The record-union., 1895-05-09
CHERRY REPLIES TO MORTON.
FREE COINAGE THE SUBJECT UN-
DER DISCUSSION.
Silver Countries Doing All Their Own
Manufacturing on Account of
the Appreciation of Gold.
Special to the RECoRD-UNIoN.

Special to the RECORD UNION.
DENVER, May S.-James A. Cherry, a
weli-known lawyer. to-day mailed the
following reply to the letter addressed to
him which J. Sterling Morton. Secretary
of Agriculture, gave 10 the public yester-
day:
DENVER, Col, May s, 1895.
Nh Dear Sir: You have my sincere
thanks for your candid, lucid ana cour-
teous letter of the lst inst. My reason
for writing to you was to get the honest
conviction of an honest nonometallist
l hoped. You don't make it clear that
values cannot be affected by legislation.
Y ou put silver with salt, sugar and
soap and say: "The axiom applied to all
alike, that not one of them could be
affected by legislation"
1t has seemed TO me that legislation
could affect values locally and generally
Did the fall OF silver from 1873 to 1893
cause the legislation of 1873? You ask,
What sent silver down in 1888 to ST cents
all ounce? Surely that fall in its value
was not the cause OF legislation that pre-
ceded it. 1t was the effect of it, Take
the case of India again. Legislation
stopped the further coinage OF silver
tax en- there by part OF the old demand,
and it's iall was flashed over the wires to
the wounded producers and debtors Of
the world as instantly as thunder follows
lightning. In that case we cannot get
the cause and effect turned around. The
fall was the etfect-the logical and his
torical' effect. ou suggest that it may
have been the legal recognition OF ex-
listing iacts."- That is exactly what it
was. just as legal recognition of ex-
istlpg facts" Qf clearly understand your
ivO Ol aar a fat of uilu
cents.
Again. the Senate of the United States
passed bill in 1891, which provided for
the free coinage OF silver in this country.
1t was believed that the bill would pass
the House, probably be signed by Presi-
dent Harrison, and become a law. Silver
jumped within week from about 81
cents an ounce to 81 IL an ounce. That
rise, you remember. was not confined to
this country; it made q corresponding
jump in Europe. We cannot get con-
fused over the proper place to put ''cause
and effect" in this instance. Make silver
into money, give it all its old uses, and
there will be a demand Tor ii. How
men would work and sweat and risk
lives for it. and what joy and good it
would bring to the world. You coin i t
and give it these uses, and l will furnis h
the demand. To carry out my part Of
the contract, eau get good bondsmen.
The princes of maskers. Reed and NJ C.
kinley, and the great unmasked prince
of the New York Bankers Association
will go bail for me, and if i fail in my
part of the contract, they will carry it out
to your entire satisfaction.
Everything now is measured in gold,
and that famous yardstick of yours and
Mr.. Carlisle's is getting too Internally
long. The producer don't get good meas
ure Tor his products, the debtor fails be-
fore such measure, aud the laborer can
not live when his labor is measured by 1t.
The stick is growing. and the desolatlon
Is only Keeping pace with it.
Inc silver countries, on account or gold
appreciation, are commencing TO do all OF
their own manufacturing. With the loss
OF our manufacturing supremacy, our
commercial supremacy is III danger.
These facts, when tney are understood
in this country. are likely to create u
financial revolution, unless it is made
clear that it is not due to mistake in
our financial legislation Send more
light. Very sincerely yours,
JAMES A. CHERRY.