The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-12-16

that we cannot reach him, no double so often
that we cannot follow him up.
Our readers will remember this parallel
with the answer the sheet tried to make,
and our comment on the same:
When lin 1881 the Money in circulation
government of thein the United States
United States and theOctober l. 1870 $40 3l2,-
chief nations of Europe 900. Circulation per
demonetiZed silver capita in 1870, S190.
they in effect reduced Money in circulation
the money of the worldin The United States in
by 50 per cent, which $780, 81 022 ,033,6S5. Cir
would have had no eff culation per capita in
feet except to reducelSSO S203
property values in Total increase from
similar ratio. 1t did not 1870 to $780, 1851, 6S5
quite reach 50per cent, Increase per capita of
because India and money in circulation
China still recognized from 1870 to 1850, 81.
silver as money.-IF5b Per capita increase
U9e. during last 90 years
There was contracts 99I.-Repors OF ne
ton, however, of the SecreturU of the Treas
money of this country uN
between $40 and 1889 Of
more than 80 per cent
Tribune.
1.-THE reader will notice that while the
Tribune asserts that ssthere was a con-
traction of the money of this country be-
tween 1870 and 1880 of more than so per
CENT" the secretary of the treasury re-
ports an increase of S25l, 725, 6S5 during that
period, and remarks that the inrease per
head daring the last twenty years has been
nearly 81.
what was the Tribune to do next? Only
two courses were open to it: it might
acknowledge its error or tell another lie to
cover all the former ones. Naturally, con-
genially and enthusiastically, il chose
the latter course, and said:
While the figures OF the treasurer are correct
they are misleading. For instance twenty
years ago there was tens and hundreds OF
millions of government bonds of the United
States all of which have since been called in,
Cancelled and destroyed, they were not rated as
money by the treasury, rather az debt but were
used as money all the same.
lone sentence is sufficient to annihilate
this last miserable subterfuge. The treas
ury pays lawful money-gold, silver dollars
or greenbacks-for all national bank
notes presented for redemption, and the
bank notes are issued in payment Of bonds.
There is no contraction of the currency
due to the redemption Of government
bonds; on their deposit with the treasury
department, there is issued to the bank so
depositing them, 80 per cent of their mar
ket value in circulating notes, and at the
maturity of the bonds the government is
bound to redeem them in lawful money at
their face value"
What next could the organ say! After
brooding over the matter for few days it
finally evolved the following bit of rubbish:
What about the bonds that were called in that
did not go through the national banks at all,
which were worth hundreds of millions of dol
| lars?
! Well, what about them? They are re-
deemed in lawful money atmaturity, dollar
for dollar on their face value; or they are
bought at premium before their maturity,
as in the late money panic in this country
These bonds were called in that the money
stringency might be loosened-that more
money might be put into circulation. Yet
the Tribune financier maintains that calling
in the bonds reduces the amount of money
in circulation among the people; we are not
surprised, therefore. to hear him in the
same breath talk about the Provo asylum.
There is absolutely no way by which the
government can call in its bonds without
paying for them, unless it repudiates these
promises to pay, and thus confscates pri-
vate property. However, since it has
never yet repudiated these bonds, it has
never called any Of them in without issu-
ing payment for them; and with this re-
mark we can dismiss the latest Tribune sub
terfuge that when bonds are called in
without passing through the national
bands, there is nothing paid for them by
the government.
We also presented the following very
interesting parallel:
Our point is that gold We started out to say
increased in value 81 THAT gold bai a fixed
per cent. between 1873 value all over the world
and 1880, causing tie the same yesterday, to,
depreciation of prop day and forever: that