Birmingham age-herald., 1895-05-20
MIR LYMAN WRITESALETTER To the New York Chamber of
 Commerce ON THE MONEY QUESTION
The Silver Heresy Is One of Those Things Which
 Come With Depressions.
A LONG PERIOD or PROSPERITY AHEAD
Free Coinage He Pins His Faith to the Common Sense of
 the People.

New York, May 19-The sound money subcommittee of the New York cham Der of commerce has received the fol- lowing communication from John H. In man:
 During the past year We have had many inquiries from the south asking why the general depression lasted so long after the repeal of the Sherman silver law, when it was promised that we would have better times after it's repeal. The answer is that there was constant fear, even after the repeal in leading finan- cial centers that owing to the uncer- tainty of congress this country would go on to a silver basis, and those who took this view were pretty nearly right, as all who are familiar with finance know that we were on the verge of this very thing only three months ago; that is to say, early in last February, when the situation was gloomiest with cotton and other products at their lowest we were on the verge of a silver basis With the immense crops maturing all over the south last fall we would have mad fc- covery then but for the dread in the money centers of the east that we would go on a silver currency
 What we were afraid of was that when MT. Cleveland sold the two lots of $50, GOO, 900 bonds he would say that he had done his duty and would leave the balance to congress. But when he got into the month of February and he sold the $62, 900 to the syndicate ana as sured the gentlemen who went to Wash ington that he would sell as many more bonds as were necessary to keep the country on a sound basis we were as- sured that the finances of the nation were settled for at least two years, or at least during his administrations ana believing that we could elect hard money candidate in 1896 felt that the country was permanently on a sound money basis.
 '"rake cotton as an example. party of men who were quick to see future re- suits looked over the situation at once, and feeling that the money question was settled for long time made up thelr minds to go heavily into cotton at 512 to 55s cents in the New York market. But for that $62,000,000 bond transaction, however the same set of men would not have touched cotton or any other com modity, but simply kept their heads un- der cover. In this l am speaking from personal knowledge, and may say that in my opinion unless the bond sale had occurred or some such action had been taken by the government there would eX- ist today throughout the country worse condition of affairs than we have had at any time, and that cotton, instead of sell ing as it now Is, at about cents in the New York market, with prospects or a considerably higher price before Janu- ary, would still be selling In the neigh borhood of cents.
 "As to the cause of the silver heresy, it is one of those things which come pe- riodically with Impressions. In 1873, 1874 and 1875, during years of hard times. the greenback craze came into play and even went so far in 1876 as to run presiden- tal candidate purely on that issue. We drifted about until 1877 and 1878, when things began to look better and in 1879 the resumption of gold payments placed this country on widely prosperous plane, which existed for several years, and the greenback fever died out It is in a measure so with silver. The past few years of depression has led many people to want change of some charac- ter, and they seem to think silver the cure of all evil. It Is my strong convic- tion that we are now entering upon a long period of prosperity and this silver craze will die just as the greenback heresy did.
 Ut has been asked who are the chief advocates of free coinage? There are many people who have as little knowl- edge of what serious results would fol- low it as the man in Alabama who had never accumulated much of this worlds goods, but who said he had heard that free coinage of silver would in a short
 
 and as he had wife and four children, that would give him $500. Seriously, however, aside from the mine owners in the west, who wish to profit by the increased price of their product, it Is a fight between the politicians of the south and west and the solid business men of those sections and the east. Tn the south we find large proportion of the conser- vative business men in favor of sound currency, and my information is that there are great number of intelligent farmers who take the same stand. and many others who have not made up their minds on this question. and will not do so until they have sufficient in- formation to analyZe it fully. and when they do, am of the conviction that they will vote on the side of sound money, if being clearly to their interest to do so.
 'As to the final outcome. think there is no question about 1t. Sound finance will win the fight The politician who hopes to either retain or ride into office on free silver will eventually be showed under, and the sound thinking American people will win.
 Let us see who would be the gathers by the free coinage of silver There