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


Gnls aud other countries. 1t is, indeed
dlthcult to conceive how any rational be-
being can ascribe it to such potency for
evll-a little harmless four-miIlion piece
OF leglslatlon-a very Nemesis of destruc-
tlon. No rational man does believe any
such thing An Interior end has been in
view OF enhancing the value of fixed
charges and long loans amounting to
more than fifty billions concentrated into
the hands of few. But these few are
all-powerful for manipulation and de-
ception. They have caused false cry to
be raised by which to deceive and mis-
lead unwary Congressman.
1t reminds one of the old days of ignor-
ance and superstition. When some
calamity had happened, in looking about
Tor the cause harmless bag was likely to
be discovered. Immediately all the mis-
fortunes of the people would be ascribed
to her witchcraft. and she would be drag
ged forth, with manifestations of fiendish
delight, to be publicly burned. So with
the Sherman act.
The gentleman from New York who
last spoke saw fit to cause to be read a
message which had been sent from Lom-
bard street across the Atlantic, setting
forth the thought and the sneer OF bank
ers over there, as If he expected that we
were to legislate in this country with
Lombard street.
Gentlemen say they are in favor of ga
sound currency and an honest dollar. Z"
wish to say to gentlemen who repre-
sent that side OF this issue, that they can
not gain any victory by attempting to
peg the question. 1t is all-important in
discussing any question, and especially
the question which is now under con-
slderation, that we should speak with
or rry1{I lIa Il
gentlemen mean by San honest dollar2"
dollar is a cold, spiritless thing; it
possesses no moral attribute of honesty
or dishonesty. It is true that in the
hands OF him who uses it, it may be an
instrument of great evil or of great good.
But 1T has no moral agency. Why do
gentlemen speak of Gan honest dollar
and sound currency?" DO they expect
to drive men who view this question
from the standpoint OF research and
economy, which are worldwide, and
which are based upon the solid founda-
tions OF truth, from their position by the
sneering intimation that they are seek
ing to promote their theories by dis
honesty? | say that language like that IS
but demagogic; it does not tend to eluci-
date the question; it can only tend TO de-
ceiye the unwary or brighten the timid.
No member of this House will be moved
from his position by any such considera-
ton or epithet.
Gentlemen say. tWe do not want a
dollar worth only 80 cents" Well, they
have free coinage at any ratio which is
mentioned here they will not have any
such dollar. What do they mean by s'a
dollar worth only so cents?'' The ex-
preston is an absurdity upon its face.
We might as well say that the Almighty
could create three-year-old bull in a
minute. Laughter. In the constitu-
ton OF the United States express power is
given to the Congress of the United
states to coin money and regulate its
value.
What is meant by the language ''regu-
lating its value?" Can not the Congress
OF the United States say that 40 or any
other number of grains of silver
shall be stamped and designated by
any name, dollar if you please? Of
course every nation exercises the control
OF It's own currency and designates it as it
pleases. Every body who accepts that
dollar knows just what it means. There
is nothing counterfeit about it. 1t Is
genuine. Any citizen passing it in pay
ment for any commodity, or in liquida
Lion of any debt, understands exactly the
currency he is using.
Why, sir, all debts, all commercial
transactions, imply full understanding
on the part of the parties as 10 the nature
ard characteristics of the transaction.
There is no element of false pretense or
fraud in relation to the silver dollar. 1t
is not dishonest dollar. 1t is just what
it purports to be; 1t passes for Just what
it is. Why, sir, suppose this question
were brought into a court of justice?
There are many men here who under
stand the rules of evidence, which are sup
posed to be founded upon the rules of logic
and common sense. Suppose the uues-
ton were, "What is this which we call a
silver dollar worth?" A gentleman
would not be permitted to answer. Why,
ifyou go into the London;market you can
buy bullion, and if the government of
the United States would permit you to do
SO you could coin 1t IN silver dollar and
make profit on your transaction, be-
cause you could purchase the bullion for
80 cents. But what is its market value?
What is it worth in exchange for any
other commodity in the country? That is
the standard by which you must gauge
its value. Any other evidence would be
excluded as incompetent. Gagged by
that, it is today in New York at prem
ium. It sells at per cent. above par.
This shows the extent to which the
government can, by giving to a metal a
new function and an increased demand.
enhance its value. A coin clothed with
the function OF money is worth so per
cent. more than the metal which it con-
tains as mere commodity.
The gentleman from Ohio mr.. Harterl
has theory. 1t is that it is dangerous
this classification made, not by the gen.
tleman who spoke on this floor, but to
which class OF philosophy he seems to be-
long. 1t divides property into produc-
tive wealth, into consumable wealth and
coin-that is, it means that coin is not
wealth at all.
The gentleman spoke as though he had
travelled all of the road and knew all that
had taken place on this subject since the
days of Lycurgus down to our time. But
venture to say that in all of his travels,
through all the centuries, he did not find
an economist or a publicist, who devoted
any attention to the question, who did
not declare that money is wealth of the
very highest power. Why, as with a
stroke of magic, it can be transformed
into anything which will minister to the
comfort and convenience of men or the
development of the human race.
They say that every unnecessary dollar
is dead capital and an utter waste to the
country. Now, II you have money, what
can you do with it? You can use it for
the purpose OF commodities. You can
keep it for prospective purchases that you
may want to make. You can lend it to be
returned with or without interest, or you
can give it away. These are all useful
purposes. Or, you can destroy it. The
last is the use to which the mono-metal-
lists would devote it. Demonstration is
destruction.
Every unnecessary dollar is to be de-
stroyed, especially if it be silver dollar.
Why, Mr.. Speaker, according to that
logic, if the gentleman had coat which
he had put by, and by which he expected
to keep warm in the colder weather, he
ought to take it out and burn it..
Every unoccupied house ought to be con-
sumed with fire. Every UNEMPLOYED