The Roanoke daily times. (Roanoke, Va.) 1895-1897, 1896-04-14
THE CURRENCY.

der and can see as clearly 90 any mar
the dangers that confront US. Unlike
most Of the metropolitan bankers Mr.
Cooke is an American first and banker
next. He has submitted in a clear and
manly manner mis- views on the silver
| question and THE TIMES values his ar
ticle sufficiently to surrender Its editor
ial space to make room for 1t.
A LETTER FROM JAY COOKE ON THE CUR
RENCY QUESTION.
The following letter was addressed to
| q member of the Manufacturers Club in
response to an invitation to attend the
meeting Of the club in Philadelphia .
few weeks ago:
| MY DEAR SIR: find that 1 cannot be
with you this evening at 1409 Walnut
street. and as you have suggested that
| even the views Of banker may be of
service in determining the relation of
| the Manufacturers Club to the subject
Of bimetalism. venture to contribute
may mite to the discussion.
Although not a manufacturer myself,
think can speak or write very feel.
ingly on the subject of the relation
which the present war upon silver bears
to my pocket and o the pockets of al
my fellow countrymen, srising from
the non-d!vldend paying condition Of
every manufacturing, mining, and rail-
road enterprise in which we are To-
terested.
These losses and distresses, in NY
opinion, are produced by two principal
causes: one the wanton and unconstitu-
other the disturbance OF the Republi-
can tariff, and of these I regard the
demonstration of silver as more serious
and far.reaching in It's evil effects upon
the interests Of the United States; for 1t
Is plain that, SO long as uncoined silver
is unequal to uncoined gold at the
mints, the difference against the silver
operates as tariff-reducer upon all
imports from silver countries, which
countries now include three fourths OF
the worlds population. AS bar-silver
is now worth little more than fifty cents
on the dollar in the United States, a
tariff OF one hundred per cent. upon
the threatened food of cotton, wheat,
and other products and manufactures
OF India. China, Japan, etc, would only
bring the United States up TO an alb
solutely free trade basis with these
countries.
The wage question, cost Of living, etc,
as between these com petitors and our
working classes, presents 80 startling q
contrast that we almost lose our heart
when we come to realize that our
railroads, cotton and WOODEN mills, and
hundreds Of other manufacturing enter
prises are rapidly being duplicated in
all Oriental and South American coun-
sries Our cotton and wheat fields are
soon to be outnumbered, our reaping
and threshing machines and other helps
to cheaper agricultural products all
availed OF by q class of labor teachsble.
economical, docile, untiring, and con-
tented with eight to fifteen cents day
wages, and that payable in silver, pur-
chased in America and Europe at fifty
cents on the dollar.
To this lamentablo condition we have
been subjected by the characterization Of
silver mainly. and 1, for one, see no
escape (if we fail to restore silver to It's
position) from the inevitable
of wages and prices in due
~ hot he
en-. awakening hordes of India and
China and the free and hitherto COM
Portable and enlightened citizens of
civilized nations.
How can 1t be otherwise than that
our country, being chained by golden
chain, will be depressed and ruined.
and those other countries, silver coun-
tries, who compete with US, will be ex-
allied?
At any rate, we will need both meas
ures; and our manufacturing friends
should at once make up their minds to
Join hands with those true friends of our
country, and OF the world. who are now
battling, amidst such fearful odds.
against the heresies of those who are,
with nearly all the press Of the nation
and with the power Of ell the gold in
terests in this country and Europe,
striving to fssten upon the enterprises
and labor and producing interests OF
this nation the most degrading and de-
structive principles Of recommendation.
The gentlemen who compose your
Club are, am we'll aware, bright and
intelligent men, and believe they will