Cherry's Reply To Morton

DENVER, May 9.- James A. Cherry, to whom Secrerary Morton wrote a letter on the süver question, has replied: He says: "You have not helped me, Mr. Morton, as I had hoped. You do not make it olear that values cannot be affected by legislation. You put silver wlth salt, sugar and soap end said the 'axiom applied to all alike; that not one of them could be affected by legislation.' It has seerned to me that legislation could affect values locally and generally. Did the f all of silver f rom 1873 to 1893 cause the legislation of 1873? You ask what sent silver down in 1893 to 84 cents an ounee. Surely that faü on its value was not the cause of leglslatiqn that preoeded it. "It was the effect of it. Take the case of India again. Legislation stopped the further coinage of silver, taking thereby a part of the oíd demand and use of silver away, aud its lall was flashed over the wires to the wounded producers and debtors of the world as instantly as thunder follows lightning. In that case we cannot get the cause and effect turned around. The fall was the effect - the 'logical and historical' effect. You suggest 'that it may have been the 'legal recognition of existing f acts.' That is exactly what it was. Just as 'legal recognition of existing facts' (if I clearly understand your meaning) caused the fall of silver to 84 cents. "Again, the senate of the United States passed a bilí in 1891 which provided for the free coinage of silver in this country. It was believed that the bill would pass the house and probably be signed by President Harrison and become a law. Silver jumped within a week froic 94 cents an ounce to 117 cents an ounce. The rise, rememtar, was not confined to this country; it made a corresponding jump in Europe. We cannot get confused over the proper place to put 'cause and effect' in this instance. "Make silver money, give it all its old uses and there wiü be a demand for it. And what a demand! How men would work and sweat and risk for it, and what joy aid good it would bring the world. ! You coin it, Mr. Morton, and give it these uses, and I will furnish the demand. Everything is now measured in gold, and that famous yardstick of yours and Mr. Carlisle is getting too long. The producer don't gefc good measure for nis products, the debtor fails before such a measure, and the laborer cannot live when bis .abor is measured by it. "And the stick is growing and the desoatiou keeping up with it. The silver countries, on account of gold appreciation, are commencing to do all of their own manulacturing. With the loss of our inanufacturing supremacy, our commercial supremacy is in danger. These 'acts, when thev are understood, are likoy to cause a financial revolution, unless t is made olear the t it is not due to a mistuku in our linanc-uil legislation. Send more lighc."