[32] This is the draft of a letter doubtless emanating from Mr. Tilden, as it is in the handwriting of one of his secretaries. GROVER CLEVELAND TO S. J. RANDALL "NEW YORK, _February 9, 1885_. "MY DEAR SIR,--I have received your letter containing a copy of an amendment in relation to the coinage of silver, which it is proposed should be inserted in a bill now pending in Congress, and asking my judgment upon the subject. "I have some delicacy in saying a word that may be construed by anybody as interfering with the legislation of the present Congress. But so grave do I deem the public emergency that I am willing as a private citizen to say that I think some legislation of the character suggested is eminently desirable. Very respectfully yours, "GROVER CLEVELAND." DRAFT OF A LETTER TO THE HONORABLE HUGH MCCULLOCH, SECRETARY OF THE TREASURY "GREYSTONE, YONKERS, N. Y., _February 11, 1885_. "DEAR MR. MCCULLOCH,--I am much obliged for the kind attention you gave to my inquiries. I have been delayed in writing to you my acknowledgments, from the lack of leisure to add some observations which I desired to make. And if compelled to differ with you in any respect, I need not say that it is with a high and respectful appreciation of your opinions and abilities in finance. "I agree that a currency strictly limited in amount so as not to exceed, but rather to be less, than the effective demand for necessary public use, may be kept in circulation at a rate higher than its intrinsic value. But that is true only on very stringent conditions. "As to making a market for silver coin by withdrawing bank-notes and treasury notes of less denomination than five dollars--and ultimately of less denomination than ten dollars--there are grave difficulties. In your letter it is remarked: "'You say that fifty millions of silver is about all that the country can absorb. This is true; and it is true simply because we keep in circulation upwards of fifty millions of one and two dollar notes. If these notes were withdrawn, their place would immediately be filled with silver and gold. If the five-dollar notes were also retired, all of the silver dollars now in the Treasury vaults would be in circulation, as they ought to be. On this point, permit me to call your attention to page 34 of my report. I wish you could see your way clear to use your great influence in favor of the retiring of the one and two dollar United States notes, to be followed in due time by the retirement of all notes below ten dollars.'