What the President Hoped For. 75 rangement of the brass pendulum supporting glass tubes containing quicksilver. Increase of heat lengthens the brass arm, 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.1 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.2 ANSON PHELPS STOKES. NEW YORK, April 26, 1894. I See Appendix, page 84. APPENDIX. President CLEVELAND'S MESSAGE, MARCH 29, 1894. "If both gold and silver are to serve us as money, and if they together are to supply our people a safe and stable currency, the necessity of preserving this parity is obvious. "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." |