Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-02-11
LET THEM WORK TOGETHER.

The newspaper organs OF the capitalists
who, for their own personal gain, would
like to see silver practically driven from
its place by the side Of gold, and the
latter metal made the sole standard OF
values in the United States, have had
the same sort of time in trying to con-
vince the people OF the South and West
OF the reasonableness of their course as
the monkey and parrot had during the
progress OF their traditional love feast.
The theory OF gold basis has been
taught in many OF the colleges OF Europe
as an exact science, while history clearly
shows that the experience OF all countries
has refuted the theory. The entire fabric
is based on most stupendous lie, to-wit:
that gold has fixed and stable char
acter, and is the exact measurer OF
values; and this lie has been per-
sistently put forth in spite Of the
fact that gold has fuctuated in value like
any other commodity. from time to time,
since its first discovery. We need not
go beyond the experience of one day in
this country for full and complete
refutation of the lie.
On Black Friday, in New York, this
stable and fixed measurer of values
careered upward and downward between
twenty-five and sixty per cent al
ternately. The gold basis is and always
has been fiction, and all legislation to
reach a gold basis is delusion and u
snare. The money-mongers and usurers
of Change alley, in England, as long ago
as 1874, were desirous of increasing the
purchasing power OF their money, and
matured scheme looking to contrac-
tion OF the circulating currency of Eng
land, which they called placing the
Bank Of England on sound basis.
This scheme was embodied in the bank
restriction act of Sir Robert Peel, passed
in 1884. 1t gave to the bank new char.
ter, and prohibited it from issuing any
bank notes unless it actually held in
specie, five per cent. of which only to be
in silver, sum equal to the amount Of
the notes, except that it might issue
fourteen million pounds based upon its
other resources and securities. As was
intended by the money clique, the imme.
diate effect Of this restriction was the
withdrawal of bank notes and discount
facilities, an enormous contraction OF the
circulating life-blood OF business, none,
was enhanced in its purchasing power
and the value OF labor and its fruits re-
duced. So great was the financial ant
social embarrassment that ensued, thai
within three years the exchequer of Eng
land had to authorize the bank to disre
gard the restriction clause of their charter
whereupon the contraction and with
drawal OF discounts ceased, confidence
was restored and business again flour
ished. Thus it is seen that within three
years the so-cGlled sound basis broke
down OF its own weight.
Any proposed legislation in the line o
debasing silver will never receive the
sanction OF the South and West. Those
sections of the country recognize the fact
that our money supply is even now toe
small, and they will be found unalterabl,
opposed to hostile legislation against sill
yer, because back OF it simply lies con
traction ofthe currency. When money ha,
been plentiful, the country has always
been prosperous, and the volume of cir
culation has been contracted only to bt
followed by bankruptcy and distress al
over the Union.
Let the silver dollar continue in it
place by the side OF gold, where it of righ
belongs, and let the two-metals work to
gether as basis for our supply of tina
which will serve as standard measur,
OF account and medium of exchange.