The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1890-12-11

task few days ago.
We presented the other day this little
parallel:
When lin 1881 the Money in circulation |
government of thein the United States, |
United States and the October /, 1870. S77O 3l2,
chief nations of EuropeVOo. Circulation per |
demonetiZed silver capita in 1870, Sl99.
they in eject reduced Money IN circulation |
the money of the worldin the United States in |
by 80 per cent. which 1880, 81 022 OBJ 6S5. Cir
would have had no eff culatlOn per capita In |
feet except to reducell 1880, 1908.
property values in a Total increase from |
similar ratio 1t did not 1870 to 1880. SOL 725 So
quite reach 30 per cent. Increase per capita OF
because. India and money in circulation !
China still recogniZedlf from 1870 to 1880, "a.
silver as money.-If1t- Per capita increase
aRe during last 90 years,
There was contrac- IS 99l.-Report Of the
ton. however OF the Secretary OF the Treas
money of this countrylgy.
between 1870 and 1889 of
mere than 50per cent
Tribune.
The reader will notice that while the
Tribune asserts that there was a con-
traction of the money of this country be-
tween 1870. and 1880 of more than 50 per
cent" the secretary of the treasury re-
ports an increase OF s251, 725, 6S5 during
that period, aud remarks that the increase
per head during the last twenty years has
been nearly 81.
What was the Tribune to do next9 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, it chose
the latter course, and said:
While the figures OF the treasurer are correct
they are misleading. For instance, twenty
UaC md hmm rad nf
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 debt, but were
used as money all the same.
One sentence is sufficient to annihilate
this last miserable subterfuge The
treasury 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 cur
rency due to the redemption of govern
ment bonds; on their deposit with the
treasury department, there is issued to the
bank so depositing them, 90 per cent. of
their market value in circulating notes,
and at the maturity of the bonds the
lawful money at their face value.
We asked the organ to state in which
case il told the truth in the following pair
of statements:
just now our own The exports of pre-
mines are yielding in cious metals by any
gold and silver just country to pay for
about S60,0O00OO per goods makes it poor*s+.
annum **E. At present There has been no
the people are payinggold exported except in
10 foreign ships for pas payment of what our
sage money and eX- country pur h a es
pending in foreign coun abroad. $50 Silver for
tries more money than the past sevent cen
all the precious Dtetdtyears has been mer-
DiAesdre yielding. They chandi Sc. - Irib IN {
have been doing this Dec. Z.
for the past Fifteen
years. = Tribune Nor.
For the secretary of the treasury had
given the excess of gold exported as 81,
203, 047: the Tribune said we export more
money each year than $4,000, 600, and ad
ded that gold alone is money, expectation
of which keeps this country poor. Here is
the answer:
When we say the trade among nations is on
gold basis and the balances have 10 be settled
IN gold. Our amateur says we are wrong.
Nothing was said, alluded to, or even
limited at in regard to "a gold basis OIL
"balances;" the organ one day had said we
export SS0,0O0,000 in money each year, ant
few days later, in order to escape from
the corner into which we had driven it
said that we export but 100000.
We placed the statements side by sid'
and demanded an explanation, and the an
swer is some foreign talk about "a GOLD
basis.n
The following very interesting parallel il
self-explanatory:
Our point is that gold He says we star: Q
increased in value 81 out TO show that gJi,
per cent between 1873 and silver are no
and 1880. causing the merchandise. not soil
depreciation of prop-b by weight. We did no
erty to that extent. do any such thing; w
There was an imitation started out to say tina
OF quite 50 per cent. in gold had fixed value
money between 1880 and all over the world, IN,
1850. That is, the pur- world, the same yes
chasing power of golditerday, to-day and for
fell of 50 per cent ever: that when it il
IT1OHne, Sept. g. Exported or imported i
lis not as merchandise,
but as money. - Ifi
buHe, Dec. 10.
AS before, we leave to the readers of the
Tribune the question of deciding in which
instance the organ lied-whether it lieC
when it said gold increased 81 per cent il
value or decreased 30 per cent. in purchas
ing power, or whether it lies now when i
says the value of gold is the same yester
day, to-day and forever.
For the satisfaction of our readers, how
ever, we will Just state that the organ liec
in both instances; the value of gold, &C
cording to the authorities on that subject
JEyoNs, CAIRNEs, FAwcETT-fell about Il
per cent from lS4s up to 1876 and, by othe
authorities, declined little more UP t
1850.
Notice in this pair how the organ prove
that greenbacks, gold and silver certificates
ETC., are sold by weight:
He asks us with an air He asks il greer
of triumph ito answer If backs are money an
gold and silver are sold If they are exporte
by weight when i'm and imported. Greer
ported" They proba- backs are simply III
bly, are. When man notes OF this particI
presents check at the lar government an
counter OF the bank OF are valuable only bt
England, the gold is cause OF the promise c
weighed out TO him. not the government o
counted. When them TO redeem ther
it is exported or im-in specie on present;
ported IL is not as mer- ton. Bond
chandise, but as money we're not rated a
money by the treasur
but were used as none
just the same.
In the left column, the organ az