The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-03
IHB SILVER CONVENTION.
Continued from page IL

stricken down property values destroyed;
workmen compelled to fly as from pestil-
ence; everywhere honest tOilers number
ing hundreds of thousands are thrown
out OF employment to eat the bread of
charity or starye; the products of indus
tries from the workshop have deprecated
in price until production ceases to be
profitable; the money of the country,
Inadequate for the business of the land,
has gravitated to the banks, while the
people, distrustirg banks, demand de-
posits to hoard or hide. Mercantile
houses are going to the wall by thousands
because the masses have not the means to
buy even the necessaries of life. The
OF the great crops being gath
cred demands vast amount of currency
which banks are unable TO furnish. In
the midst of these conditions the daily
press is clamOring for a repeal of the
Sherman act, although such repeal means
the stoppage of the issue of more than
three million dollars every month ignor-
ing the fact that to hold the balance level,
between the debtor and creditor fac
tions the supply of currency must in
crease with the increased population and
business power. The growth of popula-
ton is 50 per cent. every ten years and
the increase of business is much greater.
The preamble then quotes at length
from the utterarces of James 3. Blaine,
Daniel Webster and Secretary Carlisle, in
favor of bi-metallic currency, and Hon.
John Sherman on the dangers of none
tary contraction. The resolution then
says:
There must be no compromise of this
question. All legislation demonetizing
silver and restricting coinage thereof
must be Immediately and completely re-
pealed by an act restoring the coinage OF
the country to the conditions established
by the founders of the nation, which con-
tinued over eighty years without COM
plant of any part of our people. Every
hours delay in undoing the corrupt work
of Ernest Leyd and our foreign enemies,i is
an insult to the dignity of the American
peopls, q crushing burden on their pros
perity, an attempt to place us again
under yoke from which George Washing
ton and compatriots rescued us.
We protest against the financial policy
OF the United States being made depend
ent upon the opinion or politics of any
foreign government and assert the power
of this nation to stand on its own feet and
legislate for itself upon all subjects. We
assert that the only remedy for purely
metallic financial troubles is to open the
minis of the nation to gold and silver on
equal terms at the old ratio of sixteen OF
silver to one of gold. Whenever silver
bullion can be exchanged at the minis for
legal tender silver dollars worth one hun
dred cents; and, as commerce equalizes
prices, all commodities throughout the
world whenever 4121a grains of standard
silver is worth one hundred cents in the
United States, then it will be worth that
everywhere else and itscannot be bought
for less.
While it will be urged that such results
would enhance the price of silver bullion,
frf7r0
lar case will be made in the price of every
kind of property, except gold, and credit
in the civilized world would be with a
shallow, selfish class that would deny to
mining Industries at cost of bankruptcy
to the whole people. Legislation to de-
monetiZe silver has given an unjust in
crease to the value of gold at the cost of
prosperity to mankind, while wheat and
all other agricultural products have
ridden eide by side with silver.
That while the Sherman act of July IA,
1890, was device of the enemy to prevent
the restoration of free coinage, and is
greatly Objectionable because it continues
to practically exclude silver from the
minis, and reduces it from a money metal
to commercial commodity, nevertheless
Its repeal without restoration of free
coinage, would stop the expansion of our
currency as required by our growth in
population and business, widen still fur
ther the distance between the two precious
metals, thus making return to bi-met-
allism more difficult, greatly increase the
purchasing power of gold, still further
break down the price of the products of
the farmer, labOrer, mechanic and trades
men, and plunge still further all COM
merce, business and industry into such
depths OF Indebtedness as to endanger
the peace, preservation of free institu-
tlons and very maintenance of civiliZa-
ton.
We therefore, in the name of the repub-
lie and humanity. protest against q repeal
OF the said act of July IA, 1890. except by
an act restoring free bi-metailic coinage
as existed prior to 1873. We suggest that
the maintenance of bi-metallism by the
United States at ratio of Is to 1, will
increase our commerce with all the silver
using countries of the world, containing
two thirds of the world without decreas-
ing our commerce with nations which
buy our raw material, and will sooner
compel the adoption of bi-metallism by
the nations OF Europe than any other
means.
We assert that the unparalleled calami-
| ties which now affiict the American peo-
pie, are not due to the so-called Sherman
act of 1890; and In proof thereof call at
tention TO the fact that the same evil con-
ditions now prevail over all the gold
standard world. We are convinced that
bad as is the state of affairs in this coun-
try, it would have been still worse but
Tor the Sherman act by which the nation
has obtained to some extent an expand
| ing circulation to meet the demands
Of the continent in the process OF
colonization, and the business exigen
| cies of the most energetic and industrious
race that ever dwelt on earth, and we in
sist upon the execution of the law with
out evasion so long as it is upon the stat
ute books and upon the purchase of the
full amount Of silver each month that is
provided for, to the end that the monthly
addition to the circulating medium the
| law secures shall be maintained. That
we would call the attention of the people
TO the fact that in the midst of all troubles
| OF time, the vaIue of the national bond
and national legal tender money whether
made. OF gold, silver or paper has not
fallen particle.
The distrust is not of the government
or its money but of the banks which have
as we believe precipitated the present
panic on the country on the i'll advised
effort to control the action Of
Congress on the silver question and
issue bonds. We invite the bankers
to attend to their legitimate business and
/ PcAAIio e4S Soe " eiS pSople W nave In6lf
full share in the control of the govern
ment. In this way they will much sooner
restore that confidence which is so neces-
sary to the prosperity of people. Il
must not be forgotten that boards Of
trade, chambers of commerce or money
dealers are worthy and valuable men in
their place, but the republic can more
safely repose upon the great mass of Its
peaceful toilers and producers and let this
business manage" itself.
The time has come when the politics Of
the nation should revert as far as possible
to simple, pure condition, out Of which