanging of five men at Mount Yer
non, Ga, to-day will be an event in the
history of that section of the state that
win be long talked Of 1t is very seldom
Il,