New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1903-06-05
RECANTs HIS VIEWS On SILVER.
A Former Advocate of the White Metal Sees
New Light.
To the Editor of The Tribune.

To the Editor of The Tribune.
Sir: Senator 5. Pue German and President Z
Benjamin Andrews OF Nebraska State University
have publicly recanted on the silver question In
this cause the names of Cardinal Gibbons and Car
dinal Satoll publicly used by me. ten years
ago. the names OF many Catholic bishops
and clergymen who wrote me congratulatory let
ters.
Therefore, I request that you. in the exercise or
your usual independent spirit ard courtesy VIII
grant me the privilege of making an apology FOR
my change OF views to those dgnitaries and to the
readers whom l addressed in my Essays in Peiiti-
cal Economy and in the public press Cardinal
Gibbons accepted with thanks the dedication or
my essays to him. Cardinal Satoln then Apos-
tolic delegate in the United States. wrote TO me
to Congratulate for It
There is no use in driving willing horse 20
death May hope, then. that ] may not be called
upon to retract all that have written? For me TO
do would not express in writing the cohVic-
tons and thoughts they are in my mind
do not take the Ground, in retracfion. taken by
Senator German and President Andrews Ihsy eh-
cuse their retraetion on the ground that the OUT
put Of gold has been greatly beyond what they
expected. | think that excuse is ridiculous For
assuming that bimetallsn was correct IN theory
then the enormous output OF gold would be so
much benefit. added to the benefits which theJ
claimed would result from bimetallisa.
Fer my part I no longer hold. as l did ten years
ago that the United States can oppose the whole
world and establish hirnetallism without the AID
or consent OF any other nation on eartn- II .
not merely an American question. II Is woria
question. II must be treated accorolhsS' VI -
cannot be treated inteligently
no longer hold that Is TO Is, or was, proper
ratio to select think the obstinate tnsistence on
that ratio monumental blurder ACCORDING
10 the arguments of those who insisted on tnat
particular ratio if 16 to l would keep up the
parity ftfully as steam raises the lid Of ket-
tie then fortiori ratio of 70. 50 or 50 te
wouo have steam. nydrauhc ana sleeLtc
power combined. assuming that the theory OF h-
TnetallisIn sound , 11.
part OF my property in Ireland TO pay for the
printing and advertising of my essays dedlcaleo
10 LarGnaI CiiDuous / still nold tHat "demonet.zd-
ton changed an into a liability. Thus as
slIunius the public debts of nations to have Deeia
$50 900 00G and the floating debt Sc zoe 0 600 there
silver IS 0Oo leaving $4,000 00l900 as the bal,
lance Of unsecured public debts But afterward
$50 ODoO0 1000: floating debts, paper, S5onVOUyp9
floating debts silver S. 900 100000 payable IN god)
total debts $40GO0G0G0)0, less the value OF silver
e eSttSn net Ss debts iI SIS 600 against which
the assets in cash or noney we're So.OVIoVtCo solu
leaving balance OF ss3 $50 9o9000 OF use &c red
public debts Of nations,
The men who have accomplished this are bank
spect having been employed in banking business
myself for many years. must CONFESS thSL az
operation which added Sc per cent to the public
debts of nations without any visible value re-
ceived in return -,
in the cause of ''16 to against the world, Tor
which l even left the Republican party, TO when
I was then much attached think l am nov, noW en
less ouixotc in the manifestation of charity to my
fellow men and 10 seek rather by amicable means
and reaeogahe discussion &c coRcoRAN
Brooklyn, May q. 1903.