The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-04-16
VIEWS ON FINANCE
Edward Atkinson Discusses the
Money Question
BEFORE THE WESTERN CONsREss
a slur at the Mining Industry-senator Stew.
art FaVors Free Coinage-A Demand
for Lower Tariff Duties.

KANSAS CRY, April ia full represen
tatlon OF the Western States Commercial
congress was present this morning wheI
PRESIDENT Frances called the second day.
session to order. The subject under discus
sion was the General Business and Agri
cultural Depression, Its Cause and Remedy
+. j. Skiff, Of Denver, read a paper OF
reputation and Raw MATERIAL He said
reputation and raw material in one section
must nave trading treaty with the popu
latlon and raw material of some othe,
sectlon OF the country, hence arose the sig
n1t1cance of the commercial reciprocity be
tween the states of the south and the ter
rltofles OF the west. Production and ac-
cumulatlon OF surplus were the CONTROL
ing powers IN commerce. So long as mar
ilVes In isolated communities, each labor
Ing TO supply only its own necessities
there could be no commerce, All thai
portion OF the United States lying west Of
Inc Mississippi river is the greater half OF
the continent not only in its area but in its
resources OF wealth and its capabilities OF
maintaining population. Within this area
were contained two-thirds of the natural
resources of the union. 1t was capable OF
maintaining population proportionats tc
lts area. No one would question the ability
OF the western or southern states to support
as large number people to the square mile
as now live in Pennsylvania with 1l4.5
persons to the square mile. ALI in all, the
hgures confirm the truth of the statement
o1ten made that the United States with its
area and material resources is capable of
maintaining 500.000,000 people,
The guests Of the congress were then in
Vlted tn malEa oGIracCag Cox-z..-- :
George w. Click, of Kansas, said the sub
lect OF greatest interest to the western
farmer was the agricultural depression.
Inc greatest cause of this depression was
insufficient markets.; the remedy. wider
held for the disposition of the farmers,
supplies. Blaine's reciprocity schemes and
Rusk's efforts in extending markets for
1--we stock were partial remedies for the
present depression.
Speaker Elder, of the Kansas house of
said those who had imper-
fect knowledge OIL the situation were accus-
toned to lay the blame upon the farmer.
but there were other conditions, and thew
were nearer the root of the evil. One was
the imperfect operation of the law of sup
plV and demand, which in turn was caused
Dy mercelary consultations of capital by
persons Such combinations
were trusts, and they were an octopus tina.
fastened its grasp on the farmers,
who, while the most numerous
Of all the industrial classes. are
at the same time the most helpless and of
all men the most miserable. Trusts were
hanked by speculative boards of trade and
bucket shops, which forced false values
upon the people. Another cause of the de-
preston was too contracted market. The
farmers wanted wider field; they wanted
reciprocity; reciprocity was good thing
Another way of RELIEVING the situation was
by increasing the volume of money; still
another way was combinations of farmers
against the opposing combinations. The
farmers were now trying the latter method.
Dr. Parsons stated he was directed by
The secretary of the department of agri
culture to represent that department at
his congress. He spoke of the causes of
The depression in agriculture. One was
jhe loss OF foreign markets to farmers be-
cause diseased cattle would not be bought
Inc way to regain that market was to
eradicate the disease. DR.. Parsons ex-
planned what the department was doing in
'he way OF quarantine and inspection to
stamp out disease among the 1--we stock of
,he United States.
Hall, president of the Missouri State
farmers Alliance, was the next speaker.
The greatest cause of the present depres-
..
asst national campaign was fought on the
Inc OF economic questions. Other causes
II the depression were high protective
arlff, decreased volume of money and the
'alsing of freight and passenger rates to
Jay dividends on watered stock. The
emedies were a low tariff, increase in the
Tolume OF currency and regulation of rail-
oads so they could pay dividends onlv ON
ne actual capital invested. Recess taken
Until o'clock.
AT the afternoon session letters of regret
we're read from Edward T. Atkinson. of
Boston, and Senator William Stewart, of
Nevada.
A lengthy paper by Edward Atkinson, of
Boston, was read. He said, in part:
There is no question pending on which
he future welfare of the people of the coun-
ry may so much depend as upon the legis
alive treatment of the money question.
What we need in order to assure stability
n our monetary system, to maintain the
nit of value on gold basis and to give
lasticity to the circulating medium
iding for the free coinage OF
ollars of gold or silver in just measure
hat the bullion of either kind shall be
rought to the minis to be converted into
DIN, provided such act is accompanied by
mother. ITO repeal all acts of legal
snder by force of which farmers. me-
hanics, laborers or creditors may be com
elled to accept payment in silver or gold
the option of the debtor. 3-Repeal of |
cts relating to banking which prevent
ne issue of notes payable in coin on de-
land, at such times and in such propor
ions as the business of the country NAV
equire.
Mr.. Atkinson deals at length with the |
uestion of money and credit and referring |
} the various gold and silver coins, certi |
Gates and treasury notes of the United |
tates, says: $50 long as these various |
of exchange are redeemable or |
onvertible into one kind Of dollar and that
ne best kind. or so long as they are equal |
} each other in their purchasing power
nd are kept 30 by being convertible into
lie one metal, gold, or it's equivalent which
the standard of the worlds commerce,
redit may be good and business may be
ctiye. Any doubt sof the quality of
loney impairs credit. The free coin
&c of silver dollars without a cor
spending change in the acts of legal
,nder would be tampering with the
nit of value and would be the cause of
rave discredit. The proposal to open the
ints to the free coinage of silver dollars
full legal tender under our present stat
tie, is but a proposal to collect forced
an from the properly, products, wages
Id earnings of the people of this country
II the benefit and support of the petty
dustry of mining and smelling silver ore,
product of which the annual value is
SIS Than half that of the hens eggs
INCH we get every year from oar barn
ards. The price In our market of our cot
IN, corn, wheat, meat, and dairy products
established before any excess or surplus
i'll be exported. That price will be fixed
terms of gold. We cannot alter it if we
Guild, and would not do it if we could.
very man engaged in large transactionsis
ware of the loss and discredit, or CONNER
al suicide, which would come from such
parting from the ways of commerce
I'd exchange of the world that would fol-
W an attempt to establish any other
andard than the gold standard in the
nited States save by way of an interna-