The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-22


made a mistake that he did not act upon
sufficient information How is HevolI-
tionn doing on in England? Why. sir,
Barclay, Goshen and MANY others, all
great statesmen over in that country, are
falling rapidly into the theories of the
bi-metaIlist. The s'evolutionr is all the
other way.
Now, l want to say a word ABOUT the
single standard. Why, sir, gold and sill
yer have constituted in all ages of the
world mode of measuring the value OF
articles of utility. We may have Inea-
sure composed OF two metals-a measure
of value as well as of distance-and the
best measure of distance is that which IS
imposed OF two metals, expanding IN
Ter the influence of heat or cold both
ways, SO that the general dimension al
ways remains the same. If you will take
the aggregate of gold and silver and put
them together, YOU will find that they
have been more stable in this form than
when taken separately
We want q system which shall operate
like the compensatory pendulum, SO that
the radius of oscillation will ever remain
the same. That is the bimetallie system.
AS to the unit, you may call 1t dollar,
or a shilling, or a. rupee, or anything
else; the name is immaterial. The unit
of account is unimportant; tits the gem
eral measure, that which is indicated by
the stock OF gold and silver and the natu-
raj increase growing out of the develop
ment of mining notwithstanding out
of the discovery and production of the
metals as God has placed them IN the
hills.
When men know that their money IS
based upon this, In making longtime
contract they can measure the stock on
hand, and they can estimate the proba-
bilities Of production, and they can de-
termine what compensation in the form
of interest they should reserve in order
that they may not suffer loss. But II
the system of the gentleman from Ohio
Mr.. Harterl is adopted, what will be the
result? | think the gentleman used
somewhat extravagant language; that he
spoke somewhat recklessly, though with
good will and good nature, and with an
eloquence which I highly appreciated.
His theory would result in this: when
we leave the metallic basis of money.
which all the n1onometallistS say is the
Interior end, we shall issue gold bonds
which we will place upon the market at a
discount, realizing, perhaps, 80 per cent.
Our own bankers will buy these bonds
and then issue notes upon them at their
par value, thus giving to the bankers of
the country the profits arising from a
monopoly of making money for the peo-
pie. Under such g system every con-
tract would have to be made with refer
ence to the caprice of the banks. always
controlled by their interest or greed.
Why, sir, gentlemen talk about the
bounty or tribute which is to be paid to
silver miners of the west. They are not
opposed to tribute, but they want its
direction TO be toward the east, not the
west. Where are the votes TO come from
that will defeat the proposition of Justice
and right involved in the simple restora-
ton of silver?
Will the votes come from those who
are opposed to exactions in the form of
bounties, to make profitable improbable
industries? VIII the votes against this
proposition come from the west or the
south? Or viii they come from Pennsyl-
vania, the home OF the people who exact
tribute; from New York, from Mas
sachusetts, from the people east OF the
Aileghenies who have built up colossal
fortunes upon the accumulations of
tribute by means of which the burdens of
debt have been multiplied and increased
in quantity throughout all this land?
/ do not speak in favor of protecting"
mining industries. / want to tell you
here one fact in respect to mining in our
territory. The average life OF a mine
there is about ten years When mine
is exhausted it is worthless. Within
this time the investor must get back, not
merely his interest, but his principal.
The people in that territory have in
vested 500 ZOO, 900 in that industry. AS
the matter now stands, that wealth is
confscated. At 20 to 1, scarcely more
than expenses of operating the mines can
be realized. In the mining states II, 900
miles of railroad are dependent for sup
port upon the tonnage derived from min
eral productions. That is the basis upon
which are secured some three hundred or
four hundred million dollars of bonds.
More than billion dollars are involved.
Our people who went to that country
relying upon the continuance of system
older than history is able to record, which
they supposed was built upon the crock
of ages have risked their all for the re-
demption of one-third of this continent,
under unparalleled difficulties. by the
sacrifice of much blood, much turmoil
and suffering. Yet, gentlemen from
New York laugh and sheer and say that in
order to get the monopoly OF Issuing lit
tie currency to the extent of small per-
centage upon the bonded Indebtedness of
the United States they are willing 70 con-
fiscate all this wealth and drive those
people to misery and financial death.
Applause
Ii may be beautiful picture for those
gentlemen TO contempIate-the picture of
that country RENTED TO desolation and
famine. 1t may be that they are willing
to see that country, now teeming with
wealth, activity, enterprise, Intelligence
and patriotism, brought to ruin and
desolation; but invoke the good sense
and the common hosesty of representa-
tives of the American people TO thwart
this nefarious object. The work OF our
beautiful structures OF stone 'smore en-
during than brass' Will stand as the
mute and mighty monument of a nation s
folly and a peoples despair.
Such must be the result if the policy
recommended is adopted, and yet it stalks
forth, very demon of destruction, be-
fore which any fiend or devil might bow
with reverence.
They aay we cannot do it alone: that
we must let Russia start, let England
start. let France start, Let some other ma
ton start. Bu5, Mr., Speaker, in the
name OF God, who is more interested in
starting than we? We have more than a
billion directly or indirectly involved. .
We produce % per cent. of the gold and
IL per cent. of the worlds product of sill
YER A great industry is involved, as
well as the values OF all wealth, produc-
tive and CONS unable.
We are the most powerful and capable
of all nations and the most interested in
starting. We can, as France did for sew
enty years, by the free and untrammelied
coinage of gold and silver, linking the
metals together, preserve their parity,
standing as we do with two thirds of the
inhabitants of the earth on the silver
basis on one size and on the other side
only one-ffth on the gold basis.
England had gold standard for seventy
years, and Germany and the rest OF
Europe were On silver basis. France
during ell of these years, by her bimetallic
system, preserved the parity OF the two
metals. Gentlemen may deny it. | as
sert it to be fact that the metals during
that period did not fiuctuate except as the
rates OF exchange between London and
pnr;s rroriod Irhof Was c,r,.,I,, cirrc,I