[ Autograph ] Grover Cleveland Fine content A.L.S. as President with initiated postscript, 3pp. 8vo., Buzzards Bay, Mass., July 22, 1896 to Commodore E. C. Benedict. In part: "...I am very much pleased to see that the banks are taking hold of the reserve matter in a patriotic way and moving in a direction that will lead to a better condition of confidence. Somehow I cannot yield to fright and my faith in the saving common sense of the people will not permit me to suppose that our finances are to be undermined I have ten or fifteen thousand dollars I would like to invest if I know where to put it...' The Republican and Democratic parties were desperately fighting over American economic policy, primarily over the "free silver" and "gold standard" questions. Banks were thrown into turmoil and a near panic set in, inevitably costing Cleveland his party's nomination Ex-Forbescollection. An important letter!