The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1896-05-20
STEPHENS ON SILVER.
The Great Co.nmoner Was in Favor of its
Free Coinage.

| TtS PROV ctlOE' a CiloIUCiSflSLlC let-
ter from Alexander II Stephens, writ,
ten January 20, 1882 It states the
silver question in plain language, and
tells the whole story in few words.
This letter was written before the first
election CT Mr.. Cleveland, when all
Democrats were supposed TO be unaui-
nous in their condemnation of the
crime Of 1878:
National Hotel,
Washington, D. c., Jan. 26, 1882.
Mr. II D. Barrows, Los Angeles, Cal.
My dear Slr:-Ycur letter of the 14th
instant with iEclcsed slips was received
this evening Allow me to thank you
for it. The subject is one of the gray
est that now occupies the attention of
Congress and the thinking men
throughout the United States. The
reason that silver bullion has been de-
preciated since 1873 in this country is
that Congress in February, 1873, struck
silver from the lists of money in the
United States. The moment that this
act of Congress was passed gold was
made the only standard Of values in
this country. That was great error
and was attended with infinite mis-
chief in the United States.
In 1892 Mr.. Hamilton and the patri-
otic statesmen o. that day recognized
in our coinage the bimetallic system Of
money that is, he and they recognized
silver as money as well as gold at the
ratio OF about sixteen parts of silver as
equivalent to one of gold. Under this
regulation and coinage we were pros
porous in 1873. When silver was de-
prived of its debt-paying power as an
equivalent to geld at the ratio stated,
silver in the markets of the world was
at premium over gold. 1t is useless
to 60 into reasons why this change
was adopted in our system or by what
unseen hands it was effected. The true
policy of this country is to return to
the system of our fathers. If the gov
ernment should now, as it ought to, re-
trace its steps and provide for the free
| coinage of silver as it does OF gold and
make 412l grains of standard silver
equivalent to 25 S 10 grains of gold,
then silver would Immediately return
to its original dignity in the markets
OF the world in purchasing and debt
paying power. This is the real func-
ton of money and in this country this
equality in this function at the ratio
stated should be maintained.
The debts and bonds of the United
States provides for payment in gold or
silver coin at the then standard value;
it was great wrong to the taxpayers
on whom rests the payment of the pub
lie debts to strike silver from the list of
money as was done in 1878. 1t was
that blow which changed the value of
the property of the United States.
More than half Of the money of the
world at that time consisted of silver.
The whole amount in the world in
1873 was estimated at IS, 900, 900, 900, of
these 81, 500, 100000 were silver and
50. 500, OC0, 600 were gold in round num-
bers. Tne ruinous usconseluences Which
attended this bad act of administration
were seen in the failures of mercantile
houses and business men amounting to
more than half the public debt of the
United States within the last nine
years. Now, I am for the free coinage
of silver bullion just as of gold. Gold
and silver should be put upon perfect
equality as of yore in the ratio of IL to
/. This would not only add to the
value of real estate and all sorts Of
property in the United States, but 1t
would greatly encourage and stimu-
| late the mining of silver in this coun-
try. In my view all the gold and sill
yer that can be produced, to our mints
should be alike. The coin should be
kept in the vaults of the treasury and
certificates given in all cases where
certificates are preferred. These coin
certificates should be the currency of
the country, il would be the best in
the world. In this age we do not wish
to burden with the weight of either
gold or silver in the ordinary business
transactions extending to distant
places in the county, but we do want
paper currency which is redeemable
at the will of the holder in coin dollar
| for dollar. Bank bills which are so
common in use are OILY promises to
pay in coin and are often issued in
amounts of two and sometimes to
three for one of the coin in the vaults;
but under the plan advocated by me
the certificates would IN no case rep
resent anything but dollar for dollar.
I haven't time to say more to you
now. I will barely add that the pres
ent depreciation of silver bullion and
OF the silver standard dollar arises sole
ly from the degrada ion of fsilver by act
of Congress in 1873. Let Congress
declare, as it ought to. that 4125 grains
of standard silver is and shall be
equivalent to 25 10 grains of gold in
its purchasing and debt-payjng power,
and instantly silver will be on par,
if not above par, compared with gold.
To increase the quality of silver IN
the present dollar of 4l2i grains up to
4S0 grains, to make it equivalent to the
present current value of 25 S 10 grains
of gold would be great wrong to the
laboring masses In the Union whose
taxes have to meet the public debt; the
hol iers of the public debt at the time
they received the bonds received them
under the express stipulation that they
were to be pad in United States coin,
gold or silver, at its then standard
value, and all that is wanting to make
gold and silver equal to make 4l2i
grains of silver equal in the markets of
the world to 25 $40 gold, is for Con-
gress to put silver back on the list of
moneys OF the United States as it was
in 1873. I have lately made report to
the House of Representatives upon our
coinage, IN wlich l urge not only the
restoration of silver to its debt paying
power, bat also the adoption Of metric
coinage applicable alike to gold and
silver. I viii send you copy OF this
in few days when it comes from the
press. Yours truly,
ALEX. II. STEPHENS,
Drop TOO Much.
D--rL-,rn n V Mo-1S Two ~, OF,