The herald., 1895-05-09
Considerable Correspondence
Between the Officials
CHERRY REPLIES TO MORTON
Reasons Of an Honest Monometallist
Written
The Matter Discussed In Its Several Phases
in Correspondence Between Horton
and the Attorney
Associated Press Special Wire.


WASHINGTON, May S.-Senator Stew
art of Nevada sent letter to the presi-
dent, of which the following is an alb
stract:
"Your letter to Governor Stone of Mis-
sissippi is admirable. 1t wholly exoner-
ates you from all suspicion of Sinking
from your plain constitutional duty OF
personal pa rticipation in political contro-
versies which agitate the people. The
origina lity of your discovery that the
south fayors silver monometallism when
they only contend for the coinage OF sill
yer upon terms and conditions applicable
to the coinage OF gold can never be ques.
toned. You will undoubtedly explain in
your next letter why the free coinage OF
gold and a refusal to coin silver is bimet-
alism and the unrestricted coinage OF
both gold and silver is silver monometal-
lism. Your wonder why the south does
not appreciate the advantages Of selling
their exports for solid prices is in har-
mony with the profound thought and
great wisdom of your Chicago letter
wherein, to the farmer. you say. Let us
remind him that he must buy as we'll as
sell; that his dreams of plenty are spared
by the certainty that if the price of
things he has to sell is nominally en-
hanced the cost of the things he must
buy will not remain stationary
''From YOUR unselsh point OF view
the re is no answer to this argument. The
discovery you have made that the sales
and purchases of the farmers and planters
in a cheap gold market exactly balance
each other, and that what is lost by the
low price of sales is gained ny the low
price of purchases, solves the question and
shows yDu- full comprehension of all the
principles of economic science. The fact
that less than 100000 pounds OF cotton.
80, 600 bushels of wheat. would pay the
$50. 600 annual salary President Grant re-
ceived while it now takes 1000, 900 pounds
of cotton or 81. 900 bushels of wheat to pay
your salary. which is the same number
OF dollars as that OF your predecessor,
shows the superiority OF the sound mon
ey' you have established and maintained
'sThey are at liberty to sell enough
more than they buy to obtain money to
pay interest and taxes, which to them
may seem hardship, but which, on ac-
count OF your superior wisdom and patri-
otism, you know to be blessing which
their dull comprehension fails to appre-
cate.
The luxury of buying in cheap gold
market with money remaining after dis
charging these nominal obligations is
not sufficiently realized by the discon
tented farmers and planters. The slight
est discrepancy between the amount lost
in sales by low prices and gains by pur.
chases in cheap market ought never to
be considered. and is properly excluded
from the wise and benevolent counsels of
Wall and LON bard streets, and also from
the learned deliberations of the White
House, where your annual salary of $780,,
600 is promptly paid.
"You have achieved the proud distinc-
ton OF being the first great American
statesman who proclaimed to his fellow
countrymen the glory and benefits OF the
single gold standard. You have the right
to eject the Republican party from the
platform of sound money, which you
have rescued from the ignoble obscurity
OF clandestine use by timid and unworthy
Republican leaders who secretly monopo-
lized the benefactions of the gold COM
bination until you appeared as the Moses
of scattered Democracy.
''The hereditary rights of the descend
ants of Shylock are safe in your hands.
Your decree OF low prices and less wages
for those who produce and more gain and
less sacrifice for those VINO absorb, will be
executed by the power OF your command
while the trlmmers and dodgers of the
Republican fold are confounded and
L111
Your wonder at the imbecility OF the
farmers and planters in failing to appre-
ciate the benefits of cheap maket for
what they sell is most reasonable and
natural from your unselfsh, compre-
hensive view of the subject. You take
into consideration that cheap market
where they sell creates cheap market
where they buy. and you fully realize. if
they do not, the advantages they have in
selling more than they buy and thereby
relieving themselves of more cheap pro-
ducts than they are compelled to sell.
"Your declaration that the gold stand
ard established by the Republican party
in 1873 is the traditional doctrine OF
ound money OF the Democratic party
ought to inspire every Democratic heart
right. There is not room enough on
golu standard platform to accommodate
the two old parties in an active cam
paign before the people. although the
leaders of both have jointly occupied that
platform for the purpose OF legislation
and administration for the past twenty
years.
"There is no escape from such action.
1t was nominated specially in the con-
tract signed by direction Of the president.
The clause in which the syndicate agrees
to maintain The treasury reser se leaves the
syndicate to be the Judge as to what it
can do in the premises or to what meth
ods it shall adopt. II in the carrying out
of that moral obligation, the syndicate
shall decide that the government must is
su another 500. 000. 900 or $50, 600. 700 in
bonds, the administration will have moth
ing to do but comply with the terms.
If the president does not want to issue
any more bonds at the direction of the
syndicate the reserve can be practically
~insd out in ten days, and then IT he