The times. [volume] (Richmond, Va.) 1890-1903, 1895-04-18
THE BIMETALLIC COMMITTEE on
MIR. CLEvELAND'S LETTER.

We printed yesterday a letter which
the bimetallic committee Of Chicago has
addressed to President Cleveland in an
swer to his recent letter TO the Chicago
business men who invited him to come
10 that city and make an address upon
the nanclxxws~ndi,.og- tsAtllalrar.- 2
.uSR answer OF the bimetallic committee
is written end signed by w. II. Harvey,
ard he is the author of the absurd book
we have several times commented on
called COINS Financial School" 1t was
reasonable therefore, TO expect something
foolish. but we had not expected anything
as foolish as we pave got
The bimetallic committee throw off all
disguise. They make no pretence that
they expect TO be able to keep silver
dollar worth only fifty cents up to the
value Of gold dollar. They come out
into the open and fight like men, and
declare that they find their debts very
oppressive to them. and that they want
free silver because they will then be able
10 pay dollar of debt with a half dollar
of money. This is candid at any rate. 1t Is
what everybody knows is at the bottom
Of the free silver movement and when
all the other advocates of free silver
come out as candidly as the bimetallic
committee OF Chicago has done. We shall
be able TO get the lines distinctly
drawn. with all men in favor Of an order
ly government and the preservation
all OF whatever is theirs on one side.
while the other Is held by those In favor
Of upturning everything, plundering every
man of that part OF his substance that
hands can be laid on. and paying of
debt with nothing or next 10 nothing.
We consider this publication of the
bimetallic committee of Chicago IA most
timely one. 1t will open the eyes of many
men 70 what they never saw or under
stood before.
Meanwhile Il Is just as well TO examine
briefly some Of the arguments which this
committee advances in favor OF its pro-
positions. 1t says IN a pretty long eX-
tract. but we want 10 state their case
fully:
We respectfully submit that your letter
does not present the true merits of this
controversy You call the attention OF
farmers and wage earners TO the fact
that rising prices. while enabling them 10
sell the products and labor al a higher
price. will also cause them 10 pay equally
more for what they may purchase hut
YOU neglect to say that your statement
is not applicable TO debts With prices
coming down regularly and steadily since
the decentralization OF silver, our mer-
chants. manufacturers and the people
generally have been doing business on a
falling market so that the time inter-
Vening between the purchase Of their
merchandise or raw material and placing
II months after on the market has re-
moved the margin they would have other
wise made This shrinkage in values
added 10 the ordinary risk and expense
OF business has led 10 an ever increasing
volume OF debt--to a money-lending pc
Rod until Il has increased all told public
and private 20 about forty billion of dol
lars. or about two-thirds of the total
value OF AL the property In the United
States
Money and those debts payable in
money have been steadily increasing IN
cxchangeable value with the property Of
the people. A debt for $1,000 that 1000
bushels Of wheat would have paid ten
years age. now requires the farmer 10
give up 1900 bushels of wheat in exchange
for these dollars with which TO pay the
same debt The debts now in existence
are principally old debts, or renewed
debts. or new debts contracted TO pay old
debts. or debts the people have been
forced 10 contract by reason OF the con-
tinued decline IN prices The owners OF
the products must now give up twice
ar much property TO pay their taxes as
IN 1878 Seven thousand bushels OF wheat
would have paid the Presidents salary
OF $1,000 In 1878. and II now requires
one hundred thousand bushels Of wheat
10 pay your annual salary OF $4,000. We
have constantly pointed the people 10
shs sycr-incressing interchangeable value