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

: wisdom or expectancy of a protective
system. Justice and fairness dictates
! that in aIT modification of our present
laws relating to revenue, the industries
: and interests which have been encouF-
aged by such laws, and in which oul
D lcitizens have large investments, should
: not be ruthlesSlY Injured or destroyed
f We should also deal with the subject
{ in such manner as TO protect the in
: terests of American labor, which is the
| capital of our working men. Its sta
! biiity and proper remuneration furnish
the most justitiable preteXtS for pro-
tective policy. Within these limita-
: tiOnS, certain reduction having been
4 determined the inquiry follows
where can it best be RENTED and what
i articles can best be released from duty
Y in the interest of our citizens? O.
| Think the reduction should be made
IN the revenue derived from a tax upon
the imported neceSSarieS of life. We
thus directly lessen the cost of living in
4 every family in the land and release to
the public in every humble home q
larger measure of the rewards OF in
dustry. ~ L.llT9qr
During the year ending Nov 1, 1885,
lone hundred and forty-tiVe ~
/ II NATIONAL BANKS,
( were organized, with an aggregate
capital of 16,93S, 600, and circulating
| notes have been issued TO them
amounting to 81, pa $40. The whole
number of these banks in existence on
the day above mentioned was =, 727.
! The very limited amount of ciculat-
| ing notes issued by our national banks,
compared with the amount the law
1 permits them to issue upon deposit of
| bonds for their redemption, indicates
| that the volume of our cirulating
medium may be largely increased
through hiS4nstrumentality Nothing
more important than the present con-
dition of our Ir
CURRENCY AND COINAGE
can claim your attention. Since Feb
ruary, 1873, the Government has, under
the compulsory provisions of law pur-
chased Silver bullion and coined the
same at the rate of more than s., 100000 |
every month. By this process, up to
the present date 215, 759, 431 silver
dollars have been coined j.
A reasonable appropriations of dele |
CATION OF power to the general Govern |
ment would limit its exercise without |
express restrictive words to the |
peoples needs and the requirements of !
the public welfare. Upon this theory |
the authority to coin money as given,
Congress by the Constitution, if it per- |
mitS the purchase by the Government |
of the bullion for coinage in any event |
does not justify such purchase and /
coinage TO an extent beyo nd the amount !
needed for sufficient circulating
medium. The desire to utilize the
silver product of the country should
not lead to misuse or the perVersion
of this power 500 slI.
The necessity for such an addition to
the silver currency of the nation as is
compelled by the silver coinage act is
by the fact thatsup to the
present time only about fifty millions
OF silver dollars so coined have actual
ly found their way into Circulation 4
leaving more than Sl6J, 000, 900 in pos
session OF the government,t the custody
OF which has entailed q considerable
expense for the construction of vaults !
tor It's deposit. Against this latter
amount there are outstanding silver
amounting to about S93.-
700, 900. Every month s., 200, 900 of gold
n the public treasury are paid out for
S2,OOO,OO or more of silver dollars, to !
De added TO the idle mass already ac-1
;umalated. Ii continued long enough q
his operation will result in the sub I
OF silver for all the gold the I
government owns, applicable to its |
general purposes. 1t will not do to I
rely upon the receipts of the govern
nent to make good this decline of c
gold, because the silver thus coined. c
Iaving been made legal tender for ali {
lebts and dues, public and private, at 6
lines during the last six months IS per o
'ent. OF the receipts for duties have Q
)een in silver or silver certificates. il
Vhlle the average within that period |
las been 20 percent. Il
The proportion of silver and its GER ID
lncateS received by the government u
viii probably increase as time goes on. el
or the reason that the nearer the Il
'eriod approaches when it viii be a.
bI.ged to offer silver in payment of "
Is obligations, the greater induce- II
1ent there will be to hoard gold fu
galnst depreciation in the value of fu
liver, or for the purpose of Speculat- a,
ne. This boarding of gold has already n,
egun. When the time comes that All N
ne gold has been withdrawn from q,
regulation, then Will be apparent the an
lherence between the real value of the M
liver dollars and dollar in gold, and NJ
he two coins will part company. aT r
Gold being still the standard of valne =,
nd necessary in our dealings with II
Their countries, will then be az a nre- 81
lum over silver. Banks which have n
Instituted gold for the deposits of a.
leir customers may pay them with no
LIVER bought with such god. thus 90
aking handsome profits. Rich spe- s an
llators will sell their boarded cold 81 81
their neighbors,9 who need it To- an
lnidate them foreign debts, at q ruin ~
is premium over silver, and the Ia "
BRING men and women Of the nnd. 20
e most defeRSeleSS of all, will find "
at the dollar received for the wages az
their toll has sadly shrunk In lis "a
releasing power. M f.. IN
L may be said that the latter rasuIt me
III be but temporary, and that ulti- IN 1n'
ateIy the price of labor will be adj Id
sted to the change; out even if this ma
kes place the wage-w worker cannot pre-
ssibly gain, but must Inevitably lose. eve
ice the price he is compelled To- nav de'
? mis- living, viii not ONLY be Su'
assured IN a coin heavily deprecated In
d fiuctuating and uncertain i'm it,. suG
luei but this Uncertaintyint the value ma
tae pure lasing medium will be made COZ
pretext for an advance in prices the
Fond that justified by actual depre- We
ton. - $50 che
The words uttered in 1894, by Daniel me
sDSter, IN the Senate of the Enited III