Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1891-12-09

PRESIDENTS MESSAGE.


Under the existing legislation II IL
In the power Of the treasury depart
mcnt 10 maintain that essential cOndl-
ton Of national finance, as well as OF
commercial prosperity, the parity
and their proper representatives.
would be- freely and unnesitatingly
used has done much 10 produce and
sustain the present favorable business
conditions.
RESULTS OF FREE cofNAGE ~ SILVER.
l am still OF tho opinion that
the free coinage OF silver under
existing conditions would disas.
trOuely effect our business IN.
tcrest- at home and abroad.
We could not hope TO maintain an
equality In the purchasing power Of
the gold and silver dollar In our own
markets, and Ia tho foreign trade the
stamp gives no. added value 10 the
bullion contained Ia coins. The pro,luc.
ers OF the country and liz fsrmurs and
lab0fcrr have the highest interest that
every dollar In papet or coin Issued by
the government shall be "a good rs
any other. II there Is one less valu'
able than another, It's sure and con-
slant errand will bet pay them lees for
their tolls and their crops. Tue money
lender will protect himself by slipu'
lating for payment In gold, but the
laborors have never been able TO do
that.
To place business upon a silver basis,
would mean sudden and severe
contraction Of the currency by the
withdrawal Of gold and gold notes,
aud such an unscttling Of all values az
would produce a commercial panic. |
cannot believe that people ~ strong
and prosperous NJ ours will promote
such u policy. The producers OF silver
are entitled 10 Just consideration,
but they should not forget that
tho government Ia now buying, and
putting out Of the market, what " the
equi salent Of the entire product OF our
silver mines. This Is more than they,
themselves, thought OF asking few
years ago. believe it IL the earnest
desire OF the grea, majority Of the peo-
pie, as II IL mine, that n full coin use
shall be- made Of silver lust ~ soon 10
the cooperation u other nations can
be- secured. and ratio fixed that will
give circulation equally 10 gold
and silver. The business Of the
world divides the use Of both
metals, but do not scc any prospect
OF gain, hut much Of loss 10y giving up
the present system, In which full
usn l. made Of gold and O large use Of
silver, for one In which silver alone
viii circulate. Such an event would
be nj once fatal TO the further progress
Of the silver movement.
BI-METALisM.
Bl.metallsm IN the desired end, aud
the true friendH Of silver will be- care.
iul not 10 oyerrun the gold and bring
In silver monometallsm with it, neces.
sary attendant. The loss OF our gold, TO
the gain OF Europe, the relief Of the
pressure therefore Is large currency.
PUBLIC SENTIMENT N EUROPE.
4 have endeavored by the use Of
official and unofficial agencies To keep
q close observation Of the state OF
puclic sentiment ia Europe upon
this question, and have not
found II 10 be such NJ to Justify me In
AN international conference.
There 10, however, am sure, grow
ing sentiment Ia Europe Ia favor Of tho
larger use Of silver, aud know OF no
more eiitciual way OF promoting this
sentiment than by accommodating gold
here. A scarcity OF gold In the
European reserves viii be the most
persuasive argument for the use OF
silver.
THE GOLD EXPORT.
The exports OF gold TO Europe which
began Ia February last aud continued
until the close Of July aggregated over
seventy million OF dollars. The
net loss Of gold during the fiscal year
wns nearly SOS, 900, 200. That no serious
disturbance resulted was
most gratifying, and gave To Europe
fresh evidence OF the strength aud
OF our financial institutions.
With the movement Of crops the
outflow OF gold was speedily stopped
and return set In. Up N December
LIST We had recovered Of our gold loss,
at the port Of New York, S27, s5i, 900,
aud II IL confidently believed that dur.
Ing the winter and spring, this aggTe-
gate will DO steadily aud largely Ia.
creased.
THE SURPLUS.
The presence Of large cash surplus
In tho treasury has for many years
been the subject OF much unfavorable
criticism, and has furnished an argu-
ment 10 those who h6ye desired to
place the tariff upon purely revenue
basis. IL was agreed by all that the
withdrawal from circulation OF NO
large an amount OF money was an em-
baTassmont TO the business OF the
country and made necessary th inter.
venilon Of the department at Intervals
to relieve the threatened monetary
panics. The Surplus On March |, 1850,
was sls3, s27, l01.g0.
The policy OF applying this surplus TO
the redemption OF the interest bearing
securities OF the United States was
thought TO be- preferable to that OF do.
posting II without interest In selected
national banks.
SECURITIES REDEEMEp.
There have been redeemed since the
date last mentioned, N interest. bearing
securities 500, 070, $50, resulting in a
reduction Of tho annual interest
charged OF 81 ,GsS,575.
The money which had been deposited
In the banks without interest Ia being
gradually Withdrawn and used In the
redemption Of bonds, The result Of
this policy OF the silver legislation and
OF rounding the d per cent. bonds
has been u large increase Of tue money
IN circulation.
MONEY IN CIRCULATION.
At tho date last named the olrcula.