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PREFACE TO FIRST EDITION.

The first of the following Letters on Joint-Metallism appeared intheiWzo York Times February 18, 1894. It was printed also in the New York Tribune on the following day, and in the New York World February 24, 1894.

The second Letter on Joint-Metallism appeared in the New York Times March 26, 1894, and in the New York Tribune April 17, 1894.

Editorial articles in the New York Evening Post March 30th and April 5th caused the third and fourth Letters on Joint-Metallism to be addressed to that paper.

Extracts from these Letters, not always fairly representing them, have appeared in various parts of the country, where among the typographical errors may be noted the word "vetoes" being printed "votes," "ratio" printed "ration," "economic" printed "economical," etc.

Numerous inquiries, some of them from those who have seen only part of the correspondence, and the request of Messrs. G. P. Putnam's Sons have led to the present publication.

The fifth Letter on Joint-Metallism was not addressed to any newspaper, as it has to be read in connection with the many facts, figures, and statements given in the Appendix.

In the Appendix, among other matters, it may be seen how the admissions of leading monometallists strongly favor Joint-Metallism.

President Cleveland said in his Message March, 29, 1894:

"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."

The design of these Letters is to point out such a way.

A. P. S.

Stokes Building, New York
April 26, 1894.

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JOINT-METALLISM.

• FIRST LETTER.

To the Editor of the "New York Times":

Sir: To make business generally prosperous, it is necessary to find a safe and honest plan by which both gold and silver, permanently and at their relative market values, may be made available as the metallic basis of currency.

For a long period of years the money of the world has been, in total value, about half gold and half silver. Recently some nations have demonetized silver, and other countries have attempted to maintain it at a ratio that did not regard the relative values of the two precious metals. This, at a time when the world's indebtedness has increased to a danger

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