The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-09
THE arolrENroUs nIEssAeE.

The Presidents message to Congress
will cause considerable disappointment in
the west and in the south. The great
majority of eastern people will receive it
with complete satisfaction. The mean
ing of it, apart from the arguments adj
vanced in the body of the document, is
summed up in its closing paragraph. It
is an earnest recommendation of the re-
peal of the purchasing clause of the
SHERMAN law and the payment of the ma
tons obligations in gold.
The perfect sincerity of the President is
not doubted by the masses of the people
nor is it disputed that he really believes
the welfare of the nation depends upon
the prompt action of Congress on the line
he has laid down. His massage is well
worded, plain as to his meaning and
evidently the product of careful thinking
and clearly marked policy. As an able
state paper from the standpoint which he
occupies it will commend it self to men of
reflection in all political parties.
The disappointment in the west and
south Will be over the failure of the Pres
ident to offer any encouragement to legis-
lation for the restoration of silver as
money. However, the views of GROVER
CLEVELAND on the financial question
were known when he was elected. We
do not believe he could have been elected
but for the harmony OF those views with
The opinions OF the majority of the most
influential men of the country. For,
dispute it who may, as we have stated on
several occasions, there is very wide
in, ca ~, -
gold as against silver coin, and it prevails
among ordinary people as much as among
the bankers and Spectators OF the land.
Among these his message will be APP
plauded, and so it viii in financial CIR
cles beyond the SEAS 1t cannot be fairly
denied that the message has gold flavor
throughout, nor that it contains argu-
ments which TO critical bimetallist ap-
pear u1tenable, on at least of doubtful
force. For instance: If refusal of the
treasurer to pay treasury notes IN gold
would disturb the parity of the two
metals, does not the discrimination
against silver also disturb that parity !?
And if they are, under the law, payable
in either gold or silver at his discretion,
why should payment in either necessarily
result liz the discredit of the other, and
il of one why not the other also?
Again: If the % ual payment OF
gold for currency otes las encroached
on the gold User d, why sh5lld that pol
icy be continued Wherein W rs the neces-
sity for its ADOPT IN, and why should not
the notes issred ~ payment for silver
bullion be redeemed IA silver or gold al
a. asen~.off1r, f1,a fr.aoo,r,-.or7
The substitution of silver for gold in
the treasury, which the President speaks
oil as a result OF this policy, need not
occur but for the discrimination against
silver, and there would be no 'sdepreci-
ated silTer'' as money if the two metals
were given equal opportunities at the
minis, as they were before the demone-
tizing act of 1873.
Why does the President talk about i'm
ferior moneys and s'superior money" in
the same breath with an argument in
favor of parity2 If the parity of the
metals is maintained there win be no su.
perior or inferior. a dollar viii be 6
dollar whether in silver or IN gold, anl
one win buy as much as the other if theil
parity is maintained by the law.
There is much weight in wisat the Pres
ident advances about the recognition O
orr money in every exchange and every
market of the world. But il silver were
restored as money, particularly at ratio
more equal to the present relative marke
value OF the two metals, can there be {
doubt that our silver currency would b
recognized everywhere as ''sound ant
stabIe''2
There are good reasons for the qaer.
why should this great nation be so terri
Sly anxious IS to the recognition o
the money bags OF Europe. This is
nauion of the first class as matte