The times. [volume] (Richmond, Va.) 1890-1903, 1895-01-17
HILLS CURRENCY VIEWS
FOR FREE COINAGE UNDER AN
INTERNA 1IONAL AGREEMENT.
Publication of a Latter Wr item BY Him
to Clark Hsweii. Of Atlantis. on
July 10. 1893.

]
years ago TO Mr.. Clark Howell of the
! Atlanta Constitution. TO whcrl Senator
! Hill authorized its publication some time
! ago 'Tne letter was written just prior 10
! the assembling Of the extra session OF the
present Congress In the summer OF 1870
/ and bearing directly upon the next ma
/ tional campaign and the developments or
| the past two years, becomes document
| Of interest. It is as follows:
| PersonaD.
| Albany N y. July -. 1893.
Ny Dear Howell: Absence from home
| and professional engagements have pre-
| vented an earlier reply 10 your recent let
ter. asking confdentially my views on
| certain questions.
| First. AS 10 the approaching session OF
! Congress. ] was one of these who be-
| lieVed that the extra session OF Congress
| should have been called in April last, and
| i so advised the President. In the hrst,
and only interview | have had with NM
lie seemed bent on having one in Septem-
Der. which ! thought was mistake
FEARED 1T WAS MISTAKE.
believed then that Whatever po1cy
| In regard 20 the currency and tariff that
| was desired 20 be adopted could better be
] done in the spring, before the patronage
| had been distributed, and before party
] differences should augment. The Presi-
dent thought differently. but has finally
yielded to outside pressure, and has called
| the session for august. | fear that 1t IL
/ a mistake. / fear that we shall be in
| session until December. / do not ike the
! prospect OF having a Democratic Con-
! gTess in session during the fail elections.
! 1 anticipate many differences, ana much
! bitterness will be developed; ali Of which
will tend to distract the party. and give
us a setback III the faii. i nope i am
! mistaken IN all this, but fear / may not
| be. 50 long as Congress must meet, ]
hope it win only be in session thirty days
and adjourn. This would be my pro-
! gramme II il could be carried Que. The
| extreme silver men can prevent 1t; the
( Republicans can prevent II, anu general
! cussedness cam prevent IL. All &c chances
are that we snail be in session until De
cember. | would not take W. any other
LEGISLATION than financial, If l could have
| my way.
REPEAL OF THE SHERMAN LAW.
Second As 10 the repeal Of the Sher-
man law. / favor the unconditional re-
peal Of that law. / have always been OPP
! posed TO it, The true friends OF silver
made mistake in attempting TO ueiend
it. II should De abandoned by general
consent NV views were partially eX-
pressed i'm my recent 1ammany letter,
when you have undoubtedly seen Per
| sondlly, / should prefer not 10 repeat
| the law until an acceptable substitute
was provided, in order TO render more
probable the adoption of such SUBSTITUTE
! and not because 1 approve at all OF the
| Sherman silver law. But. from party
point of view. the wisest course is UNI
conditional repeal. The country expects II.
! and the party will be found fairly well
united in favor Of it. Therefore it Is
! unwse, while agreeing upon the general
| proposition, to waste our time in agree
! ing upon a substitute pending the repeal.
/ Let the repeal be made at once, anu let
US differ as to other financial matters ar
/ forwards. | am IN favor OF bi-meialiism
as the issue Of the future. We should
seek TO keep that issue to the front; we
/ should not strive for temporary success
| or compromise measures.
FoR FREE COINAGE.
! We should be for free coinage under
an international agreement. if ii is posi-
BILE to procure one, and for which every
exertion should be made, and If not pos
| siblc, then for Independent bi-metalllsm
! This Is the great goal FOR which we
should strive. 1t cannot be done at once.
/ our friends must not be impatient. The
/ people must be educated. The unexpected
action of India ana the general sentiment
I of the moneyed classes consplre against
! US at this time. / do not believe in the
| Bland bill or any other measure which
! guarantees anything less than GnreStr1ct-
ed coinage for gold and silver alike, as
! pledged in the Democratic national plat
! form Let us prepare. not for the present
! victory, but for victory upon that issue IN
/ 1896. The repeal of the Sherman law VIII
! not give the relief which is anticipated.
! 1t will aid business temporarily. but in A
! year times will be hard. and the demand
! for permanent financial relief Will be ir-
| resistible We should continue to hold
| out free coinage as the goal which the
| country must ultimately reach. The
| triumph of the monometalllsts will be
] but temporary.
| AN UNDRMoCEATIC TAX.
! Third. AS 10 the repeal of the ten rer
/ cent. tax on State banks. That tax cannot
| be well defended. IL is an undemocratlc
/ tax. Ostensibly it is imposed for revenLe,
! but II does not in fact bring in any rev.
! enue and was never intended for that
purpose From a Democratic standpoint
/ ITS imposition is an abuse OF the taxing
| power. l should not like TO 20 upon rec
ord in favor of such a tax, nor do ! desire
to refuse a repeal Of IT.
] regard that tax question as an indie
pendent one, which has very little bear
I,ing upon the main great question OF the
! free coinage of SILVER, and they should be
kept apart aS much as possible. While
that tax cannot be approved from q Demo
cratic standpoint, fear the consequences
of repeal. AS / understand II. II has
been held that Congress has not power
directly, to prohibit State banks from is
suing their notes which circulate as
money, although they cannot be made
legal tender and are net money In fact.
/ do not like such wildcat currency,
and never did. do not think we ought to
become the champions Of it, While. per-
/ haps. we should take the ground that the
! States should he at liberty TO Issue such
! notes If they desired 10 do so, yet such
issue should not be encouraged. We s,ould
/ not be switched off from the go-d and sill
yer issue upon any such side track.
ADVISES TO MOVE CAUTIOUSLY.
! fear the experiment Of wildcat State
| bark currency VIII not be a success. Il
may be a temporary relief, but in the end
J IL viii be disastr The bank notes OF
so many States Will be 80 worthless that
while in New York or Georgia they might
be perfectly good always, yet in so many
other States they would be so bad that
the whole circula ton would be discredit-
ed. You will observe from what | have
stated that | advise that we should move
cautiously in regard to the State bank
tax. and not mix it up with the lesal
tender currency question.
No IRoUB OVER TAHITI.
Fourth. As to tariff reform, / do not
apprenend any serious difficulty in this
matter. There will be general unanini-