Salt Lake evening Democrat. [volume] (Salt Lake City, Utah) 1885-1887, 1886-12-08
SECRETARY MANN1NG's REPORT.

ambition to do the State some service.
SECRETARY MANNING'S REPORT.
The Secretary of the Treasury, in his
report, briefly but comprehensvely out
lines the efforts on the part Of this coun-
try and some OF the European nations to .
effect a settlement OF the silver question |
upon an international basis. The object |
sought was the opening OF the mints OF
the Governments OF the United States OF
America and Of the leading European
States to the free coinage OF both gold anu
silver into unlimited egal-tender money at
a ratio fixed by international agreement"
Through the efforts OF our Government,
the International Monetary Conference
of 1878 was held. The British delegates
to that conference, insisting upon the
preferences Of their own nation for
single gold standard, declared it impossi-
bic to establish fixed international
ratio but expressed hope that othe r
States would not follow England's ex-
ample. STn 1881 France joined this Gov
ernment in calling another Monetary
Conference during that year. There was
growing desire to accomplish the
object for which the first conference
had been called. Again the
English delegates refused to CO.
operate in ef'ecting the object for
which the conference was called, and
except that the debates of the members
helped to advance the growing feeling in
favor OF double standard, the confer
ence failed OF practical results. In the
meantime Germany, following the lead
OF England, had resolved to establish Il
monetary system like hers. She .precipi-
tated volume of silver coin upon the
money markets of Europe, reducing the
price of the white metal and complicating
the money problem.
But house divided against itself can
not stand. The provincial governmental
India, whose commercial interests and
silver currency had been sacrificed upon
the gold altar, in January OF the present
year teegraphed to the home govern
ment as follows: ave are of the opinion
that the interests of British India i'm
peratively demand that determined
effort should be made to settle the silver
question by international agreement
Until this is done, We are drifting into Il
position OF the most serious financial
embarrassment"
Upon the petition OF 243 members OF
the House OF Commons, in September
last, the Royal Gold and Silver Commits
sion was created, "To inquire whether it
is possible to suggest any remedies within
ernment by itself or IN concert Wih other
p0WerS, which would be etiectual in re-
moving the evils or Inconvenience thus
caused"
From the brief statement made, it is
evident that the Secretary OF the Treasury
is impressed with the fact OF "new de-
parture" about to be made under the
press OF circumstances, by Great Britain,
which will eventually result in the ac-
complishment of the result aimed at by
this Government in the calling Of the
first monetary conference in 1873.
He says: The mischief pregnant in
Great Britain's silver boycott OF 1916
leaped to light when Germany, in 1873,
initiated that imperial blunder." He
claims that the joint but runous ac-
ton OF England and Germany caused "the
great monetary dislocation" OF the
"worlds normal use OF one common
standard OF prices" He claims
that the act OF 1873 by Con-
gress did not demonetize the silver
dollar and that the act OF 1873
compelling its coinage within certain
limits, did not remonetize it. This posi-
ton with regard to our present silver
coinage and to proposed free coinage OF
silver, may be summed up in his own
words: GAS our limited silver coinage
paralyzes, SO our free silver coinage at
this moment would destroy the power OF
the United States to promote the restora-
ton OF silver to its old and equal place
in the monetary order" lie says fur
ther; "To stop the purchase OF silver is
our only choice, our duty and our in
terest."
He but repeats his assertions OF last
year in this matter and they stand con-
tradicted by palpable facts in the cur
rent history OF the past year. His argu-
ment in defense OF his present position,
warrants further attention when time and