Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-11-27
A SILVER ARGUMENT.

Hon. James ii. Jones, oil leNas, mem" |
Der of the House of Representatives, in
February last delivered speech on the
floor of the House in favor of "Honest
money, consisting OF gold and silver and
paper convertible into coin on demand"
The doctrine he onunciated expresses the
sentiments undoubtedly Of large ma
iority of Democrats in all sections of the
coun try, but especially at the South and
West. He recognizes the fact that the
final and conclusive settlement OF the
silver question in accordance with the
uniform policy of our government until
1873, is the leading and pressing question
of the hour. Let us, he says:
"Resolye to settle this question as the
constituencies we represent may desire.
Are the bondholders of Europe and
their allies in the United States, who are the
holders of the bonds of the United States
and of the States, the national bankers, the
gold kings, and the lenders of money--are
these our constituents, or do we represent
all the people, the rich and the poor, those
living luxuriously, and laborers in the fields,
in mines, in shops, producers and CON
sumersY
He insists that the demand for sus-
pension of silver coinage and Tor the
denonetization of silver, comes from the
bondholding, creditor class.
1t is claimed that as England and Ger
many have adopted the single gold
standard, it has so lessened the value OF
silver, that the attempt to coin it and use
:. 81, ,,,nno,, mill ,1rivn 10 m pra yolun blp
metal, gold, out OF the country, or into
secret boarding places in this country
and thus out OF circulation
The falsity of this prediction is
shown by the official report of the
Director OF the Mint on the oath of Feb
ruary, 1886, which stated that since the
partial reconciliation of silver in 1873
the importation of gold is greatly in eX
cess of its expectation, and the exporta
ton OF silver has greatly exceeded the
importation, although the bondholder
and bankers predicted the contrary re
suit.
From 1879 to 1885, inclusive, the tota
importations of gold amounted to $2SS,
048,S19, while the expectation amounted
only to $1O4 $40, 1888. The total importa
ton of silver for the same term of year
was but $SS 1897, 1856, against $l5l ,426,S
exported.
Mr.. Jones says: "There would nc
now be q silver dollar in the vaults OF tn
Treasury not represented by certificat
in circulation, if the Secretary of tn
Treasury had not, by an order issue
November lst, 1881, stopped the e>
change OF the standard silver dollar {
the certificate by the Assistant Treasure
at New York, for gold coin or gold bu
lion."
In December, 1881, the Secretary {
the Treasury in his report says:
The Department has issued silver certif
Gates at the sub-treasury offices upon d'
posit of gold coin in like amount with th
Assistant Treasurer at New York, an
through this means certificates have bee
issued for nearly all the silver held by I'll
Treasury.
Thus silver certificates were used {
purchase gold coin, dollar for dolla
ulltll lllc dllOuIlI vi BOlu PuiCiitocu WI
silver reached $50, 730,5 800. In Januar!
1885, the exchange OF silver certificate
for gold was stopped by order OF tt
Treasurer.
Among the real tinanciers oi the natc
and the world there is substantial agre
ment as to the necessity for the use
both gold and silver as money.
In addressing the French Institute
1868, NJ. Wolowski said
The suppression of silver would bring c
veritable revolution. Gold would augmel
IN value with cons ant and rapid progress
which would break the faith of contrac
and aggravat3 the situation of all debtor
including the nation. 1t would add, at OF
stroke of the pen, at least three milliards
the twelve milliards of the public debt.
Alexander Hamilton says:
"To annul the use of either of the meta
as money is to abridge the quantity of ci
culating medium, and is liable to all the o.
jections which arise from a comparison
the benefits of full with the evils of
soanty circulation"
And that profound thinker and state
man, Allen G. Thurman, at the monetal
conference held at Paris in 1881, said:
81 believe that bi-metallism will ult
mately prevail for can not see how IL
vast structure of credit the most distil
gushing feature of modern industry al
commerce, can be supported on a gold bas
alone. With both metals its base has ofte
been found too narrow, but with one
would be, to my apprehension, positive
unsafe"
We can not do justice to the man
strong points made by the author OF tn
able speech. Our readers would do We
to send to Washington for copies and di
tribute where they will do the most goo