The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-09-30

lutte and final. In the other 1t is commodity
purchased at its value as measured by another
metal, and is held as commodity to secure
notes issued upon it. 1t may be coined into
standard dollars. if required for the conversion
OF notes into silver coin, but even these coins
on the theory OF Mr.. SHERMAN, are to be re-
deemed in gold If required. Thus the paper
and the bullion on which it is based are both
made TO follow the course of gold. II foreign
governments, or the great banks of the world,
should combine to gather hoard OF gold or
should separately enter upon scramble for
gold, as has often been the case and this metal
| should suddenly rise. the value OF great stock
OF silver bullion that could not be converted
into money. would as suddenly fall, and as
mere security for notes, would fail.
In Short the principle of buying silver bull
lion to hold as commodity to secure notes, it's
value all the time to depend on gold, is pre-
cisely the same as buying tin plate or pig iron
for such purpose. Such a policy cannot last.
To buy all the silver bullion produced in the
United States, and TO limit purchases to the
silver OF the United States, does not change
the principle II is plain that such a p olicy
must come to an end. The aud will be either
free coinage or no silver money. That is, either
silver itself must be money as final and abso.
lutte as gold, or silver money will be aba ndoued.
Thus, the difference between silver purchased
at price in gold and stored as collateral Sc.
curity for paper money, and silver itself mon ey
as absolutely as gold, is marked and clear.
Under free coinage silver is not purchased at
all II has no price in gold. Its relation to gold
Is liked by Congress and is 1898 to /. at this
ratio il is coined into dollars 'or units" as in
/ q Ia 81 l,,o
free coinage is no more measured by gold than
gold is measured by silver. That was
the condition when our government was
founded and our constitution was framed.
! To coin money! in the language
ofthe constitution, is to Strike gold and silver
coins. By money" was meant gold aud silver
If emphasis was laid on either it was laid on
sHVer' Tor silver was then the principal money
OF this country, and for that matter, Of the
world. The Spanish milled dollar was at that
time the best known coin of the world. It had
wider circulation than any other aud was a
standard coin everywhere. This dollar was
adopted as our standard coin and ha never
been changed in weight OF pure metal. In this
connection the language of WEBSTER cannot be
too often quoted. Referring to the constitu-
Mr. WEBSTER said:
and silver, at rates fixed by Congress, constitute
the legal standard of value in this country, and
that neither Congress nor any state has author
ity 10 establish any other standard or to dis
place this The legal tender,
therefore. the constitutional standard of value
is established, and cannot be overthrown. To
overthrow it would sha Ike the whole system
And the whole system has been shaken. The
present status of silver cannot longer be main
tanned. 1t is unsound in principle and cannot
last. If silver is given up as money gold
will be given up Also for the people will net be
deprived of money and viii not De tied forever
to the single gold standard with gold supply
yearly growing less. Are we ready to swim!
loose from both metals and launch ourselves OF
sea of irredeemable paper? Either this OIL
silver must be restored to its place as a none.
t metal equally with gold open to everybody Il
3 convert into money.
a This can be done only through coinage on tn
same terms with gold. This done, then, as o
old these two metals would be again set apar
from everything as money material, Unite
: only by the stock on hand and the world
annual supply. The only question then woul
;, be- is the supply of the two metals adequate
t meet the requirement of increasing populatio
. and wealth? From 1850 to 1873 Sl,OOG, 00,C00
r gold and silver were added to the worlds stoc
4 OF metallic money. What an era OF prosperity
The world has experienced no other like it. Ca
> we count $500, oO0 900 year for the world fc
: the next quarter of century: Probably no
}, The present product ion of both metals
It about $3.50, 100000 a year, but at least
n hundred millions of this-of both metals
b consumed in the arts This would leave bl
: $3.50, 600 for money; not so much for muC
G larger population was added annually durin
the period from 1850 to 1879. 1t could hardly
- expected that half of this would permanent
~ fail to the United States. But under free col
10 age possibly some more may be produced. Ce
e tainly, nothing less than $4,000, QUO of ne
Ii money year for the world will maintain tn
d present range of prices. What, then, will /
= the worlds condition with the supply of silv
~ shut of, and with production Of but SlG5 00t
. 900 OF gold, sS0,00 600 of which goes into Il
arts? The only result possible is money stan
y ard that is constantly increasing. The iniu
Sc tice Of such standard will not be longer e
Y. dured
ct No, this country will not be tied to the sing
* gold standard. Mr.. MCKINLEY and Mr.. SHE
?. MAN might as well give that up. Nor can h
"A iugglery of the act OF 1892 by which silver
=, used as a commodity to secure paper lo1
=; stand. The only solution that can be accept
is final is the restoration OF silver to its cons
10 tutional rlace as money metal by TIE side
lg gold with the equal right of each to free a
to unlimited coinage" A j. WARNER