The people's journal. (Pickens, S.C.) 1891-1903, 1896-04-09
THE VIEWS OF A GREAT MAN.
The Silver Question Stated I'm Plain
Language by Alex. III. Stephens.

, | the first election or Mr.. Cleveland, anC
when all Democrats were supposed tt
Q be unanimous in conforming tn crime
Of 1873, for which the Republicans
were responsible originally. No matter
what one believes now as to the silver
question this letter from the great com
.. moner Of Georgia will prove interesting
nd'proftable reading
WASHINGTON, D. c., Jan. 26, 1882.
Mr.. II. ID. Barrows, Los Angles, Cal.
My dear Sir Your letter of the
18th instant with enclosed slips was
received this evening. The subject is
one of tho gravest that now occupies
the attention of Congress and the
thinking mon throughout the United
States. The reason that silver bullion
has been deprecated since 1873 in this
country Is that Congress in February,
1873, struck silver from the lists of
money in tho United States. The
moment that this act of Congress was
| passed gold was made the only stan
dard of values in this country That
| was u great error and was attended
with infinite mischief in the United
| States.
In 1892 Mr.. Hamilton and the pa
| triotic statesman Of that day recognize
| ed in our coinage the bimetallic sys-
TEN Of money that is. he and they
recognized silver as money rs we'll as
| gold at tho ratio of about sixteen parts
Of silver as equivalent to one of gold.
| Under this regulation and coinage we
were prosperous in 1873. When silver
was deprived of its dcbt-paying power
rs an equivalent to gold ut the ratio
| stated, silver In the markets of the
| world was at premium over gold.
IL is useless to go 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
crnmcnt should now, as it ought to-.
rctracc its steps and provide for the
free coinage, of silver as. it does of
gold and make 4l2 1-2 grains of STAN
dard silver equivalent to 25 $40 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 function OF money and in this
country this equality in this function
at the ratio stated should be main
| tanned.
Tie dcbts and bonds of tho United
States provides for payment in gold or
silver coin vt the then standard value
1t was great wrong to the taxpayers
on whom rcsts the payment of the
public debts to strike silver from the
list OF money as was done in 1873. 1t
was thai blow which changed the
value Of the property Of tho United
States. More than half of the money
of the world at that time consisted Of
silver. Tho whole amount in the world
In 1913 was estimated at So, 900, 900, 600,
OF these ~ 800 900 we're silver and
$3, 5OO, ,O0O,0O0 were gold in round num-
bcrs. The rulnous consequences which
attended this bad act Of admins tration
were seen in the failures of mercantile
@fx~<.
more than half the public debt of the
United States within the last nine
years. Now, | am for the free coinage
OF silver bullion just as of gold. Gold
and silver should be put upon O. perfect
equality as of yore in the ratio of 16
!. This would not only add to the
value OF real estate and all sorts of
property in the United States, but it
| would greatly encourage and stimulate
the mining of silver in this country.
In my view all the gold and silver
should be coined 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 tho country, it 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 ordinary
business transactions extending to dis
tant places in the country, but we do
| want IL paper currency which is re.
dcemablc at tho will of the holder in
coin dollar for dollar. Bank bills
which arc so common in use are ONLY
promises to pay in coin and are often
issued in amounts of two and some
times to thrce for one of tho coin in
the vaults; but under the plar advo-
Gated by me the certificates would in
no case represent anything but dollar
for dollar.
[ haven't time to say moro to YOU
now. / will barely add that the pres
cnt depreciation Of silver bullion and
OF tho silver standard dollar arises
solely from the degradation Of silver
oy the act or Congress in 1873. Let
Congress declare, as it ought to, that
Az z grains OF standard silver is and
shall be equivalent to 25 $40 grains OF
gold In It's purchasing and debt paving
, power, and instantly silver will be or
, q par, II not above par, compared with
gold.
TO increase tho quality of silver IL
the present dollar 4l2 ID grains up tt
, $50 gr; g, to make it equivalent ii
, the prC.cnt current value of 25 8-1l
, grains OF gold would be a great wrons
, TO the laboring masses in the Uniol
, whose taxes have to meet the publ
debt; the holders Of the public deb
at the time they received the bond
= received them under the express
a stipulation that they were to be pai
= In United States coin, gold or silver
o at its then standard value, and a.
q that Is wanting to make gold and silve
n equal, 10 make Az IL grains of silve
"a equal in the markets of the world t.
d 70 $40 gold, is for Congress to pu
q silver back on the list of moneys Of tn
- United States as it was in 1873. l hav
q latcly made report to tho House O
Representatives upon our coinage, II
h. which urge not only the restoratio
v. OF silver to its dcbt-paying powor, bu
n also the adoption Of metric coinag
A. applicable alike TO gold and silver
3. will send you copy Of this in fey
~ days when it comes from the press.
M Yours truly,
70 ALEX. II. STEPHENS.
4 |