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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 soft/. 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 “Mew Pork 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 dangerous point, has naturally caused distrust and depression of trade. The known debts of the world amount to more than eight times the total amount of gold in the world. To incur a debt that must be paid on a gold basis is to sell gold short when the short interest is known to be eight times as great as the total amount of the stock in existence. Large owners of money prefer to keep it in banks or trust companies at 2 per cent. or less interest rather than to use it in the production or purchase of goods or property which must decline in value as the purchasing power of money, based on gold alone, increases. Money is hoarded and enterprise halts, trade languishes, laborers are unemployed, incomes are reduced, and times are hard. The following plan' for joint-metallism would enable both the precious metals to be safely used together, without frequent recoinings and without danger of one metal driving out the other, and would afford an honest, adequate, self-regulating,

[graphic]

and permanent basis of currency : * See page 121.

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