Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-08-28
.CLEVELAND'S PROPHECY.
Remarkable Forecast of the Present Situation Made
Eight Years Ago
FROM HIS MESSAGE OF 1885
He Predicted That Disaster Would Follow Conpul-
sorry Silver Coinage.
ASKED CONGRESS FOR A SOUND CURRENCY

"
not run counter to the laws Of trade,
to be successful. must be seconded by
the confidence OF the people that both
coins will retain the same purchasing
power and be interchangeable at will.
"a special effort has been made by
the Secretary Of the Treasury to in
crease the amount OF our silver coin in
circulation, tut the fact that large
share OF the limited amount thus put
out has soon returned TO the public
treasury in payment OF duties, leads to
the belief that the people do not now
desire to keep it in hand, and this, with
the evident disposition to hoard gold,
gives rise TO the suspicion that there
already exists lack OF confidence
among the people touching our financial
processes. There is certainly not
enough silver now in circulation TO
cause uneasiness and the whole amount
coined and now on hand might, after a
time, be absorbed by the people without
apprehension, but 1t is the ceaseless
stream that threatens TO overflow the
land which causes feCr and uncertainty.
what has been thus far submitted
upon this subject relates almost en-
tirely to considerations OF a home
nature. unconncc Jed with the bearing
which the policies OF other nations have
upon the question. But it Is perfectly
apparent that line of action in regard
10 our currency can not wisely be set
tied upon or persisted in without con-
sidering the attitude on the subject OF
other countries with whom we maintain
intercourse through commerce, trade
and travel. An acknowledgment OF this
fact is found In the act by virtue OF
which our silver Is compulsiVely coined.
1t provides that the President shall In
Vite the governments Of the countries
composing the Latin union, so called,
and of such other European countries as
he may deem advisable, to join the
United States In a conference to adopt
a common ratio between gold and silver
for the purpose Of establishing interna-
tionally the use OF bi-metallic money
and securing fixity of relative value be-
tween these metals. This conference
absolutely failed, and a similar
fate has awaited all subsequent efforts
In the same direction. And still we
continue the coinage OF silver
at different ratio from that
of any other nation. The most
vital part OF the silver coinage act
remains imperative and unexecuted,
and without an ally or friend. We bat
tie upon the silver field in an illogical
and losing contest. To give full effect
to the design of Congress on this sub
ject, have made careful and earnest
endeavors since the adjournment OF the
last Congress. To this end l delegated
gentleman we'll instructed in fiscal
science to proceed to the financial CEN
ters Of Europe, and, in conjunction
with our ministers to England, France
and Germany, to obtain a full knowl-
edge OF the attitude and intent or those
governments In respect to the estab-
lishment Of such an international ratio
as would produce free coinage OF both
metals at the minis Of those countries
and our own. By my directions our
consul general at Paris has given close
attention to the proceedings OF
the congress OF the Latin union,
In order to indicate our interest in
its objects and report its actions. 1t
may be said, In brief, as the result OF
these efforts, that the attitude Of the
leading powers remains substantially
unchanged since monetary conference
OF 1881, nor is 1t to be questioned that
the views of these governments are In
each instance supported by the weight
of public opinion. The steps thus taken
have therefore only more fully demon
81 NJ a =
tempts at present TO arrive at any agree
ment on the subject with other nations.
In the meantime we are accommodating
silver coin, based upon our own pecu-
liar ratio, to such an extent, and as
Stunning so heavy burden so be proyid-
ed for, that in any international nego-
tiation it will render us an undesirable
party to any future monetary confer
ence of nations. 1t is significant fact
that four of the five countries compos-
ing the Latin union mentioned In our
coinage act, embarrassed with their sill
yer currency, have just completed an
agreement among themselves that no
more silver shall be coined by their re-
spective governments, and that
such as has been already coined
and In circulation, shall be redeemed
in gold by the country Of its coinage.
The resort to this expedient by these
countries may well arrest the attention
Of those who suppose that we can sue
ceed. without shock or injury, in the
attempt to circulate upon its merits all
the silver we may coin under the pro-
visions OF our silver coinage act. The
condition In which our Treasury may be
placed by persistence In our present
course is a matter of concern In every
patriotic citizen who does not desire his
government to pay in silver such of its
obligations as should be paid in gold.
Nor should our condition be such as TO
obIige US in a prudent management OF
our affairs to discontinue the calling in
and payment Of Understanding obliga-
tions which we have the right now TO
discharge, and then avoid the payment
OF further interest thereon. The So
called debtor class, FOR whose benefit
the continued compulsory coinage of
silver is insisted upon, are not so dis
posed because they are in debt,
and they should not be suspect