TOE DUTY OF THE MUGWUMP.
Mr. Bryan stands today for the same
fallacies in finance that he did when
Grover Cleveland wrote his celebrated
letter forcibly and trenchantly remind
ing the people of the disaster that would
surely come from their triumph. It is
quite fitting therefore , to reproduce at
this time , Mr. Cleveland's letter. The
dangers he warned the country against
then are just as imminent now. If to
follow his advice then was wise and
patriotic it is no less so today. This let
ter of Mr. Cleveland was written April
13 , 1895 , and is as follows :
Mr. Cleveland's Letter.
"The situation confronting us de-
mauds that those who appreciate the
importance of this subject and those
who ought to be the first to see the im
pending danger , should no longer re
main indifferent or over-confident.
"If the sound money sentiment abroad
in the land is to save us from mischief
and disaster , it must be crystallized and
combined and made immediately active.
It is dangerous to overlook the fact
that a vast number of our people , with
scant opportunity thus far to examine
the question in all its aspects , have
nevertheless been ingeniously pressed
with specious suggestions , which in this
time of misfortune and depression find
willing listeners , prepared to give cre
dence to any scheme which is plausi
bly presented as a remedy for their un
fortunate condition.
"What is now needed more than any
thing else is a plain and simple repre
sentation of the argument in favor of
sound money. In other words it is
a time for the American people to
reason together as members of a great
nation , which can promise them a con
tinuance of protection and safety only
so long as its solvency is unsuspected ,
its honor unsullied and the soundness
of its money unquestioned. These
things are ill-exchanged for the illusions
of a debased currency and groundless
hope of advantage to be gained by a dis
regard of our financial credit and com
mercial standing among the nations of
the world.
Farmer Buys as Well as Sells.
"If our people were isolated from all
others and if the question of our cur
rency could be treated without regard
to our relations to other countries , its
character would be a matter of com
paratively little importance. If the
American people were only concerned
in the maintenance of their physical
life among themselves they might re
turn to the old days of barter , and in
this primitive manner acquire from
each other the materials to supply the
wants of their existence. But if Amer
ican civilization were satisfied with
this , it would abjectly fail in its high
and noble mission.
"In these restless days the farmer is
tempted by the assurance that though
our currency may be debased , redund
ant and uncertain , such a situation will
improve the price of his products. Let
us , remind him that he must buy as
well as sell ; that his dreams of plenty
are shaded by the certainty that if the
price of the things he has to sell is
nominally enhanced , the cost of the
things he must buy will not remain
stationary ; that the better prices which
cheap money proclaims are unsubstan
tial and elusive and that even if they
were real and palpable he must neces
sarily be left far behind in the race for
their enjoyment.
"It ought not to be difficult to con
vince the wage-earner that if there
were benefits arising from a degenerat
ed currency they would reach him least
of all and last of all. In an unhealthy
stimulation of prices an increased cost
of all the needs of his home must long
be his portion , while he is at the same
time vexed with the vanishing visions
of increased wages and an easier lot.
The pages of history and experience
are full of this lesson.
"An insidious attempt is made to
create a prejudice against the advocates
of a safe and sound currency by the in
sinuation , more or less directly made ,
that they belong to financial and busi
ness classes , and are therefore not only
out of sympathy with the common people
ple of the land , but for selfish and
wicked purposes are willing to sacrifice
the interest of those outside their circle.
Line of Battle Clearly Drawn.
"I believe that capital and wealth ,
through combination and other means ,
sometimes gain an undue advantage ,
and it must be conceded that the main
tenance of a sound currency may , in a
sense , be invested with a greater or less
importance to individuals according to
their condition and circumstances. It
is , however , only adiffierence in degree ,
since it is utterly impossible that any
one in our broad land , rich or poor ,
whatever may be his occupation , and
whether dwelling in a center of finance
and commerce or in a remote corner of
our domain , can be really benefited by
a financial scheme not alike beneficial
to all our people , or that any one should
be excluded from a common and uni
versal interest in the safe character and
stable value of the currency of the
country.
"In our relation to this question we
are all in business , for we all buy and
sell ; so we all have to do with financial
operations , for we all earn money and
spend it. We cannot escape our inde
pendence. Merchants and dealers are
in nearly every neighborhood , and each
has its shops and manufactories
Wherever the wants of man exist , busi
ness and finance in some degree are
found , related in one direction to those
wants which they supply , and in another
to the more extensive business and
finance to which they are tributary.
"A fluctuation of prices at the sea
ward is known the same day or hour
n the remotest hamlet. The discredit
of depreciation in the financial centers
of any form of money in the hands of
; he people is the signal of immediate
oss everywhere. If reckless discon-
; ent and wild experiment should sweep
our currency from its safe support , the
most defenseless of all who 'suffer in
that time of distress and national dis
credit will be the poor , as they reckon
; he loss in their scanty support , and the
aborer or workingman as he sees the
money he has received for his toil
shrink and shrivel in his hand when he
tenders it for the necessaries to supply
the humble home.
"Disguise it as we may , the line of
battle is drawn between the forces of
safe currency and those of silver mono-
metalism.
"I will not believe that if our people
are afforded an intelligent opportunity
for sober second thought they will sanc
tion schemes that , however cloaked ,
mean disaster and confusion , nor that
; hey will consent , by undermining the
foundations of safe currency , to en
danger the beneficent character and
purposes of their goverment.
Yours very truly ,
"QROVER CLEVELAND. "
A More Recent Statement.
Replying to the letter of inquiry from
JohnS. Green of Louisville , Ky. , as to
the views he now holds relative to the
contents of the letter quoted above , Mr.
Cleveland under date of October 7,1900 ,
thus declared himself :
"I have received your letter inclosing
a copy of my letter written more than
five years ago to the business men of
Chicago. I had not seen it in a long
time , but it seems to me I could not
state the case better at this time if I
should try. I have not changed my
opinion as then expressed in the least. "
BRYANARCHY X-RAYED.
EDITOR CONSERVATIVE :
One of my serious objections to Bryan
is that he is a greenbaoker.
One objection to the greenback may
be made on the ground that it was the
very worst form in which to effect a
loan.
loan.Where
Where a greenback ( forced loan ) was
worth , at its worst , about 88 cents on
the dollar , a bond payable in coin was
worth much more. Had not the damag
ing greenback been issued , bonds would
never have fallen much below par.
Had the administration issued bonds
and sold them for coin , paid out the coin ,
or even a demand note non-legal ten
der these payments would have cir
culated and , at last , gone to money-cen-
ters , and into the hands of money-leu-
iZ-