The herald. [microfilm reel] (Los Angeles [Calif.]) 1893-1900, 1895-04-17
THE BRIGHT SILVER CIRCLE
The BimetalIiC League Replies
to the President
THE CHICAGO CONGRESS
A Grand Gathering Is Promised by
SiIverites
Ore of the Greatest Meetings Will Be Held.
CIeveIands Defamation Is Fully
Appreciated

CHICAGO, April 15.-Mr II. Harvey,
chairman of the executive committee of
the Bimetallic league, whose headquarters
are in Chicago, prepared today the fol-
towing reply to President Cleveland's let
ter to the Chicago committee of business
men:
CHICAGO, April Is, 1895.
TO His Excellcncy Grover Cleveland,
President, Washington, ID. c.;
Dear Sir:-ln reply to your letter ad-
dressed to committee of business men
Of this city. we wish to say that the COM
mittec that waited on you and the per-
sons who attached their names to the in
vitaton such committee presented did
not represent a majority of the business
men and citizens of this city who take a
deep interest in the welfare of this repub-
Lilo. They represented that class that
owns money and securities payable in
money-iXed incomes. We respectfully
submit that your letter does not present
the true merits OF this con trcversy. III
call the attention of farmers and wage
earnsrs to the fact that raising prices,
while enabling them to sell their products
and labor at higher prices, will also cause
tntul 10 pay equally more lOr WHdt tHty
may purchase. but you neglect to say that
your statement is not applicable to debt.
With the prices coming down regularly
and steadily since the demonstration
of silver, our merchants, manufacturers
ard the people generally have been doing
business on a falling market, so that the
time intervening between the purchase
of their merchandise or raw material and
placing it. months after. on the market,
has removed the margin they would
have otherwise made. This shrlnkage
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 debts to about
forty billions of dollars. or about two
thirds of the total value of all the prop
erty in the United States. Money and
debts made payable in money have been
steadily increasing in eXchangeable value
with the property of the people. debt
for $1,000. that 1000 bushels of wheat would
have paid ten wears ago. now requires
the farmer to give up 1000 bushels Of
wheat in exchange for these dollars with
winch to pay the same debt. The debts
now in existence'a are principally old debts
or renewed or refunded debts, or new
debts contracted to pay old debts. or
debts the people have been forced to CON
tract by reason of the continued decline
in prices.
lie OWueTS vi pFOuuClS ulllSt HOW
give up twice as much property to pay
taxes as in 1898. Seventeen thousand
bushels of wheat would have paid the
Presidents salary of $3.50 in 1873. and
it now requires 100, 900 bushels OF wheat
to pay the annual salary of $4,000.
Taxes nave increased as expressed in dol
lars and have doubled and quadrupled as
that measured in the property the people
surrender with which to pay it since 1873.
We have constantly pointed the people to
the ever increasing Interchangeable value of
the creditors dollar and to the. reason
why it was increased, but, the Influences
of these creditors have dominated your
administration and you insist on such a
currency as they have established rs
sound currency. 1t means the fonfisca-
ton of the property under mortgages,
judgments and executions. If it is an
Injustice to restore prices SO that people
can exchange their property for silffil
cicnt number of dollars to pay their debts
and bring happiness and prosperity to
our land then it was a greater injustice
to destroy the value of property and en-
nance the value of money by demonetiza-
tion of silver and the establishment of
single gold standard. so that when you
call the attention of the farmer and wage
earners to the fact that the rising prices
will make him pay more for what he
buys you should at the same time call his
attention to the fact that it would enable
bondage in which he has been I'M Justly
placed and again make him the owner of
home and a free and independent citi-
zen. We might say further to him that
Using prices cause money to seek invest
ment and would thus open up the chan
nels of commerce and trade and give EN-
ployment to millions now iule. 1t is
not more money that we want to borrow.
but TO pay OFF what we already owe. The
more we borrow the more we must pay.
and the annual interest on all other pub
lie and private debts is now more tn an
the annual profits of business and product.
Where will it end? Our forefathers fled
from Europe and established govern
ment so they might be free from the
class legislation of those nations Hhere
the masses are hewers Of wood and draw
ers of water for the rich and for those who
control the lawmaking power, and yet it
is now being seriously insisted upon that
we must adopt and continue the most
pernicious class legislation that the mon
arches of Europe have ever fastened upon
their helpless people. BY adopting their
policy we have increased the demand for
gold and its exchangeabie value and all
money based thereon with other property.
We have aided them in the adoption of
single metal for primary money, that
they can control and corner. that they
have cornered and forced you to go to
them to get it at their own prices to sus-
tain the credit of this great and resource
full nation. We submit that this policy
should be abandoned and our minis again
thrown open to silver las they are now to
gold and our stock of primary money IN
creased thereby.
1.-The gentlemen who visited and petit
toned you to represent only one class of
our people, we respectfully submit that it.
was the intention of the founders of this
government that it was safer hat-all the
people should do the thinking for it, than
AMY one class should do it for them. Re-
spectfuly. W. H. HARVEY.
Chairman Bimetallic League Executive
Committee.