The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-05-21

more than one third. This agrees with our own
observation that In 1892 the banks and trust COM
panies were full OF money seeking loans and
the volume OF money was in advance OF bust
ness Beside # distress has fallen upon the coun.
try through the silver question, we know IL has
been since the November election, for prior TO
that according TO one party, all these evils had
come from the tariff. and according TO the other
party they did not exist and the tariff had made
the whole country prosperous
II we can rely on the statement that our
volume Of currency has increased, and also are
willing to believe that cheap money makes high
goods and dear money low goods, we must con-
slider the charge that commodities have fallen
in price, because silver has fallen, as wholly
imaginary, and look for some other cause for
the lower price Of commodities. I assume that
in twenty years they have fallen. and think
that pig iron has fallen half iron rails hall,
steel rails 60 per cent, copper much more,
lead very largely and that il we should
go into the stores We would find textiles.
fabrics OF all kinds. and even What We buy 10
eat are from 10 to 80 per cent. lower than in
1878. There has been q constant struggle both
in foreign and domestic competition for cheaper
production For this men employ capital, IN
vent and use machinery and mechanical power
by which the labor Of one man is largely multi
piled, and by specializing labor greater skill
and efficiency attained. When production
is made cheaper they consider il progress and
success. The fact that goods are continually
produced at the lower price, and thattne price
of labor has not fallen so they are produced at
profit. 1t is claimed farm labor has fallen.
OF this I do not know, for that is the least
skilled class, but l speak OF labor on
the whole average in this country. De
crease in the cost or production has not only
overcome the tendency OF cheaper money 10
make higher prices; but this has also greatly
reduced the price Of most commodities. II 10 is
true that free coinage would make higher goods
it would be a bad argument for silver for the
manufacturers OF our goods those who employ
labor and capital, including farmers, would not,
I think, be over one tenth OF the consumers
and higher prices would be OF no benefit TO the
latter. We have seen comparisons made in
England between the price Of wheat and silver
Dut II the Eng1sn people would remember Sir
w. Hirschel ascribed the price of wheat to the
spots on the sun they need make no further n
quiry, because the man in the moon has YER
dict OF moi proven" IN mis- favor though he still
is under grave suspicion Of affecting crops
unless he is consulted at seed time or at some
stage of growth. In 1876 Senator Jones showed
that II silver was not mOnetiZed there would be
fewer marriages. more divorces, more failures
in business, more incendiary fires. more homi-
cides, suicides, and more persons imprisoned
for general crimes and now we have mortgages
and poverty added to the list, and King Georges
head gets into the memorial In some respects
such 8nalOgieS may not be wholly fanciful, but
they assume the volume OF the currency must
be contracted unless there IS free coinage OF
silver, or enormously assume it has been con
tracted Except in foreign exchanges and to
without much present silver or gold, and we
got through the war without either. except
what gold we bought. Though our currency
was at a discount, it was because OF
United States notes and \ atiOnai bank cur
rency are, at home, just as good money as gold.
[ attach little Importance tc the idea that our
government must be prepared to redeem any
considerable amount of Its currency at any ore
time, for faith in its stability and good faith.
and confidence that il will at.some time be able
to redeem all its obligations are To-Day the
basis of more than billion of the currency.
and there is very little gold in the treasury.
It seems to be commended that prices depend
on the amount OF gold and silver in the cur
rency and that is what Is called the final money
of redemption. The facts within the knowl-
edge Of every one are better test than mere
theories and they show the olume Of currency
is what Affects prices. On the subject OF bank
! Inc some English authors seem to write for
their own country and take the Bank OF Eng-
! land, q private corporation. as their mode.
Even that bank issues notes to q certain
amount without any coin deposits, and It is
| only beyond this amount that the issue depart
ment is restricted by the coin in the banking
department, and II there IS tho large q demand
for the notes, the bank checks II by raising the
rate of interest. The bank, es5 understand It i.
does not have TO keep coin deposits for notes
| loaned to the government, though these notes
90 TO individual holders. and. the credit OF the
/ government is regarded as good for secur1 Dc
/ that amount as the coin This, 1t will be seen,
| is the analogy with our currency. all of which
I is government paper and not the paper OF d
private bank, and even OUT national bank
/ paper rests on the same basis and security a;
government bonds. Instead OF charging the
/ monetary difficulties OF the government Il
/ bankers at home and abroad. I would prefer L
/ leave the question OF the CurrYsncy 10 them, as
would leave any question to men OF skill ant
! experience in the matter. IFrom my observe
ton they are careful and conservative il
| financial matters, prefer a currency tina
will be Just and equal to all and will keep bls
mess on a steady uniform basis. They lea
panics and financial crises more than Others
for men handling or owning; capital are cat
| tious. They know that II the volume 81 tn
currency OF the world has long been adjusted
| so that one dollar reprel .enf5 . cer'lain ex
! changeable value, sudden change in. The vol
ume would be unjust TO sc me one. The ide
or getting rich by lnf1atlon or the currency is
mere delusion and has alW avs proved a misfOI
| tune, and the idea that We must legiSlate 10
either creditors or debtors is in principle tn
| same as legislation to hold up the price q
! some commodity. and as a. rule everyone is bot
debtor ana creditor.
AS conclusions think the first three follow
ing are warranted the others are only sugges
First-The single standard should be main
tanned as a step 10 international coinage
/ Second-We cannot have dolabIe standar
or free coinage while Europe maintains
single standard
Third-The Sherman act should be reDeale
/ whatever may result.
Fourth-Silver can be used as, the exelrsiy
currency up TO So, and perhaps agreements ca
be made with other nations TOR a like use: leu
cannot be asked to use mOUs silver
Fifth-Any further use o.. silver must be o
the single STANDARD value. Senator Sherman
plan is to add weight out this may re0uir
constant cnanges-We could not keep the coin
If silver goes up in value, and if it goes dow
the difficulty recurS. Perhaps a strictly Unite
coinage, with law n aking silver redeemabl
in gold, at the option of the holder whe
presented in sums OF more than five dollar
would best effect the end
Sixth-The low price of silver will natural
Il discourage and decrease its production and in
r crease the production of gold AID a change +
I the relative price Of the metals is not imDrobs
Die. II this Change i'll production does not tak
place. all measures TO bring the two metals Z
parity on tie coinage ratio can only have
temporary eifect, for the fates OF price are sup
ply and dem and.
CHARACTERISTICS OF Hoods SarsaparilIa
The largest sale, the most merit the creates
cures. Thy it, and realize its benefits 80
Prof. Andres Summer School Of Musi