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14 TU C EAOLE: W KD.NKSDA V, Jl'LY 29. I.V.H.. v Jl. h.Jj..! iri- TOfv.i I'm. Alexander 1'. 8tenhnn( on the ! Bruil'.ng of S.Ivor. lion. Alexander II. iStephens, c Georgia, was a statesman whose view on all subjects were universally re spected, even by his political oppo nonts. He died before the present ;'. ver agitation, but when he was in con gress ho wrote a letter to a gentleman in California answering several in quiries on the question. The letter was dated January 26, 1882, and has but recently been given to the public by the Atlanta Constitution. In speak ing of the silver question Mr. Stephens said: "The subject is one of the gravest that now occupies the attention of con gress and the thinking men through out the United States. The reason that silver bullion has been depreci ated since 1873 in this country is that congreso in February, 1873, struck sil ver from the lints of money of tho United States. Tho moment that this net of congress was passed gold was made the only standard of values in this country. That was a great error and was attended with infinite mischief in tho United Jtatas. "In 1792 Mr. Hamilton .n i tho patri otic statesmen of that day recognized in our coinage tho bimetallic system of money; that is, ho and they recognized (iilver as money as well as gold at tho ratio of about 10 parts of silver as equivalent to one of gold. Under this regulation and coinage we were pros perous in 1873. When nil ver was de prived of its debt-paying power as an equivalent to gold at tlio ratio stated, silver in the markets of tho world was at a premium over gold. It is useless to go into reasons why this change was adopted in our system or by what unseen hands it was eilestcd. The true policy of this country is to return to tho system of our fathers. If the government should now, as it ought to, retrace its steps and provide for the free coinage of silver, us it does of gold, and make 412JÍ grains of stand ard silver equivalent to 23 8-10 grains of gold then silver would immediately re turn to its original dignity in the mar kets of the world in purchasing and debt-paying power. This is the real function of money and i.i this country this equality in this function at the ratio stated should be maintained. "The debts and bonds of the United States provided for payment in gold or silver coin at tho then standard value; it was a great wrong to the taxpayers, on whom rests the payment of the public dbt, to strike silver from tho list of money as was done in 1873. It was that blow which changed tho values of tho property u the United Slates. Moro than half of tho money of tho world was at that timo silver. Tho whole amount in tho world in 1873 was estimated at $8, 030,00.), (MU; of these 4,500, 000,000 were silver nnd $3,500,000, 000 were gold in round numbers. Tho ruinous consequences which attended this bad act of administration were seen in tho failures of mercantile houses and business men, nmountln? to mon than half tho public debt of lie! l'..ued Slat w'tMn tho l....t nine i uui ivr Liie free cuiiia., i i..lver bullion just i:s of gold. Gold ::d silver should 1 e put upon a per :et equality as of yore la the ratio of it! to 1. This would not only add to 'ho value of real estato and all sorti f 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 that can be produced to our mints should be coined alike. The coin should be kept in tho vaults of the treasury and certificates of it given in all cases where certificates are pre ferred. These coin certificates r.houl l be the currency of the country; it would be the lest in the world. In this ago we do not wish to burden with the weight of either gold or silver in ordinary business transactions, extend ing to distant places in the country, but we do want a paper currency which is redeemallo at tho will of tho holder in coin, dollar for doll r. Bank bills which aro so common in so aro only promises to pay in coin and aro often issued in amounts of two and sometimes to three for one of coin in the vaults; but under the plan advo cated by me the certificates would in no case represent anything but dollar for dollar." Mr. Stephens further said "that tho present depreciation of silver bulli. in and of the silver standard dollar irises solely from tho degradation of r.ilver hy act of congress i.i 1873. Li t e in gress declare, as itou"ht to, that 412'.? grains of standard silver