The western sentinel. [volume] (Winston-Salem, N.C.) 1887-1926, 1895-12-12
n. STEPHENS.

A true Democrat, a wise states-
ian, a defender of the rights of the g
masses, was Alexander FL. Stephens,
f Georgia, whose name is revered
the South. He stood {
irmly by what he conceived to be I
he right and, like our own Vance, I
le foresaw some of the calamities |:
hat would result from legislation
which tended to strike down silver ,
and contract the currency, thus
making the rich mans dollar of
srea ter value and the poor mans
dollar harder to get,
The Atlanta Constitution has
come into possession of the following
letter from Mr.. Stephens, written to
a friend, while in Congress, which
gives his views upon the subject of
free coinage:
National Hotel, Washington, D.
c., January 26, 1SS2,-Mr- ID. u.
Barrows, Los Angeles, Cal. My
Dear Sir: Your letter of the 18th |
instant with enclosed slips was re-
ceived this evening. Allow me to !
thank you for it. The subject is one
of the gravest that now occupies the |
attention of Congress and the think
ing men throughout the United |
States. The reason that silver |
bullion has been deprecated since |
1873 in this country is that con-
gress in February, 1873, struck
silver from the lists of money of the
United States. The moment that
this act of congress was passed gold
was made the only legal standard OF
values in this country. That was q
great error and was attended with
infinite mischief in the United States.
In 1892 Mr.. Hamilton and the
patriotic statesmen of that day
recognized in our coinage the bime
tallic system of money; that is, he
and they recognized silver as money
as we'll as gold at the ratio of about
sixteen parts of silver as equivalent
to one of gold. Under this rtgula
ton and coinage we were prosperous
in 1873. When silver was deprived
of it's debt paying power as an
equivalent to gold at the ratio
stated, silver in the markets of the
world was at a premium over gold.
| 1t is useless to go into reasons why
this change was adopted in our
system or by what unseen hands it
was effected. The true policy of this
| country is to return to the system OF
our fathers. If the government
should now, as it ought to, retrace
it's steps and provide for the free
coinage of silver as it does of gold
and make 412A grains of standard
silver equivalent to 25 S-tenth
grains of gold then silver would i'm
mediately return to its original
dignity in the markets of the world
in purchasing and debt-paying
power. This is the real function OF
money and in this country this
equality in this function at the ratio
stated should be maintained.
The debts and bonds of the United
States provided for payment in gold
or silver coin at the then standard
value; it was a great wrong to the
taxpayers on whom rests the pay
ment of the public debt to strike
: silver from the list of money as was
done in 1878. 1t was that blow
which changed the values of TIT
, property of the United States
,, More than half of the money of tn
world was at that time silver. Tn
whole amount in the world in 1877;
) was estimated at $S, 900, 100000
, ! of these 81, 100000, 1000 were silve
and So, 100000, 900 were gold il
round numbers The ruinous conse
l uuences which attended this bad &C
: of administration we're seen in tn
+ failures of mercantile houses an
business men amounting to NOR
than half the public debt of tn
2 United States within the last min
r years. Now, am for the free coiI
q age Of silver bullion just as of golC
O Gold and silver should be put upo
a perfect equality as of yoIe in tn
g ratio of 16 to /. This would no
: ONLY add to the value of real estat
: and all sort of property in til
v United States. but it would great
encourage and stimulate the minin
;, Of silver in this country. In my vie
q all the gold and silver that can
q produced to our mints should
a coined alike. The coin should /
kept in ths vaults of the treasur
and certificates are preferred. Thes
coin certificates should be the Gu
IT rencv of the country; it would be Il
best in the world. In this age We d
a not wish to burden with the weigh
OF either gold or silver in ordinar
~ business transactions extending
ls distant places in the country, but v
d. do want paper currency which
W redeemable at the will OF the hold
- in coin dollar for dollar. Bank bill
20 which are so common in use are on
promises to pay in coin and a
1T often issued in amounts of two al
id sometimes to three for one of coin
n the vaults; but under the plan a.
- yocated by me the certificates won
" in no case represent anything b'
rs dollar for dollar.
)r haven't time to say more to "
of now. l will barely add that T.
present depreciation of silver bulllt
and of the silver standard doll
30 arises solely from the degradation
ar silver by act of congress in 1877
TO Let congress declare, as it ought t
- that 412h grains of standard silly
is and shall be equivalent to 20 d
e' grains of gold in it's purchasing al
debt-paying power and instant
silver will be on par, if not abo
If par, compared with gold.
If To increase the quantity of silv
4 in the present dollar of 412h graf
to up to $50 grains, to make it equiv
n. lent to the present current value
Ia 25 $40 grains of gold would be
cv great wrong to the laboring mass
~ in the union whose taxes have
~ L. xr,b l;o lohf. tho hnl1ora