The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-07-10
THE SILVER LINING AND THE GOLDEN
DAWN O.
Some Pertinent Ornaments on Mr.. Moreton
Frewen's Letter.

Some Pertinent Comments on Mr.. Moreton
Frewen's Letter.
To THE EDITOR OF THE SUN-Sr. Permit
few words OF comment on the letter nj Mr..
Moreton Frewen from London In TIE Sun oil
the 18th on the silver question. Mr.. Trewen. as
know from personal conversation with MIN
during his recent visit here puts his views on
this subject ably and most entertaininRy: his
views alone are faulty. He speaks OF the mon
etary revolution commenced by Senator Sher-
man In 1873, eliminating In the recent closing
OF the India mints to free silver coinage. He
does not recognize tho fact that the act Of 1873
was the result OF natural causes, not OF per-
sonal conspiracy: ho docs not recognize that
gold was the de facto standard OF value in this
country at that time. and had been since 1887.
He docs not recognize that even before the
war our mint authorities had recommended
that the gold standard DO adopted legally as
1t had been actually, and that the Commission
OF 1900. headed by Mr.. John j. Knox oil the
Mint and Coinage Department OF the Treas
ury, urged the discontinuance OF tho silver
dollar. This recommendation was passed in
the form OF u bill by the Senate in 1871. failed
In the House for the lack Of time. and was fin
ally enacted into law by tho practically unan-
imous vote Of both Houses in 1873: in the SEN
ate without an opposing ballot. 1t had then
months. and 1t was therefore not dark
Machiavelian measure. log rolled by the gold
bugs" Of the East, with tho assistance OF Sem
ator Sherman: It was merely legislative
recognition Of an established fact.
In referring to the action OF India In demon
etizing silver Mr.. Frewep says: ! cannot see
what argument is left for the gold party at
shington." 1t has struck evon the silver
mon over here that the Indian administration.
In disseminating free silver coinage. took their
most venerable argument away from the silver
miners-not from the upholders OF gold. The
silver men should show why IndiL with her
almost unlimited experience with free coin
age. has declined. even at the risk attending
all such changes, to further continue the sill
yer programme. India sees that silver has
ceased to be q stable standard OF value: she
kees s mat silver mas become m ana
tically unlimited quantities. with the inevita-
hle declin9 in its quality as precious metal:
States has Been 70 the Srnh
heresy: seeing these things in the light OF his
tory and worldwide oxperence. she. very
decides taEe NO urtsr rsks but to-
Ing With 80 eompSaed "a and S hangers; SUP SUB.
sHsH t cert fS IS
about it f'he asks. Repeal tie Sherman ii n act
ana return to .commonscnse business as fast
as possible. We can take caro- Of the ENTER
prisinG citizens in the MOUNTAIN fastnesses Of
would be tempted to coin free. silver dollars
for the premium-thati is the difference OF value
between the face stamp and tho bullion worth.
The fact that there is such difference is the
Bogus peses ~' for tho @ spe ct it,
zens." i they cannot be caught by, tho, Mar
shals. the Treasury might get q valuable les
son from them. Mr.. Carlisle might write them
silver dollars2 We cannot get the peoplo to
handle our millions Of good pieces without
isSqi X paper fer them Let us know your
too late" says Mr.. Frewen. The connection
between this statement and the general arcu:
sa sn hat se rof ir5m tie Ars ss
gold fields told me last week that through the
Transvanl district were immense and Dracti-
cal y unlimited deposits Of silver. ana that tho
metal. He said there was enough silver in
South Africa to supply the wants OF tho world
for an indefinite number OF years but that tho
denosits had not been worked, owing to the
say" says Mr.. Frewen. with the utmost con-
hdence. that II your nation opens her mints to
silver and demonetizes your gold. you would
embark upon such q sea OF national prosperity
that India and other FREQ silver countries have
not had that experience. Our partial expert
ence has given us but little courage to take
Indicated Therefore. venture to affirm
that we are last at the dawn: the crisis antiri-
patod for fifteen years has come We,nre, bat
rather tho Golden ilush Of rosy-insered
morn" for which the financial world yearns.
20 EXCHANGE PLACE. New YORK. July g.