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And if labor is continually increasing its power of producing all products except gold, as shown by Doctor Robert Giffen,

Then it is obviously unfair and dangerous to make gold alone the metallic basis of our currency.

If President Cleveland was right when he said, “I hope a way will present itself in the near future for the adjustment of our monetary affairs in such a comprehensive and conservative manner as will afford to silver its proper place in our currency," then I may reasonably ask all reasonable monometallists and all reasonable bimetallists fairly to consider the plan I have proposed, for I claim that it is precisely what the President hoped for.

I am not now debating any question regarding debts already contracted. My plan refers only to providing a currency on a just and safe basis for contracts to be made after the passage of the act.

Safety and equity lie in wedding the two metals together as in that clever ar

1 See Appendix, page 88. ? See Appendix, page 79.

What the President Hoped For. 75

rangement of the brass pendulum supporting glass tubes containing quicksilver. Increase of heat lengthens the brass arın, and at the same time raises the quicksilver so that the centre of weight in the pendulum is maintained at a constant distance from the point of suspension.

Both our great political parties at their conventions have declared, in the most distinct manner, in favor of preserving the parity of gold and silver, and using both metals together in our currency.

The President and the Secretary of the Treasury and both Houses of Congress have all most distinctly committed themselves to this policy.

The only difficulty is to find some plan to accomplish this in an honest, safe, and permanent way. Such a plan I have endeavored to set forth in my first Letter on Joint-Metallism.?

Anson PHELPS STOKES. NEW YORK, April 26, 1894.

" See Appendix, page 84.
? See page 5. See also page 121.

EDITORIAL ARTICLE IN THE Evening

Post OF APRIL 17th, 1894.

It was most unfortunate that so many people here at the North believed that the victory of sound currency was completely won when the Sherman law was repealed. The truth was that it left untouched in a large part of the country the great delusions out of which the Sherman law sprang and which it was intended to satisfy. Its repeal was simply a surrender to stern necessity. There was no money in the Treasury to continue the purchases for which it provided. Foremost among these delusions was the belief that the Government can raise or lower the standard of value; that it is its duty to supply money to the people, and that the bankers and others who refuse to lend it without security are selfish and designing persons, who ought to be taxed into good behavior.

The first duty of intelligent men, when the struggle of last fall was over, was, it seems to us, to engage heart and soul in the great work of public instruction as to the nature and functions of money, and to abstain rigidly, for a while at least, from any words or acts which would be likely to aggravate the prevailing popular errors on this subject-errors more threatening probably to the immediate economical future of the country than any with which we have ever had to contend since the foundation of the government. The appearance of the currency in the political arena was the greatest misfortune which has befallen the nation except the civil war.

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