The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-09-03
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SPRINGER ON SILVER.
Views of BimetalIist Who Voted for I'm
conditional Repeal.

some oil the HERALD readers VINO are
disposed to give credit for sincerity to men
of reputation who are bimetalllsts and
yet voted for the unconditional repeal of
the Sherman purchasing pr DIVISION, will
read with patience the views of such men
and discriminate between them and the
single standard goldites. Following is
synopsis of the remarks made on this
subject by Mr.. Springer of Illinois,
NOW that we are assembled as repre-
sentatives of the people in this body and
as representatives of the states in the
other chamber, it is our duty to consider
calmly and dispassionately the present
condition of the country; to take into
consideration the cause of financial de-
preston, and to apply, if possible, a
remedy.
"The present depression, amounting at
times to a panic, and at present to COM
pIete paralysis of business, demands and
should receive. the most patient, careful,
and patriotic consideration. Whatever
may be the causes of the present depres
sion, the evil hour is upon US; the disas-
| ter is widespread; the ruin almost uni
versal. The business interests in every
part of the country are Frustrated, and
even paraIyzed; thousands upon thous-
1
tories are closed, riots are threatened, and
| the red flag of the anarchists is haunted
in the presence OF public assemblies.
Whether these conditions be fancied or
real; whether they are due in part to the
| fault of those who would coerce legisla-
| ton by threatened financial disaster;
whether they be the result of conditions
brought about by legislation heretofore or
merely imaginary, still they do exist,
whatever the causes may be, whatever the
objects may be, and we are called upon
as representatives of the people to afford
such legislative remedies as may be in
our power to do.
81 attribute the actual condition which
now exists in the country to three con-
trolling and fundamental causes.
| First, the tariff legislation since the
war, the protective tariff laws which are
| imposing enormous burdens upon the
people OF the country, to protect favorite
| interests There has been overproduction
by this unnatural stimulant; there has
been overborrowing, overtrading, over
drafting, and thus inevitable disaster.
1.-THE second cause, in my Judgment,
for the present financial condition, is
found in the demonstration of silver in
! 1878. And the third cause, the authority
given by the Sherman act to purchase
1900 900 ounces of silver each month, and
issue treasury notes thereon, which
treasury notes, under the ruling of the
treasury department, were redeemable in
gold. There are, OF course, other causes
which might be referred to, but these
three, it seems to me, are those most re-
sponsibie.
ssrhe effect of the act of 1873, which
demonetized one-half of the money of the
people, was not realized until 1878, when
the United States resumed specie pay
ments. Silver has been demonetiZed for
| twenty years, and acts that have been
passed since that time have had but little
or no effect as measures of remonetlza
ton. The fact that silver is held as
collateral for their redemption has added
nothing to the face valus of the silver
certificate, it passing at par with the
paper obligations of the government and
depending for. its money power and pur-.
chasing capacity on the pledge of the
| United States that its parity should be
maintained with gold and that it should
be received for all dues to the govern
ment and be a legal tender in the pay
ment of debts. The decentralization of
! silver by this country and the other coun
tries of the world has deprived the people
of one-half OF the money which would
otherwise have been obtainable in the
payment of debts.
1.-THE demonstration of silver in 1873
did not destroy silver as money as much
as the Sherman act. The depreciation of
silver in the three years since the passage
| of the Sherman act has been greater than
it was during the sixteen which cover the
period from the demonstration until the
passage of the Sherman law. The depre-
citation during the first period of sixteen
years was 24.4 per cent, and for the Sec
ond period of three years it was 25 per
cent:
'sWe have been called together by the
president in extraordinary session for the
| sole purpose of effecting this repeal OF the
purchasing clause of the Sherman act
Shall we answer this universal demand
for repeal, a demand which meets no neg
alive response throughout the length and
breadth of the land, with the statement
that we will not repeal the purchasing
clause of the Sherman act until Congress
agrees to do something else on some other
matter? It's just as parliamentary, just
as reasonable, to insist that the tariff bill
shall be included in the bill for the re-
peal of the Sherman act as to insist that
the measure for the reconciliation of
silver shall also be incorporated in that
act.
s,The depreciation OF silver has, in my
Judgment, resulted from two causes !:
First, its demonetization by the United
States and other great powers of the
world; and secondly, by the enormously
increased production of silver bullion
since characterization took place.
If we should remonetize silver in this
country upon the ratio of Is to /, one OF
two conditions would inevitably follow;
either the United States would at once,
or within brief period of time, pass
from the present gold standard of values
to the silver standard, or the price of sill
Yer bullion would appreciate in value to
the coinage value of the silver dollar. If
Jour government should pass from the
present standard to the silver basis, there
would result, at the same time, finan-
cial crisis in this country with which the
present financial depression would be an
levenlng zephyr compared to a western
cyclone. The hundreds of millions of dol
lars of foreign capital invested in this
country would be Immediately withdrawn
or withdrawn as rapidly as possible from
all the channels OF our trade and indus
try Our credit would be destroyed and
we should be remitted to the condition OF
Mexico, of India and China and those
other countries now upon silver basis.
We would be thrown out OF harmony with
the great commercial powers of the world
Those nations that buy nearly $500, 900,
COO OF our products, and from which we
receive almost as great an amount OF their
produce in return. All kinds of business
would be Frustrated, all classes of indus
try would be crippled, and In time like
that the greatest sufferers and the most
idefenseless victims would be the farmer
and the laboring man who depend upon
their own sweat and toll for their exist
ence. Surely, no gentleman upon this
floor desires to take that leap into the