The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1885-12-09

2 that history demonstrates that the
5 point is easily reached in the attemp
to float at%tbe same time two sorts o
5 money of different ratios of eXcellency
: when the better-Will- cease to be il
T circulation. The boarding of gold
which has already taken place, indi.
Gates that we shall not escape the
usual experience in such cases,
so If this silver coinage be continued
; We may reasonably expect that golC
and its equivalent will abandon the
field Of circulation to silver alone
This OF course must produce a severe
contraction of our circulating medium
instead of adding to it. 1t will not be
disputed that any attempt on the part
of the government TO cause the circu-
lation OF silver dollar worth Sc cents
side by side with gold dollars worth 100
cents, even within the limit of legisla-
ton, does not run contrary to the laws
OF trade. To be successful, it must be
seconded by the confidence of the
people that both coins will retain the
Same purchasing power and be inter-
/ changeable at will.
Special effort has been made bv the
/ Secretary of the Treasury to limit the
amount OF our Silyercoin in circulation;
put the fact that large share of the
limited amount thus put out has soon
returned TO the public treasury in nav
ment OF duties, leads to the belief that
the people do not now deSirestO keep
1t IN hand, and this, with the evident
| disposition to hoard gold gives rise to
the suspicion that there already exists
a lack OF confidence among the people
touching our financial processes.
mere is certainly not enough silver
now IN circulation to cause uneaSineSS,
and the whole amount coined and now
on hand might after time be absorbed
by the people without apprehension;
put 1t Is the ceaseleSS stream that
threatens to overflow the land. which
causes fear and uncertainty. What
mas thus far been submitted upon this
SUBJECT relates almost entirely to con-
slderations of a home nature, uccon-
nected with The bearing which the
policies OF other nations have upon the
question; but lit is perfectly apparenr
SnaC line OF action in regard 10 our
Currency cannot wisely be Settled m
on or persisted in without considering
the attitude on the subject of other
countries with whom we maintain in
tercCurse through commerce, trade and |
travel n lfl
An acknowledgment of this is found IN |
the act by virtue of which our silver is |
compulSorily coined It provides that |
the President shall invite the govern
ments OF the countries composing the l
Latin Union, so called, and of such |
otner european nations as he NAV
deem advisable to join the United States
IN "a conference to adopt a common
ratio between gold and silver for the
purpose of establishing interua-
tionally the use of bi.metalIic
money, and securin fxitv of
relative value between these metals.
THIS conference absolutely failed and
Slml ar fate has awaited all SUBSEQUENT
enorts In the same direction, and still
we continue our coinage of silver at al
ratio different from that of any other
nation. The most vital part OF the sill
yer coinage act remains imperative and
unext cuted; without an ally or friend
We battle upon the silver field in an IL
oglcal and losing contest To give full
effect to the design of Congress
IN this subject, 1 have made
careful and earnest endeavor
3!nce the adjournment of last Congress.
10 TINS end l delegated gentleman !
veil instructed in fiscal science, to pro-
ICED to the financial centres of Fnrope
md in conjunction with our ministers
2 England, France aud Germany TO OBJ
am full knowledge of the attitude. and
intent OF these governments respecting
he establishment of such international
'atlo as would procure the free coinage
II both metals at the minis of those
Countries and our own. By my direc-
ion our COnsul-General at Paris has
lven close attention to the proceedings
1 the Congress of the Latin Union. in
rider to indicate our interests in
IS objects and report its actions.
I may be said. In brief, as the result OF
heSe efforts, that the attitude of the
sadlng powers remains substantially
nehanged since the monetary confer
nee OF 1881, nor IS IL 70 be questioned
lat the views OF these governments
re In each instance separated by the
eight of public opinion. The stems
nus taken have, therefore. only more :
lily demonstrated the uselessness al. ,
lrther attempts at present to arrive AT
~ agreement on the subject with other 4
8lOns. In the meantime we are ac-
imulatlng silver coin, based upon oar
Sn peculiar ratio, to such an extent =.
10 assuming SO heavy burden 10 be 1.
'oYlded for in any international
sgotlatlonS as will render MS
undesirable party 10 any fu
re monetary conference OF the nations
IS significant fact that four of the
u: countries composing the Latir
mon mentloned IN our coinage act.
nbarrassed with their silver cuTrency
we Just completed an agreement
nong themselves that no more silver
al be coined by their governments z
ID that such as has IL eadv been =
med and Is IN circulation shall be re- -
emed IN gold By the country of its
image The resort 10 this expedient
these countries may well arrest the D,
tention OF those who suppose that we
n succeed without a shock or injury -
the attempt to circulate upon its
'rits all the silver We may coin under
2 provisions OF our silver coinage AT
Re condition in which our treasury
" be placed by a persistence in our
esent course Is matter of cencern. 10
cry patriotic citizen, who does NOT r
SIRE ms government to pay i'm silver 4
IN OF Its obligations as should be maid I
gold, nor should our conditions ne
Ia as 10 obliSe us in prudent
nagement of our affairs to dis.
lonue the ceiling inland payment OF
interest bearii OBLIGATIONS which
have the right now 70 div
irge, and thus avoid the paw
Mt OF fRrther interest thereon no
le So-called debtor class for 1-hcso