The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1892-01-09
A SILVER ADDRESS
How to Attain a Final Solution
of the Money Question.
THERE MUST BE FREE COINAGE
Both Money Metals Must Stand on an Equa,
FOoting-The Bugaboo of Foreign
Silver.

rience demonstrated there can be no ade
quate
FINAL SOLUTION OF THE MONEY QUESTION
but by re-endowing silver with the money
function and making silver coins standard
money co-equal with gold for all money
uses. The present policy of making sub
sidiary money of silver TO be redeemed in /
gold, and if piling higher the fabric of
credit and credit money on a constantly di-
minishing basis of gold, unsound and un-
safe, and must end in an enor
nous increase of bank credits and
other forms of credit currency in recent
years relatively to the volume of gold
which they ultimately redeemed imperils
financial stability everywhere, and is
standing menace to all business enterprise,
for panics must occur most certainly and
frequently, and be more disastrous. What
is wanted is more standard money rela-
| lively to credit, and credit currency
broader basis of primary money, and not a
higher superstructure of credit devices.
This can be done only by making silver
and gold co-eQual as money metals with
| the
COINAGE OF BOTH ON EQUAL TERMS
The act of July IA. 1890, as interpreted by
the treasury department, under which |
4, 800, 900 ounces of silver are bought and
stored as collateral security for notes re-
deemable in gold, makes no addition to the
strandard money while it raises higher
the fabric of credit on foundation growing
narrower. This addition to the
currency volume might as well be of
greenbacks as in the form now given it.
1t requires, therefore, no extraordinary
financial acumen to foresee this condition
cannot long be maintained. The plain So
luton of the difficulty is the full monetiza-
: nfs he ell mi tod napf 1n
act to the end that this and all the silver
anybody may choose to devote to monetary
use may go TO
SWELL THE VOLUME OF MONEY
of final retention of ali other terms of
currency. The facts upon which the BIZ
metallists base their conclusions are indis-
putable; the arguments by which they are
: established unanswerable. The facts
are that the supply of gold
S is admittedly inadequate to provide for the
! worlds needs of money; that many times
! more people are made to use gold exclu-
/ sively as the standard money than in 1873,
S the production of gold diminishing, while
wealth, commerce and the consumption of
T gold in the arts are rapidly increasing, the
!. increase in the demand for the arts and den
tistry in the United Statef alone being suf-
fcient TO absorb, according to the report
a of the director of the mint, in ten years
more than
Y THE ENTIRE GOLD PRODUCT OF THIS COUNTRY.
That the value of gold under these infiu-
. ences has largely increased and must con-
: tinue to increase and prices as certainly
continne to fall is manifest. What fraud
ulent pretense in view of these facts to in
sist gold alone is the staple on honest
money standard. In view of these giaring
z facts we deny there would be change in
:. the money standard through an increase in
hnN Ina nj nnl6 aE no md
}. sary consequence Of demonetizing silver
and restricting the money function to gold
e alone. What else than foolish homage to
q knavery is the babble about
'iHoNEsT MoNEYn AND "sHoRT DOLLARS
which constitutes so large q part of the
stock answers to the demaud for free BIZ
: mittalic coinagel Nothing more absurd or
IL ridiculous than to claim a shapeless lump
Is Of silver to which monetary use is denied,
~ measures the value of silver coins which
&c have monetary use added to whatever
81 other use silver may be applied. Gold
treated as silver has been, would act in the
same way. If, since 1873, both metals
have been accessible for money uses as for
! indefinite ages before the annual addition
IA to the metallic stock of money for the
world would have been somewhat less than
20 from 1S49 to 1873, but probably have been
Is SUN cient to have maintained a REASONABLE
is stability in the value of standard money
a. So now while 1t is certain gold will con-
le tlnue to increase in value and prices meas
a ured by gold continue to fall, it is reasona
IT bly, certain the supply of both metals will
i'd be sufficient to maintain fairly stable
If relations between money and commodities
" and thus secure the industrial world what
N it has sorely lacked since 1878.
a THE BUGABoo OF FOREIGN SILVER
"a coming here no longer alarms intelligent
mo- Hinder free pOIuQD1 CilUar wnnlA he
tn Sl.24 an ounce here; it is Sl.3S in India, anG
m with oper minis, would be S1.33 in the
1e states of the Latin union, which is the
I'd value of sll the coined silver of Europe.
lv The requirements Of England and the
40 continent for silver to pay their balance!
IA to the east would not be materially changed
IA whether the profit of the difference be
nj tween .95 and Sl.3S were made on silve
an sent there or, only the difference between
fl S129 and s1.3S India absorbed quite a.
m much silver in the years before the fall O.
~ silver here as since then and will continu,
lie to absorb both gold and silver. Blu
r. whether our silver goes abroad at .95 O.
S1.29 is quite material to this country, no
only from the
DIRECT LOSS ON EXPORTED SILVER,
ed but in far the greater loss sustained on tn
C. price wheat, cotton and their manufacture
ur products which have and will follow closel
re the rise and fall of silver bullion for rea
II sons often explained. If wheat at tn
~ present time is less Influenced by the pric
- of silver bullion than cotton, it is du
i, directly TO the failure of the crops il
~ Europe So the value of silver here shout
- | fall to so cents an ounce, as probably
~, would if demonetiZed as the gold mono
ho metalists would have it, while its increas
Va ing power among two-thirds of the popula
,ar ton of the globe continues at from S133 t
Sl.3S, then the production of silver in thi
country should be made crime, as its con
tinual production and sale here at a 10y
- price, while used in other countries at
VI high price, would be destructive to GU
~. agricultural and manufacturing interest:
'at THE SILVER QUESTION THEREFORE IS A
us ISSUE,
re and one that vitality concerns the welfar
az not only of the industrial Classes but bus
III. ness men generally, and it will not down
ov the bidding of any party, nor can it be ie
~ nored nor lodged. 1t is a living issue an
~ must be met and settled, and the only perm
nent settlement is the restoration of fire.
blmetallic coinage or the ultimate aban,
ps. onment of the principle Of automatic reg
ma lation of money through the production
49, precious metals.
on,
J. Demands of Alliance Presidents.
WASHINGTON, Jan. Sat to-day's sci
sion of the national conference of sta
-"iA ,raciaants of the Rarmar,s Alliance q ra