The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-01-22
FREE COINAGE.

We have before stated that if silver were
to be made legal tender over the whole
world at certain ratio with gold, say 1515
nation decreed that debtor might extin-
gulsh an obligation by paying either gold
or silver, then any ordinary fuctuation in
the relative price of the two metals would
remedy itself. For if either metal, say sill
yer, became relatively cheaper, all debtors
would seek to pay their debts in the
cheaper metal, and this universal demand
for silver would cause its price to rise to a
parity with gold. And this, in our opinion,
is the true solution of the silver question.
Anything short of general bi-metallism
will not be sufficient, unless our country
alone is able to bring the price of silver up
to parity with gold.
The whole question lies in that conjec-
ture; and the goldites profess to doubt that
any one country is great enough to do what
formerly required the whole commercial
world to do-maintain an equilibrium be-
tween the two money metals. Restoration
OF silver is, in the long run, unav oidable;
and some nation must take the initiate
would follow our own in this matter.
The New York chamber of commerce
states the argument against free coinage by
this nation alone, and we here append it,
The country had an excellent and economical
circulating medium before the purchase of sill
yer IN such large amounts was commenced. 1t
does not need any additional legislation for this
purpose. The silver hereafter produced should
be sold in the worlds market for gold, or ex-
changed for some other product which we need
even more than gold. He who advocates the
gold standard is the. true bimetalist, for he is
earnestly in favor of using as much silver as can
be used and maintain gold payments.
He who advocates free coinage is the true
monometalist, for free coinage of silver will
drive the gold except that held as reserve by
the banks, entirely out of use, substituting tenn
porary loan certificates and other paper issues
for money, in place thereof, until finally our
standard Of value shall become the same as the
standard of China, Japan and India, instead of
that of the advanced nations of Europe
Two months ago it was believed by many that
it would be desirable to increase the paper
currency otthe country. The financial crisis is
over. We have now to deal with it's results.
The currency is being withdrawn from its hid
ing-places; it is returning from the west and
from the south, and the vaults of the banks
during the next few months will hold too much
rather than too little paper money. What the
country needs most of all, at the present time,
is rest. 1t needs time to recover from the
financial shock.
The discussion of the currency question tends
not to revive but to impede and unsettle bust
ness. Capital is timid and many persons be-
lieve that free coinage will bring gold to a
premium. Even if they are mistaken the result
will be the same. II free coinage is imminent
gold will be Withdrawn from use and boarded
and every dollar withdrawn has bad effect. If
Congress would dismiss from its consideration
the subject of the currency the country would
be relieved.
Some Of these results would perhaps fol-
low unless other nations shall join with
| ours on free coinage, or unless our own de-
mand for silver shall raise its price to the
| former level.
But while we may allow the force of
some of the arguments against the free
coinage of silver by this nation alone, there
is one course that even the mono metallists
could not object. to. There should be every
effort made by Congress for an interna-
tional agreement as to the ratio between
gold and silver, and the adoption of silver
money on that ratio by several great ma,
tons. Free coinage under such clrcum-
stances would be absolutely safe, and even
the oddities could not object to it.