is un I i.hal! ho equivalent t: 25 8-10 grains of gold 'n its purchasing and debt-payin power and instantly silver will ! eon n par, if not above par, compared with gold. "To increase tho quantity of silver in tho present dollar of 412JÍ grain i',, i 480 grains, to make it equivalent to '.io present current value of 25 S 10 trains of gold, would bo a great wro;-. j :.) the laboring masse i:i tho n.iiii .vhose taxsi have to meet the puV.i" 'ub: tho holder i of tho ptndio dobt nt o time they received the bon.b iv :oived them under tho express s'ip-.il i iion that they were to bo paid in United Slates coin, gold or : i'.ver, at it - then standard v::hu, mid nil that i wanting to ma!:c .gol I an I : ilv.-r iq íal, to tnV.:o 412,'i grains of r,'.lver c; i l i i tho market') of l'a. world to 2" m- ) gold, i i for congress I.) put silver 1 aeU on the list of th i moneys of the United i-ilates as it was in l:7" .urly C20 an ounce, I....... l.iero.i .as a fl:;ed valuo fixed not by . . apply and demand law, of which I.... 'arli:le and the school of economist i which ho now belongs talk so inuc'i nd so eloquently but a price fixed Ly gislativo enactment It appears from ho paragraph that tho Bank of En l:.n I is being "forced" to buy this rold, although it hag more than it .ends now. , Jt is proposed to duplicate this le?- I. itiou in onp form or another in thh o- airy. . What tho banking ring ! oi !:i.ig towards i.i a national ban!: on 'in jdan of tho Dank of Englan 1, or in link of France, owned and com piled l.y a f.nv stockholders. The iti .n."-l links, when they get tho ox u. iv p-.v.'ile-re of Issuing paper . :-ey vill be consolidated, tho small .!i ".wa out and all tho immense iwlt ro:a Lined in a few hands. II. it monometallism must precedo i:. chorno. Freo coinago of ailw r dp i th i yo ;tern nilver minor, wo ar i 1'., b:it i. ono say3 a word aim--. ..v tie tanking act helps the''ii i tor nr how tho demonetization t .lver an;i ill retirement of greenback . .ovj had the samo effect Wo ask uomo of our gold-bug frioni1 and contemporaries to explain why . is right to forca the Dank of Englr .1 to buy gold at a fixed valuo, and Ur . country to coin it free, and wrong in extend tho same privileges to nil ver? Will it be claimed that the En-1- h banking act docs not give an artilii i .i valuo to gold? All that bimetallists ask is that ti i two metals bo placed on an equal it v before the law. Dut it is not tot' interests of the financial rings to t! ( so, and they have proven such ad ,i i in tho past at controlling tho power i that be, that unless the people awak -to their danger the future is full of dark clouds. Los Angeles Express. FIXED PniC : FOrt GOLD. How the Yellow .".i.'til I Miilntitlimil In Niimiir.it u.uo Hero is an item clipped from T.rad street's to which wa call tho utteuid m of the advocates of g ild nvmoinot ' li .m and the opponents of bi:iiotall;-i . "Unemployed deposits in b ink, ii! . i tho gold in tin link of Eaglan I, c 1 1 tinuo excessive, and seem likely to d mi while quiet trade and low prices all for so littlo money. - Gold galh.-n Víanse the bank act binds tho bank l.uy all fino gol i offered at 3, 17. I. an ounce." IT itice that, "the ink act" binds l ': 1 1 br." y,'. .r,,: .; (í;.v.i r What Stiver Ailvwatei Want. No ono advocates what tho president calls "a blind and headlong plunge 1 1 free Coinaga" Silver men ask for i enlightened and steady return to rem bimetallism, believing that when th, causo of tho fall in the price of silve. which more correctly speaking is r-i appreciation in tho price of gold i i f illy removed, the effect will also 1 o remedied, i Let silver bo remonetizc I mid its market price will advance till it reaches its coin value. For, it is not li'.i.d that silver will bo sold i.i tin : iimrket for any price less than its vnlno at tho mints, if Its free, cosllosi I m l unlimited . coinago is assured. I '''Hero will then bo no talk of "cheap I money" nor of an "unstable stand j u I." Tho dollar will bo tho standard if vain,! whether it bo counted in silver I r in gold. Salt Lako Herald. I I No l.trailillluR. i The silver erazo is not dead, but it i k.uula to-dav as a nivot nnon wliicb Uio success or failuro of the two great national parties hinges. Open opposi tion, or oven a straddling plank in tho platform of either the republican or ienioeratic parlies will be sufficient to alienate tho silver slates of tho west .: I south from either party.