Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1893-07-22
Z.B.YANCE ON SILVER
A REMARKABLY STRONG LETTER
TO MgCKLEN5uRG ALLIANCE.
yna,terab,y Opposed TO the Repeal of the
sherman Act Unless a Satisfactory
Substitute 10 Adopted.
lsno.l,l ,nln.rnm % ,ho pIspat,h.l


Vance has written the following letter,
which is published to-day;
GoMnRooN, NEAR BLACK MOUNTAIN, n. CT
July 10, 1898. !
X. ". Eliot. Esq. Secreiary Aeck3enour9
Comfy Abidgcci
Sir.-I have received a copy Of tho reso:
luton of MeckienbuTg Alliance. adopted
az recent meeting, urging Senators ana
Representatives 20 stand by the present
silver purchasing law until some satisiac-
tory substitute shall be adopted.
/ observed tins action with great plea
snre for two reasons. In the first place,
II rs the exercise OF one Of the most vaiua-
bic and legitimate functions by which inc
Alliance can be- made 20 suOserve tue ~
terrsf Of the farmcrs-the concentration
al their whole influence uUon the
issues of the dAv. In view oil the noto,,
rious facf Of combinations among oil
other branches % industry and IN every
form Of cq.ltll. ! years ago urged upon
our agricultural classes the Importance 81
such organization rs wpuld ehRole them
10 make their vast but wllciy-Scatterci
and discounted strength felt promptly and
ongisntIv 100 legislation. Now, the pre-
serya,iOn Of SILVER as part Of our curren-
r., is ono OF tie most vital Of al the issues
which oar people have been called upon -
decide fer half century.
NoNpTUrrL sACACIrY.
The cucm.o4 OF silver money have dis
f.ftv,.. "a w InIrTiul sRgaclty lu their tao
iic~. Though scattered throughout the
civilized world they have obeyed q single
voice from headquarters IN London.
From New York the word comes down
tLr Luafu all American capital ana the
response D. immediate. What Is known AS
the sherman Jaw a. the only legislation on
our staiutc-Loo6S which binds Us 10
ihs u,r of g. ver, and the cry Is raised for
Us repeal Under various pTctcnces, al
eg,c'Iv fa'ee. The banks. stock brokers,
NorIaoll.i chambers Of commerce 81
~ o,,., .,rrs c'am0r for its repeal and
urrs the calling a an extra session OF
C5urr.#- o. assemble and slt dur,ar the
d.r-dat- fsr that purpose alone. 1arln
r.rraI winch formed the chief issue Of
me- past campaign, ~ thrust 20 the rear
ara thD interest Of capital IS placed N
front o. Doe dealt with under the demor-
n'lu- conditions OF "a fraudulent panic
,r,lt.I ly capital itself and called by MI.
Iu-,r,ou "thC bankers panic"
ru-r ALLIANCE UT1ERANCFs.
In2cr these alarming circumstances
l.v. I-tourd. aud mostly IN vain, for the
VIC. ~ the Farmers Alliance sounding
t..r op.ianS and wishes and of those
tI., 2. present. composing fully one half
p
la.uE among politicians 10 understand
what lley had o. expect II they betrayed
I'll. peoples cause on tins great financial
,vp-f.uu The action of your alliance Il
tho lis. official uttorance on the subject
] have seen ga the State. IL Is time your
order wa bringing every atom OF IT'S
l.fu uc. 90 he.T. IL should use every
means possible to let 1t be known that
tl.r. I4,p. another and entirely different
world ia the fields and homes of toll.
vuo-, interests demand attention as
N..Iaetlut c1mbInatI0nO OF mOncy-dchers,
st.cf-lroA.r.. gamblers. ana spccd-
lt.rs. who assume for themselves 10
constitute. tLe " business interests OF
D., land The effect of TIN, prompt AID
united action cannot possibly be
doubted.
toNCJLHED Win HIS Own.
In tho ucNt place was glad 10 read the
resolution of tpur alliance, because they
.oacUrrti with lay own most serious con-
victIous. Mann years ago, attcI az thor
oucA and impartial examination OF the
question is ] was capable OF making, |
came 90 tl. absolute conclusion that the
use Of SILVER a. well a. gold. on equal
terms. a- tlo basis Of our currency was
Ip-tfor the welfare ot the people of the
United States. This view has governed
ny course I'D Congress. The fact
tint iutarc sometimes yielded more
a. ono metal than Of the other, thus
causing u discrepancy IN their intrinsic
Nl.u,-. QlI NOT disturb me. for l learned
from HISTORY that for nearly three hun
drDs wears during which ratio between
the Two metals was fixed 10y laws the
Eucuatious m intrinsic value had mover
exceeded per cent. and that soon
after that law was withdrawn great and
material fluctuations immediately began,
winch will doubtless continue So long "a
W.. treat one metal as of fixed Gud stand
ard value and the other rs a commodity.
l. Is not necessary to go over all the
grounds IN which ms conviction was
founded. simply wish 70 assure you that
INV opinions are unchanged.
Recent developments, which seem %
have unsettled SO many silver advocates
aud make them give way to the repeal OF
the Sherman law. have rather strengthened
me IA the Diet rminatlun To yield nothing
t. the mouomctalhsts, whose schemes l
regard as absolutely selfish ani unpa-
tuouc.
RICH MANS PANIC.
The "panc." so industriously adver-
tised. it. known now to have been created
by them and will be known hereafter as
the rich mans panic. The explosion OF the
Indian bomb l. already discounted rs the
crasplng hy the government Of the prOhts
Of coming silver rupees which heretofore
had been Teaped by British merchants.
The coming Will go on Is largely
a. ovel. only the Indian govern
mtnt viii pocket the 80 per cent;
gam and not the merchants. England
does not dare TO demOnetlze silver IN ln-
dia, which alone makes her demonetlze
II at bone There Is not spare gold enough
IL the world e. replace the SsOO.Oj0,OW OF
silver IN that country. The attempt to do
So WOuld bankrupt half OF ChrsendOm ana
England well knows 1t. The suggestion Is
pare bluf aud can only disturb a poll
t'cian who holds very weak hand. Nor
lay, the allegations so dlstresslngly
shouted that the Sherman law was causing
cur gold 10 leave the country had any ell
feet on me.
KSEw TREM To BE FALSE.
From the beginning | knew them 20 DO
falls. Gold went out because we owed II
abroad aud the balance of trade was
AGAINST Us. shipments Of wheat have turn
"a the tide and IL Is now coming III. Some
otour securities did come home and take OF
gold IA payment, but this hurt nobody ex.
cept spectators IN them, who were fearful
that the price would fall and they would
lose money. But even those which did
come from abroad camo in consequence OF
the scare got up by our own capitalists.
OF course foreigners believed the stories
OF the ruin and bankruptcy If the Shcg-
Inan law was not repealed, which our own
people told them.
Finally. / hope IL Is unnecessary for me
70 say that the hope of ingTatating myself
with tho administration IN order to secure
patronage at its hands has IN no sense al
tected NV opinion Of right IN the pre-
mises.' How lar such motive NAV ope-
rate in the repeal of that law |
have no means Of knowing. 1 believe,
however. il will not 60 great way. But
let things 20 as they NAV 1t shall be my
earnest endeavor to do my duty in main
tanning the cause OF the people 10y pre-
serving the character Of their money and
Increasing its abundance.
Very truly yours, z. Is. VANCE.
THE MONETARY SITUATION.