The Princeton union., 1895-04-18
HARVEY REPLIES,
An Answer to President Clevelnnd's
Letter

HARVEY REPLIES.
An Answer to President Cleveland's
Letter.
Chicago, April NV. H. Harvey,
chairman of the executive committee
Of the bimetallic league, whose head
quarters are in Chicago prepared to-
day the following reply to President
Cleyeland's letter to the Chicago COM
mittee Of business men:
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 upon you
and persons who attached their names
to the petition did not represent a
majority of the business men and
citizens Of this city who take Il deep
interest in the welfare of this republic
They represented that class that owns
money and securities payable in
noney-flXed incomes.
1--WE respectfully submit that your
letter does not present the true merits
OF this controversy. You call the at
tention of farmers and wage earners
to the fact that rising prices, while
and labor at a higher price, will also
cause them to pay equally more for
what they may purchase, out you
neglect to say that your statement is
not applicable to debts. With prices
coming down regularly and steadily
since the demonitization of silver, our
merchants, manufacturers and the
people generally have been doing Dusi-
ness on a falling market, so that the
time intervening between the pur-
chase Of their merchandise or raw ma
terials or placing it months after the
market has removed the margin they
would have otherwise made.
This Shrfnkage in Values
added to the ordinary risk and the
| 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 about
forty billions of dollars, or about two
thirds Of the total value of all the
property in the United States.
Money and these debts payable in
money. have been steadily increasing
| in eNchangeable value with the prop
erty of the people. A debt of $1,000
| that 1000 bushels Of wheat would
have paid ten years ago now requires
the farmer to give up 1000 bushels
OF wheat in exchange for these dol
lars with which to pay the same debt.
Ihe debts now in eXistance are princi-
pally old debts, or renewed or refund
ed debts, or new debts contracted to
pay other debts or debts the people
have been forced to contract by reason
Of the continued decline in prices.
!
give up twice as much property to
pay their taxes as in 1873. Seventeen
thousand bushels of wheat would
have paid the presidents salary of
$4,000 in 1873, and it now requires
100000 bushels Of wheat to pay your
annual salary Of $4,000.
Taxes Have Increased
as expressed in dollars and have
doubled and quadrupled as measured
IN the property the people surrender
with which to pay since 1873. We
have constantly pointed the people to
the ever increasing exchanged BILE
value Of the creditors dollar and to
the reason why it was increasing. but
i the Influence of these creditors have
dominated your admiristra ton ard
you insist on such currency as they
have established as sound currency
1t means the cOnfiscation of the prop
erty Of the people by the sale of prop
| erty under mortgages, judgments and
| executions. 1t means that fixed in
comes will wipe out the interest of
stockholders in our railways and cor
porations. If it is an injustice to re-
store prices SO that people can ex-
change their property for a sufficient
number Of dollars to pay their debts
and bring happiness and prosperity
to our land again it was greater in
justice to destroy the value of Drop-
erty and enhance the value of money
by decentralization of silver and the
establishment of single gold stand
ard.
I'VE agree with you that it is time
for the people to reason together and
that to that end we respectfully ask
that you make it possible for them to
get printed copies of the fact of 1892
on which cur forefathers based our
financial system and all subsequent
acts. together with the act of 1873
:h3t reversed the former policy and
acts subsequent thereto, as we'll as all
statistical and other information of
al official character at Washington
bearing thereon. We but express your
own opinion as president of the people
when we say that I'LL the people
should have the opportunity to investi-
gate and intelligently pass upon this
proposition"