Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-11-13
..BI.METALMsM IN PLAIN WORDS" d"


From a pamphlet with the above title
written by NJ. II. Slater, Secretary Ma
tional B-Metalic Coinage Association,
the following items are gathered.
Money, says our author, is represen-
tatve OF values, an exchange for values
1t has no intrinsic, but only relative
value. If all the property in existence
was forced to a cash sale at the same |
hour, its value would be measured by
the actual amount OF money in the world.
Money is not a commodity, but a legal
tender for the payment OF debts. Money
does not constitute the wealth OF the
world, but represents it. AS population
increases the amount OF money must in
crease.
In 1878 silver was demonetized in the
United States In Germany it had al
ready been done In 1874 its coinage
was restricted in France. For ten years
previous to the demonetization of silver
in the United States, its average price per
ounce in the New York market was
81 .323l for the ten years following its
average price per ounce was l.1G $40.
For ten years previous to the demone-
tizaton of silver in the United States,
the average price OF a bushel OF wheat,
lowest grade, in the New York market,
was $2.1O 2-l0; for the ten following
years the average price per bushel, OF
the same grade in the same market, was
$l.21 $40. Cotton per pound by the
same comparison, fell from an average
price of SO cents to an average Of l2l2
cents.
Mr.. Moreton Frewen. addressing the
Congress of the Chamber OF Commerce
, OF the British Empire, says among other
: things: "Take chart and watch the
fluctuations in the price OF wheat in
Mark Lane during the last ten years, and
what do you find? That with every fall
D of a penny in the price of silver, wheat
+, has fallen shilling (that is per quarter
= or three cents per busheD and whenever
t any cause operated to stifien the price o
a silver, then the wheat market wal
8 stronger, at a higher price"
+ The theory of over-production is fraut
and q snare. To assert that worldwid,
over-producton of the necessities-o o
G even the comforts of life-is possible, il
i declaring our civilization failure. Th
. increase in the volume of circulating
e money has been stopped, while the in
l crease in population has continued; no
, only this, but the amount Of circulating
: money which was in existence at tn
} time its increase stopped, even that ha
been diminished; hence the distress. |
, is calamity.
s But facts, not theories, are called for
: France for nearly seventy years pro
vided by law for the free and unlimited
s coinage of both gold and silver, at
@ uniform ratio, and made each alike
3 legal tender for the payment OF all debts
v public and private. And this is bi-met
e allism. France has money circulation
e OF nearly $53 per capita for her popula
e ton OF 37000,0O0 The United States
II with population OF 60000,0 900, has bu
n $2S25 per capita. France produce
d neither gold nor silver wort
h mentioning. The United States pre-
If duces nearly one-third of the world
; annual supply OF gold, and more tina
'f two-fifths of the annual product of silver
l. The total sum OF money in the Unite
II States is estimated at about 81 ,775 900
e 000. Out OF the entire population on
d hundred thousand people are supposed
% possess an average OF $4,000 each i
ID money. This large proportion OF none
}. in few hands lessons the per capita
1t about $50 for the entire population, les
r say 100000.
% We have only glanced at few OF tn
+ points made in the pamphlet. This 81
e. yer question is the leading financial
'r may be truly rated as the foremost gov
$ ernmental question before the America
}, people. The argument OF Mr.. Slate
& must be read to be appreciated.
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