The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-09-20
THE SILVER SITUATION.

In consequence of extreme and I'M
guarded statements of some papers in I'D
vocating the cause of silver, there Is much
misapprehension of the purpose in view
OF the promoters of the repeal movement
In Congress. There is great deal said
about the intent TO demonetize silver, to
destroy the white metal. tc bring the
country to gold standard and similar
misleading ideas
Rational people, no matter what may
be their party affiliations, desire to I'M
derstand the situation as it is, and it does
no good either to the cause of silver or to
any party or interest to indulge in exag-
gerations which confuse the public mind.
We viii endeavor TO make plain the scope
and effects of the repeal measure which is
being debated in Congress and has been
recommended by the President.
The Wilson bill in the House, ard the
VOORHEES, bill in the Senate, provide for
the repeal O. so much of the Sherman act
of Feb. IA, 1890, as directs the monthly
purchase of four and half million
ounces OF silver bullion and the issuing OF
Treasury notes thereon. The Wilson
bill carries no conditions. The VOORHEES,
bill declares it to be ssthe policy of the
United States to continue the use of both
gold and silver as standard money and to
coin both gold and silver into money oil
equal intrinsic and exchangeabIe value, y
etc.
The effect Of the passage of the Voor-
hees bill would be very little if any diff
ferent to the passage OF the Wilson bill
because it is conceded by all parties that
both gold and silver are the money Of the
United States and that it is the policy Of
the government to maintain them at 8
parity. The VOORHEES, bill simply en-
pbasizes this and places it on record in the
statutes of the nation. But it does moth
Impractical to put it into effect.
Ii will be seen, then, that the repeal
movement is only to strike out the pur-
chasing clause of the Sherman act of 1890
All the other provisions of that law are &c
be lett intact. 1t will not prevent the
coinage Of silver bullion already pur-
chased. Ii Will not take from the silver
dollar its legal tender quality. 1t will
not demonetize silver. 1t will not de-
stroy the white metal.
The passage of the Sherman act in
1890 did not repeal the Bland-Ailison &C,
of 1878, but only so much of it as required
the monthly purchase of not less than
two million dollars worth and not more
than four million dollars worth of silver
bullion, and its coinage into silver dol.
lars. The silver bullion purchased under
the Sherman act was to be coined to The
amount of two million ounces per month
until July 1, 1891, and after that sc much
OF it as might be necessary to provide fol
the redemption of the Treasury note.
issued under that act. All the provisions
OF both these acts viii remain in force, i
the repeal bill is passed, with the excep-
ton of those we have mentioned as ex.
cluded.
The situation then will be that all tn,
silver money now in circulation will b:
continued, that silver dollars and Other
coins provided for by acts of Congress
may still be coined, that silver dollars
will be legal tender, that no other chang,
will be effected but the cessation of tn,
purchase CT silver by the government, a
the market price, TO be stored up in tn,
Treasury vaults; that is all.
OF course the four and half million
ounces OF the metal which the govern
ment was 20 purchase monthly VIII be ST
much more thrown upon the genera
market, and that will not help advanc
the price Of silver as commodity. How
ever, there is no reason to think tha
when the Sherman makeshift is out 0
the way the cause of silver viii be aban
doned- Something will have to be done +
redeem tie pledges of the political parties
and carry out the expressed policy Of til
government. 1t may not at first be tn
free and unlimited coinage of silver, hu
Il viii be something leading up to tina
desirable point
Silver money is recognized necessity