Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-01-30
The Silver Question.

I
silver question is the question OF thu
hour:
To the National Bi-Metallic Coinage Asso
ciatiOn-
GENTLEMEN: Your Committee OF
Resolutions submit the following:
Gold and silver have been used al
money from the earliest ages. The ratio
of coinage between the two metals ha!
| not substantially changed in 1000 years
and when change has occurred, it ha'
been the result of legislation and but o1
temporary continuance. History proves
that gold and silver combined have beer
sufficient as basis of value for the Worle
through all the ages, and that either
metal alone has not been enough tor the
uses of labor and commerce the demone
tization of either metal has invariably
proved disastrous to the people OF every
nation that has attempted the expert
ment.
Gold and silver derive their value from
natural causes-the qualities OF ofindestruc
tibility, freedom from rust, decay, OF
chemical change, and divisibility into
exact parts. Nature produces them only
in limited quantity, and the utilization OF
such production is made at large expense
of discovery, extraction, separation from
extraneous substances and reduction in
to convenient bullion form. It is well
established that the worlds production
of gold and silver has not kept pace with
the increase of population. The smaller
production of gold makes it convent
ence as the higher expression of value
the larger production of silver proclaims
its universally and its necessity in the
smaller transactions of labor and COM
merce. In nature they are found COM
bined. Since the beginning of commerce
and exchange among nations, their use
has been combined and inseparable
gold as higher expression of value for
convenience OF boarding and storing to
the rich; silver as necessity in the wage
of the laborer and the daily purchase of
the poor.
The withdrawal of the one metal,
wholly or partially, must proportionally
increase the value of the other, and en-
hance its purchasing power, thus inevita-
bly, depreciating the value of the thing
purchased, whether it be labor, the pro-
duct of labor, or the product of the soil.
Our Revolutionary War at its conclu-
sion left us nation without credit either
at home or abroad. The army was un-
paid and the credit of the country abso-
lutely valueless. A metal dollar which
consisted of silver (because gold was al
most unknown) had its value regulated
by the laws of the several States. Wash
ington had two great objects in view: the
first, to unite in National Government
the States and the second, to provide a
policy by which the credit of the young
Republic (the first which had come into
existence for 5000 years. should be equal
to the credit of any other government on
the face of the earth. To this end he
sought the views of Thomas Jefferson,
the author of our Declaration of Indepen-
dence; of James Madison, the father of
our Constitution of Alexander Hamilton,
who had been his constant aid and coun-
sellor during the revolutionary period
and of other true and tried men with
whom Washington, with rare sagacity,
had surrounded himself.
These were the main objects that in
spired the adoption of the Federal Consti-
tuition.
In 1892. among the first acts passed by
Congress was one Establishing the mint
and regulating the coins of the United
States," providing for the coinage of gold
and silver bullion upon precisely the
same terms, viz: "Section IA. That it
shall be lawful for any person or persons
to bring to the said mint gold and silver
bullion in order to their being coined,
and that the bullion SO brought shall be
there assayed and coined as speedily as
may be hereafter receipt thereof, and that
free of expense to the person or persons
by whom the same shall have been
brought" Thus carefully did our fathers
provide in accordance with wise deduc-
tions from history and the experience of
all nations, for the equal and free coinage
of gold and silver alike. Thus did the
several States grant to Congress the
power sto coin money and regulate the
value thereof" 1t was direct trust,
and Congress, under the grant SO made,
cannot refuse to execute the trust; and if
it does, the trust SO created, according to
all principles of law, becomes barren and
reverts to the original grantors, the
States.
Under this wise system of finance,
which provided for the nation the IDOL
lar of our fathers" so much abused and
decried by the "silver-phobists,'' our
Government has prospered and gained its
place as the foremost people of the globe;
it has carried us through the dire disasters
and calamities of war; it has achieved
the nobler victories OF peace; helped us
to a speedy resumption of specie pay
ment after temporary suspension; and
enabled us to enter upon the work of
payment of the national debt and reduc-
ton of national interest.
In 1873, without the wish or knowledge
Of the people of the United States, silver
was practically demonetized This was
done by trick of legislation and revision.
The act of February IL, 1873, when pass
ed, was not read, except by its title in no
section of the act was it specially pointed
out or intimated that the effect would be
to change the standard of values from
gold and silver to gold alone. But in
June, 1874, when Congress enacted as a
code of laws what are called "The Re-
vised Statutes of the United States"
there was inserted section which had
no sanction in any existing law of Con-
yress. 1t stands as section 1886, and
reads as follows: "The silver coin of the
United States shall be legal tender at
heir nominal value for any amount not
exceeding five dollars in any one pay
nent."
This section was thus surreptitiously !
Introduced, and accomplished the de-
of silver Except for minor
by form of expression studi- |
,usly calculated to escape the observa-
ion of members of Congress. Some time
,lapsed before the county was aware of |
he fraud that had been committed upon
is financial policy. The effects thereof,
rom various causes did not Immediately |
appear, but the agitation and interest OF |
he people when advised, resulted in the /
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