Middletown transcript., 1898-02-12

1.-THE NEED AND DUTY OF THE
HOUR.o
Last week Senator George Gray in
the opinion Of many of his political and
personal friends cast vote for the
Teller resolution which indicates that
he will surrender to the free coinage Of
silver ideas of his party in order to save
his seat in the Senate to himself.
Others think that ex-Ambassador
Bayard took advantage of the situation,
and threw down the gloves to Senator
Gray, as it were, by the following letter
inserted in ''Every Evening"
Editor Every Evening: In your is
sue Of to-day I read your grave and cor
rect proclamation of "The Need and
Duty Of the Hour" to which find my
name appended, together with those of
large number Of my worthy and re
spected fellow-citizens.
Although this gave me my first
knowledge of the paper in question, yet
1 share much of the general views ex-
pressed, and am not disposed to with
hold my approval. But, in my opinion,
it lacks essential point and finally, be-
cause it does not indicate to me the
true cause of present depression and
want OF confidence in the public mind
which SO paralyzes business enterprise
and casts the shadow of. uncertainty
and distrust over all industrial opera
tiOns.
It is manifestly the uncertain condi-
ton of the currency of the country,
the relations of Congress thereto, and
the threat, scarcely yelled in its Ian
guage, and boldly avowed by many OF
the advocates of the 'Teller" resolu-
tion, of the right of Congress 70 at will
substitute silver for the gold standard
and measure of value for all contracts.
1t is this threat which casts its bale
full shadow over all business transac-
tions, prevents daily labor from secur-
ing its just reward, and impairs thai
sense of settled security which is the
very bedrock of every honest human
effort to advance civilization-and this
depressing and distressful condition OF
affairs will continue until the sober Sec
ond thought of an honest nation-in-
structed by an intelligent reflection
and guided by an instructive sense OF
self reservation-shall lead them las
they willy to reject positively and fin
ally the counsels of wild and passionate
| ignorance and misinformed ambition,
which if they prevailed could only end
in anarchy and wide spread misery.
Congress cannot too soon or too
clearly comprehend the profound inn
portance Of this issue, upon which
every citizen must take and maintain
a responsibility that cannot be escaped.
While lam glad to attest my belief in
the existence of those solid and excel
lent qualities your paper attributes TO
this community in which my life has
been passed, and where expect it to
close, yet 1 want my fellow-citizens to
look the truth in the face-to declare il
| openly. and to stand by it persistently.
And the truth is that to Congress was
delegated the power to "coin money,
and "regulate the value thereof" But
not to create the value thereof; but to
regulate the value Of our own coins
and of foreign coins as we'll. To "create
values" is not political or govern
mental power-to attempt to delegate
it would be impious and absurd-and
all such efforts would prove as futile as
history everywhere has proven them to
be. The illusions of alchemy are not
better attested than the illusions which
have led to the attempts to advance the
commercial value of silver for the. past
20 years by Congressional legislation,
in the face of which it has steadily de-
clined.
In my judgment, "the need aud duty
Of the hour" therefore, is to cause this
simple, essential, historical truth to be
clearly comprehended by our country
men in every occupation and walk of
life-and the profound Importance to
happiness and welfare Of each individ-
ual to have such question calmly and
clearly comprehended and passed above
the heats and passions of personal or
patty ambition and to entrust it to the
conscience, courage and self-respect of
our fellow-countrymen; and this will
be true test Of the wisdom and capac-
tiles of popular self-government.
II. f. BAYARD.