The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-06-23
STEWART ON SILVER
The First of His Series of Pro.
Silvery Articles.
The Demand for the Restoration Of Silver is
Prove that There is Enough
Gold, and the Discussion Ends
[specia, to THE HERALD Examiner p,sna,cn

| lSpecialto THE HERALD-Examiner Dispatch
NEW YORK, June Ex-senator "Bill''
Stewart has had published the first OF his
series of PRO silver articles on which he
invites discussion. Here is a portion Of
tine hrst installment: 1.-THE demand fol
the restoration of silver is becoming i'm
perative. This ought to be satisfactory to
the advocates Of legislation for that pur-
pose. 1t WOULD be more satisfactory. how
ever, if the gold side of the question could
be fairly presented. The silver men charge
that 1t was dishonest to demonetize silver
and deprive the debtor of the right to pay
in either gold or silver according to the
contract. They deny there is gold enough
in the United States as money. They as
sert that the gold standard means contrac-
uon, a falling in prices, stagnation in
business and hard times. They assert that
the value of money is governed by the law
OF supply and demand, and that nothing
has an intrinsic value and that gold is NO
exception. They assert that whatever
substitutes for money and credit devices
may be invented that the same proportion
must exist between the aggregate of such
substitutes and devices and the volume of
standard money, and that the gold coin in
the commercial world is insufficient to sus-
tain the fabric of credit which now
exists, They deny the business of
the commercial world is on a gold
oasis, but has expanded on credit
sustained by the belief that there was gold
coin enough for immediate redemption.
So long as such erroneous belief existed,
confidence was maintained and credit and
business expanded. Recent events have
disclosed the fact that the gold reservas of
the commercial world are inadequate: con-
hdence IS shaken; new enterprises cannot
be undertaken; established business is
being curtailed- The genius of each bust
ness man is employed not in production,
but in schemes to save himself from bank
ruptcy. The remedy proposed by the sill
YER men Is the restoration of silver to the
place it occupied as money before it was
excluded from the minis Of the civilized
world. They contend such restoration
would add to the volume of money for
actual redemption, place existing credits
or safe basis, restore confidence and add
TO the current supply Of money for the time
at least sufficient TO prevent contraction.
II the gold men believe there is sufficient
gold coin to sustain credit and supply the
legitimate demand for money, it would be
great Denefaction if they could give salts
factory reasons for SUCH belief If, on the
contrary, they estimate the supply of gold
coin IS insufficient, the advocates of silver
would like to know if they have any rem
edy to propose. II so, what The proof
that there is gold enough or that better
remedy for lack of gold than the demone
tization OF silver exists, would furnish
some reason against the restoration of sill
Yer We invite the attention of the gold
men to the foregoing suggestions. Prove
that there is gold enough, and the discus-
sion ends"