Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1885-12-09

offer
SILVER IN PAYMENT OF ITS OBLIGATIONS,
The greater the inducement there will be
to hoard gold against depreciation in
the value of silver, or for the purpose OF
speculation. This boarding of gold has
already begun. When the time comes
when the gold shall have been withdrawn
from circulation, then will be apparent
the difference between the real value OF
the silver dollar and a dollar in gold, and
the two coins will part company. Gold
being still the standard Of value and nee
essary in our dealings with other coun-
tries, will be at a premium over silver:
The banks which have substituted gold
for-the deposits Of their customers may
pay them with silver bought with such
gold, thus making handsome profit.
RICH SPECTATORS WILL SELL THEIR
HoARDED GOLD
To their neighbors who need it to liquidate
their foreign debts at ruinous premium
women OF the land, the most defenseless
of all, will find that the dollar received
for the wages OF their toll has sadly
shrunk in its purchasing power. 1t may
be said that the latter result will be but
temporary, and that ultimately the price
of labor will be adjusted to the change,
but even If this takes place the wage
maker cannot possibly gain, but must
inevitably lose, since the price he is COM
PEELED to pay for his living will not only
! be measured in coin heavily deprecated
| and fluctuating and uncertain in its value,
but this uncertainty in the value OF the
purchasing medium will be made the
pretext for
AN ADVANCE IN PRICES
Beyond that justified by actual deprecia-
ton.
The words uttered in 1884 by Daniel
Webster in the Senate of the United
States are true to-day: "The very man
of all others who has the deepest interest
in a sound currency, and who suffers
most by mischievous legislation in money
matters. is the man who earns his daily
bread, by his daily toll" The most dis
tinguished advocate OF b-metallism, dis
cussing our silver coinage, has lately writ
ten: mo American citizens hand has
yet felt the sensation OF cheapness either
in receiving or expanding the silver act
dollars, and those who live by labor or
legitimate trade never will feel that sem
sation OF cheapness, however plenty the
silver dollars may become. They will
not be distributed as gifts among the peo-
pie, and il the laboring man should re-
ceive four deprecated dollars where he
now receives but two, he will pay in the
deprecated coin more than double the
price he now pays for all the necessaries
and comforts OF life." Those who do not
fear any disastrous consequences arising
from
THE CONTINUED COMPULSORY COINAGE OF
SILVER,
AS now directed by law, and who suppose
that the addition to the currency Of the
country, intended as its result, will be a
public benefit, are reminded that history
demonstrates that the point is easily
reached in the attempt to float at the
same time two sorts OF money of different
ratios OF excellency, when the better will
cease to be in circulation. The boarding
of gold which has already taken place,
indicates that we shall not escape the
usual experience in such cases. So if
this silver coinage be continued we MAJ
reasonably expect that gold and its equiv
alent will abandon the field of circulation
to silver alone. This OF course must pro.
duce a severe contraction Of our circulat-
ing medium instead of adding to it. 1t
will not be disputed that any attempt on
the part OF the government to cause the
circulation OF
THE SILVER DOLLAR WORTH SO CENTS,
Side by side with gold dollars worth 100
cents, even with the limit that legislation
does not run contrary to the laws of trade,
to be successful, mnst be seconded BY the
confidence of the people that both coins
will retain the same purchasing power
and be interchangeable at will.
A special effort has been made by the
Secretary of the Treasury to put an
amount of our silver coin in circulation,
but the fact that large share of the lin
tied amount thus put out has soon return
ed to the public treasury in payment OF
duties, leads to the belief that the people
do not now desire to keep it in hand, and
this with the evident disposition to hoard
gold, gives rise to the suspicion that there
already exists lack of confidence among
the people touching our financial pro-
cesses. There is certainly
NOT ENOUGH SILVER NOW IN CIRCULATION
To cause nneasness, and the whole
amount coined and now on hand might
after time be absorbed by the people
without any apprehension, but it is the
ceaseless stream that threatens to over
flow the land which causes fear and I'M
certainty. What has been thus far sub
mitted upon this subject relates almost
entirely to a consideration of a home
nature, unconnected with the bearing
which the policies OF other nations have
upon the question, but it is perfectly an
parent that line OF action in regard to
our currency cannot wisely be settled
upon or persisted in without considering
the attitude on the subject of other
countries with whom we maintain inter
course through commerce, trade and
travel. An acknowledgment of the fact
is found in the act by virtue OF which our
silver is compulsory coined. 1t provides
that the President shall invite the govern
ments OF
THE COUNTRIES COMPOSING THE LATIN
UNION,
So called, and of such other European
nations as he may deem advisable. TO
Join the United States in a conference to
adopt common ratio between gold and
silver Tor the purpose of establishing in
ternationally the use OF bi-metallic money
and securing fxity OF relative value be-
tween these metals.
This conference absolutely failed, and
similar fate has awaited all subsequent
efforts in the same direction, and still wa
continue our coinage of silver at n ratio
different from that of any other nation
me most vital part of the silver coinage
act remains imperative and unexecutcd
ana without an ally or friend we battle
upon the silver field in an illogical nnd
losing contest. To give full effect TO the
design OF Congress on this subject have
made careful and earnest endeayor
since the lliournmant az tbn l., ~