The Portland daily press., 1896-10-17

To the Editor of the Press:
So much has been said by the Populists
oondemnatory of the legislation of 1873,
that 1T ia desirable the average citizen
should have an Intelligent view of what
was done. the reason for it, and by
whose agency and participation it was
accomplished. Two preliminary observa-
lions are first In order. 1t Ishould be
borne in mind, that in 1878 party politics
had nothing to do.with the silver ques.
tion. the simple inquiry being, what the
public interest required in the condition
of the currency then existing. Secondly
as the government had not then resumed
specie payments, toward which all were
looking as the thing most desirable, I'VE
may be certain that If silver money
would aid the government in attaining
that desirable end 1t would have beer
retained.
What in fact was done? Silver money
was not banished from the country, and
If any body wanted it for ordinary bust
ness purposes, to make CHANGE, 1t coulo
10 A0ts ANU CvCE 61AC0 udu Uo0u ub6u,
All that. was done was to take away ths
legal tender quality from silver for pay
ment Of debts exceeding five dollars.
Thisconstituted the demonstration of sill
yer, and the crime if any was committed
Why was silver thus demonetizedi
Who is competent to tell if not Geo. s.
Boutwell,, former Secretary of theST reas-
ury, who was in the movement, and who
10 fhnH h H. -,
the entire history relating to 1t? The
simple fact was, silver money then
commanded premium in consequence
OF the then existing ratio between gold
and silver for coinage, and 1t did not
circulate to any considerable extent be-
cause 1T was bought up to be melted and
used like other marketable commodities.
and the purchaser got the benefit of the
premium. not the government. For the
government to coin money for nothing,
to put money into the pockets of dealers
in silver. was deemed u Eenseless per-
formance as every candid man will con-
fess it was.
Who participated in this aotion? There
was no conspiracy at the bottom, no
cunning. stealth or secrecy. bus the end
attained WIS q deli berate result reached
after many years Of consideration and
discussion, and eliminating In the
manner already stated. When the mat
ter came before Congress for final action
it was fully discussed, and Mr.. Reed has
publicly stated that the report of the
debate covers 1873 columns of the Con-
gressional record. Senators Jones,
Stewart and Teller, now the loudeat
howlers against the crime of 1879"
were In the Senate and fully cognizant
OF everything that transpired. and, as
now Boutwell, implies, were largely re-
sponsible for It. Subsequently Mr..
Stewart affirmed ""gold ia the universal
standard of the world. Everybody knows
what a dollar In gold is worth. - What
he then declared to he. and was true, is
true now. All his talk about the crime
of '7s ia therefore nothing but bugaboo
used to deceive voters, and for the pur-
pose Of still further enrichment of
owners Of silver mines and stocks, con-
stituting the primal force for retarding
return to prosperity, and utilized 10
helping Bryan, their representative. to
subordinate hefpubliciwelfare to private
greed, and all under the plea of honesty,
superior wisdom and patriotism
g. F.E.