The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-02-27

unlu1I TeacleQ Jne lever or Its market
value measured by gold, and the laborer
would receive his pay in deprecated
money, while the capitalist would stipu-
late for gold. Then we should hear the
cry for the redemption of the standard
dollar in gold, and rightly hear it, be-
cause we had provided that it was to be
gold coin. 1t W as to the true interest
of all classes to maintain the ciroula-
ton of both metals, but this must be
done on basis according, as nearly as
possible, with their relative market
values. That alone constituted BIZ
metalism, Any demoneuZing of
either metal would be wide
reaching calamity. Sherman's idea
of remedy for the threatened evil
would be: Either, first, by an inter
national agreement to maintain the free
coinage of silver and fix its rates; or,
second, by suspending the coinage of
silver until demanded by the wants of
business; or, third, by the adoption of
the American bi-metallic policy of free
coinage of silver and gold according to
their market value. The Senate com
mittee on finance did not seem pre-
pared, Sherman said, to adopt so broad
an economic policy, and so he would
support the pending bill, but his own
idea was boldly to proclaim the pur-
pose of the United States to maintain
bi-metallic money, even if we stood
alone. among the nations of the
earth. We were better able to
establish such a fiscal policy than any
other nation, but the policy in
dicated was perhaps, in advance
of the sentiment of the country; and
4 IA
be content to deal with proposition
that gave US some safeguard against
what he regarded as a great threatened
eviEthe demonstration and boarding
of gold. Sherman approved the idea of
endavoring to secure an international
agreement as to the rates of value be-
tween silver and gold; but had not
much faith that that agreement could be
reached.
Beck read from report of ex-Secre-
larry Folger, to controyert the position
assumed by Sherman on the trade
dollar. AS to the suspension of the
silver coinage, Beck said that we should
not, in the last hours of this Congress,
attempt to strike down silver. Neither
should we give any President power,
in his discretion, to strike down
the coin of the country. He (Beck)
would give that power to no President,
no matter how much confidence he
might have in him. He would as lief
give the President the right to declare
war. He was glad to be able to say
there was no danger that any President
would get such power, for elsewhere, in
a body that had power, an attempt had
been made, this very day, to give a
| President such { mower and IT had
miserably failed.
Hill maintained that the time when
gold would be in demand for export was
/ indefinitely remote. Silver was to-day
the exclusive money of a large ma
lority of the people of the world. Hill
criticised the position of Sherman,
Morrill, and Bayard on the silver ques-
ton; also the attitude assumed by the
finance committee of the Senate.
Hill insisted that it was ill-adyised to
attempt to dispose of such an important
measure in the closing hours of the SEES
sion, measure that would so seriously
affect the volume of currency. With no
disposition to impugn the motives of
the Senators, he could not refrain from
calling attention to the fact that the late
period in the session at which the bill
was introduced was calculated to favor
a plan that may have been formed in
certain quarters to secure snap judy
ment in Congress and sound 4 false
alarm through the country to the
respect to the withdrawal of gold from
circulation by. boarding, Hill said, it is
not impossible that it might be brought
about to some extent, If the banking
classes should combine as unit, and
investigate others who are under their
influence to cooperate with them, but
the bankers, as body. have too
much prudence and are know too well
how large a share they must themselves
bear of any calamity falling upon the
business interests of the country, to be
concerned in getting up a panic in res
pect to the approaching premium on
gold. They may menace such panic
as means of procuring repeal of the
silver dollar law, but their good sense
will restrain them from actually at
tempting to carry such menace into
execution. The premium upon gold
would result in taking 500, 5000 OF it
out of circulation This, at per cent.
would result in a loss of interest to
bankers or individuals of $50, 500, 600 an
nually. In any event, if the gold now
in circulation is expelled, in whatever
way may be deemed, the money remain
ing in circulation, which will then con-
sist of silver and paper repre-
senting silver, must increase largely
in value and the purchasing
power, because the total volumes in
circulation will have been largely re-
duced. 1t has not enhanced the prices
of commodities, which we shall then see,
but the prices are lowered, and to such
degree that gold would flow here from
all parts of the world.
Coke said the suspension of the silver
coinage would itself be a contraction of
$50 600, 900 a year in our currency.
Coke believed, as much as any man,
in the good sense and wisdom of the
President elect, and it was no disparage-
ment to that gentleman for Coke to say
that he Coke would not consent that
Congress should abdicate its just powers
and turn them over to the discretion of
President, besides it would be unjust
for Congress to burden the Executive
with the duties and responsibilities be-
longing to Congress.
This closed the silver debate for the
day and, without action, the matter
went over.
Considerable confusion then occurred
and several Senators sought recogni.
| ton.