The gold leaf. [volume] (Henderson, N.C.) 1881-1911, 1895-05-02
CALLS HIM DOWN.
CLEVELAND'S CHICAGO LETTER
ANSWERED.

Chairman Harvey Says the President
Fails to Consider the Debts of the
Country, Which are Steadily In
creased by the Depreciation of Prices.
CHICAGO, H., April 16.-Mr. w.
H. Harvey, chairman of the executive
committee of the Bi-metallic League,
whose headquarters are in Chicago,
prepared yesterday the following reply
to President Cleveland's letter to the
Chicago business men:
"To His Excellency, Grover Cleve-
land, President, Washington, D. c.
Dear Sir: In reply to your letter
addressed to committee OF business
men of this city, we wish to say that
the committee that waited on you and
the persons that attached their names
to the petition, did not represent a
majority of the business men and citi-
zens of this city who take a deep in
terest in the welfare of this republic.
They represented the class that owns
money and securities payable in
money-fixed incomes. We respect
fully submit that your letter does not
present the true merits of this contro-
versy. You call the attention of far
mers and wage earners to the fact that
the rising prices, while enabling them
to sell their products and labor at a
higher price, will also cause them to
pay equally more for what they have
to purchase, but you neglect to say
that your statement is not applicable to
debts. With prices coming down
regularly and steadily since the de-
monetization of silver, our merchants
manufacturers, and people generally
have been doing business on falling
market, SO that the time intervening e
between the purchase of their merchan-
disc or raw material and placing it
months after on the market has re.
moved the margin they would have
otherwise made. This shrinkage in
values, added to the ordinary risk and
expense of business, has led to an ever
increasing volume of debt, to a money
lending period, until it has increased
all told, public and private, to abou
$40, 900, 1000, or about two-third!
of the total value of all the property il
the United States. We have constant
ly pointed the people to the ever-in
creasing, interchangeable value of the
creditors dollar, and to the reason
why it was increasing, but the influence
of these creditors have dominated
your administr alton and you insist OF
such a currency as they have estab
lished as a sound currency. 1t mean
the conhscation of the property of tn
people by the sale of property unde
mortgages, judgments and executions
1t means that fixed incomes will wip
out the interests of hundreds in GU
railroads and corporations.
fit is an injustice to restore price
SO that people can exchange thei
property for sufficient number ofdol
lars to pay their debts and bring hap
piness and prosperity to our LAM
again, it was greater injustice to de
stroy the value of property and en-
hance the value of money by the de
monetization of silver and the estab
lishment of single gold standard
The gentlemen who invited you an
petitioned you, only represent on
class of people. We respectfully sui
nit that it was safer that all the peopI
should do the thinking for it, tha
that any class should do it for then
The selfish interests predominant
promote selfish interests when or
class does the thinking for all. Broa
views to justly promote the commo
welfare of the people can be best st
cured by census of the views OF
the people. We agree with you th'
it is time for the people to reason t
gether and to that end we respectful
ask that you make it possible for the
to get printed copies OF the act
1892 on which our fo1efathers base
our financial system and subsequer
acts, together with the act OF 49,
y that reversed the former policy al
acts subsequent thereto, as we'll as
I statistical and other information OF q
: official nature at Washington tn
[ bears thereon. We but express o
0 own opinion to the president of
! people when we say that all the peop
g should have the opportunity to inves
5 gate and intelligently pass upon Il
- question.
II Respectfully,
w. H. HARVEY,
It Chairman Bi-nletallic Committee.