The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-08-13
GENERAL WARNER ON SILVER.

General a. J. WARNER, of Ohio, being
asked for an explanation of the silver
plank in the Democratic platform of that
state. made answer through the editorial
columns of the Cleveland Plain Dealer with
the following letter. The article is such a
clear statement OF the case and makes so
plain the position Of the two national par
ties on the silver question, that we repro
duce it here in full, knowing that all our
readers will peruse il with interest:
For centuries throughout the world and
through ali the history Of this country down TO
1873 gold and silver we're held 10 be alike money
metals TO which everybody could have recourse,
without restriction, for money supply and for
every money purpose. Both together consti-
futed the money standard and obligations Of
every description were payable in coin OF either
metal. Silver was no more redeemable IN
gold than gold in silver. Neither metal alone
at any time constituted the money standard.
hut both together. Though coined separately,
ii was the mass OF the whole as much as If
coined as a composite metal, that formed the
real money standard and constituted the money
of final redemption for ali obligations.
1he coinage of the two metals in the United
States was equally free and unlimited from the
tSldDllSuutus VI lllc AuAub bh lAAC NOAOuiA cAlSS
OF WASHINGTON, HAMILTON and JEFFERSON,
in I7Q2. till silver was demonetized in 1873.
The total quantity OF coined money in the
world in 1873 was about sS,5OOO)O,0Oo Of silver
ana So $50. O0O 600 OF gold or both together, say
81 go 100000. This mass then constituted the
real money standard. The silver part was as
much money Of final redemption as the gold,
and as much contributed TO form the money
standard as the same quantity of gold. If this
mass had been melted together and coined as a
composite metal the means OF payment and the
effect on prices would have been no different
from that produced by the mass OF the two
metals coined separately.
But by the monetary revolution of 1873 gold
alone was declared the standard and the sole
money Of final redemption. Thus at one stroke
the money standard was changed from volume
of a. $50 Oo0 900 for the world &c one OF Sc, go
oOOOOo For il is and b as been the theory Of
Mr.. SHERMAN and his party that, since 1873
silver and silver notes or certificates are kept
at q parity with gold by being redeemable in
gold.
The Cincinnati Commercial Gazette in re-
cent issue said:
Under our present system, as adopted by
the Republican party, there is a market for
every ounce of silver that is produced al its
value in bullion as measured ry the gold
standard. Upon these certificates are is
sued These certificates are good
because they are endorsed by the government
and are always redeemabie in gold coin If that
should be demanded
Mr.. LEACH director of the mint, said in re-
ply 20 question when before the coinage COM
,nittee Of the House that silver dollars were
kept at parity with gold because Of the faith
that the government would always redeem a
silver dollar with gold dollar
And this is everywhere understood TO be the
position OF the Republican party. On their
theory gold alone is the standard and the only
money of final redemption for every other form
of money. Silver. as well as paper, must be
kept at parity with gold by being limited in
amount and made redeemable in gold. On the
narrow basis OF gold, too, the whole fabric OF
bank credits is made TO rest. This is the doc
trine of the Republican party as expounded by
it's leaders. They. therefore. virtually approve
the change in the standard made by the act OF
1875.
In contrast with This the position taken by
tile Democratic party at Cleveland, and the
position always held by that party, a party.
il that silver is as much standard money or
money OF final redemption as gold; that silver
Is no more 10 be redeemed in gold than gold in
silver; that gold and silver together constitute
the constitutional standard of money in this
country and that. in the language Of JEFFER-
SON. the money unit must stand on both
metals" The convention II Cleveland declared
that the demonstration of silver in 1913 was an
.'inieuitous alteration Of the money standard in
the interest Of creditors against debtors tax
payers and producers" Who can truthfully
deny thisf Was the change from gold and silver
10 gold alone-from a money volume OF s., &c.,
COO GO 10 volume Of s. 80 coo COO for he world
not an Ubiquitous alteration OF the money
standards The only thing that removes this
thing from the calendar Of the greatest crimes
against mankind to the calendar Of plumbers
greater that crimes" is that II was done in
ignorance Of was altogether in ignoranceJ, or
as MrGRoEsEEBK said at the money conference
in 1876. inadvertently" At any rate nobody
has been hanged for this act and
Mr. SHERMAN still lives and is
m issue in this campaign. The effect
of the act has been 10 increase 50 per cent. the
value of gold, and, in effect. is precisely the
same as If the bushel measure, the yardstick
and the pound weight had each been increased
80 Per cent, altering all contracts in that pro-
portion. And what is more. as declared in the
Democratic platform, the decentralization OF
silver "by shutting of one OF the sources Of
supply Of primary money operates TO continu-
silly increase the value Of gold, depress prices,
hamper
Is there any doubt of this. Can production
and trade be successfully carried on with
money standard constantly increasing: Are the
people of this country expected to submit for
ever 10 such Injustice: They most certainly
Will not oh" say the advocates OF the
single gold standard I'VE want honest money!
oh, yes, honest money, Is that an honest yard
stick that is constantly growing longer: Is
that az honest pound weight that Is all the time
getting heavier: Is that any more an honest
dollar that is all the time getting dearer: With
SHERMAN and MCKINLEY tie longer the yard |
stick gets the ',honester,' apparently, it be- !
comes: and in like manner the bigger or more |
valuable the dollar, the 'honesters' that viii |
be. But with honest men that and that only, is |
IN honest dollar which maintains stable rela- |
tons TO commodities, and preserves an even !
balance between debtor and creditor
Silver all these years. although denied the !
Fight of mintage according to gold, has main |
! iaed comparatively stable relations to COM !,