New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-29
King. president OF the Union Trust Company, had
not read the message.
a DISCRIMINATION AGAINST SILVER.

a DISCRIMINATION AGAINST SILVER.
THE MESSAGE CONTAINS A SUGGESTION VIOLA
TIVE OF PARTY PLEDGES.
To the Editor OF The Tribune.
Sir: In the Presidents message to-day there Is
found the following sentence:
AS constant means for the maintenance OF
duties imports should be paid in gold. allowing
all other dues the Government 10 De PAID IN any
other form Of money.
This distinction. II effective. would destroy the
parity which the last National conventions OF both
parties insisted must be maintained. and which
both candidates distinctly pledged themselves to
maintain
We hold the OF both gold and silver as
the standard money of the country, and TO me
mating against either metal or charge for nintage.
but the dollar unit OF coinage of both metals must
be adjusted through International agreement, or py
such safeguards OF legislation as shall insure the
the equal power OF every dollar at all times In the
markets and in the payment Of debts; and we de.
mand that all paper currency shall. be Kept AT par
With and redeemabe in such con.IDemnS,cr;ast6ise
Natora Convention. held in CHICAGO. June a. ls9:'
Ib M and he RS ysT as psasrd
money WI NTH such and under such pro-
visions; 10 be determined by legislation as VIII Sc,
paying power OF the dollar. whether OF silver gold
National Convention June !. 1892
Every dollar put into the hands Of the people
should be Of the same intrinsic value or purchasing
power With this condition absolutely guaranteed,
hoh gold and silver can be UTILIZED upon n equal qua
terms in the adjustment of our currencyCThe he, Hon.
Grover Cleveiand's letter September g. 1884, ac-
cepting the Democratic nomination.
This principle has since been formally and solemn
ly confirmed by Congress.
The established policy. of the United States to
maintain the two metals on a parity with each
other upon the present legal ratio or such ratio as
may be provided by law.-(Act OF Congress, Novem-
Der !. 1885
The principle OF our Constitution is clear that
gold and silver shall be legal tender. The at
tempt to authorize Congress to emit bills OF credit
was defeated In the Constitutional Convention by
the votes OF nine States against two Our National
financial troubles come from credit money which
thought to be justified by necessities. but
which II was great error to continue to use after
ward. and which It would be a monstrous mistake
to perpetua;e by issuing ifty-year bonds to be
used basis for currency. What this country
needs Is specie money and less credit money.
Good money Is convenient merchandise. the weight
and hnencsS OF which certified to by authority.
Every paper dollar issued by the Government
should have a specie dollar behind IT, We have not
enough gold TO make a sufficient metallic basis for
our currency and We cannot obtain It promptly
without borrowing II abroad.
II would nse as our basis OF currency gold and
silver together half OF each at values always based
,and largely from rniied states mines, snihien,
any possible injury 10 either debtors creditors.
but with great advantage to the general prosperity.
| have shown In my book on Joint allism. Tn
scientific b.me allism with "A fixed empirical ratio
might bee a constant menace TO the whole cOmmu-
nity. but under jo'nt-metasm. when once estab-
lish"d. precious metal could never drive out
the other and no variation In the relative market
values ~ gold and silver could ever make recoin
age Necessary. General prosperity In our country
depends largely the prices obtainable abroad FOR
our chief eNpOriable staples. The fall In these Is
directly caused b. The decentralization Of silver. be-
cause for every pound sterling which afplanter In
India. etc. receives for cotton wheat sold in Eng
land h. can now employ twice a. many native Ia
h0rers he could "A few years for their wages
remain the IN silver coin. Now that can
export largely iron and other manufactures. well
a grain. cotton and other produce We have the
opportunity 20 take the foremost financial position,
with ali the advantage and profit which this implies
But 20 accomplish this our National money must
bee based strictly the only possible sound and SUI
ncicnt basis. the two precious metals together linn
tied hy IN. quantities. In existence and the costs or
production. Credl' can then have its full legitimate
development But credit money cannot he suitable
money with which TO 10 the worlds business.
Much as ought 20 sympsthze with our Presl
dent In the embarrassing difficulties OF the position,
must not consent 10 escape present inconven-
fence by establishing perpetual credit money.
ANSON PHELPS STOKES.
NEWARK Ian y