The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-07-01
The Silver Question.

1t seems that the President has yielded
to the call of the country, or of great
many influential men, and has deter
mined on an earlier extra session of Con-
gress than was contemplated. The iudi-
cations are that this means a movement
for the repeal of the SHERMAN law.
Those who are particularly anxious for
that, do not wish for any silver measure
to take its place. With the pressure that
will be brought to bear it will not be very
surprising if that policy should prevail.
There are very few thinking men in
either political party who believe the
SHERMAN law should remain. 1t is con-
ceded that it was only passed as
compromise and an experiment. Il has
out answered its purpose. But it is diff
fcult for an unprejudiced observer to see
wherein its repeal will relieve the finan-
cial situation, unless some heroic and
defrite measure is introduced to accom-
plish what it has failed to effect.
In the present state Of public feeling
we will not say public information-for
transformation abounds on the silver
question and sentiment in favor of a gold
standard takes the place of fact and rea-
son-it is not to be expected that free
coinage OF silver at the old ratio can be
obtained. The truth that gold has APP
preciated is observed by the apparent fact
that silver has deprecated, and the cry of
"honest money! has so bewildered the
popular mind that it is almost in vain to
demand the restoration of silver as
money at 16 to L.
A change in the ratio might be accepted
by those who now hesitate at free coinage
but are not committed to the single stand
ard theory. That would be far better
than any such expedient like the SHEER
MAN law. The government is discharg-
ing it's proper functions when it conducts
the business OF coinage, but not when it
buys bullion for the purpose of storage
only.
1t is alleged that the men at the head of
the present administration are in league
with the gold spectators, and that the
result of the present movement will be
the reputation of silver and the estab-
lishment of the gold standard. We can
not believe that. However those men
may be imbued with the eastern prejudice
against free coinage of silver, they are
Democrats and bound by the financial
lpolicy enunciated in the Chicago plat
form. Here is an extract from that docu-
ment:
1--WE hold to the use of both gold and
silver as the standard money of the coun-
try. and to the coinage of both gold and
silver without discriminating against
either metal or charge for mintage, but
the dollar unit of coinage of both metals
must be OF equal intrinsic and exchange
able value,' etc.
The parity of the two metals and the
keeping of paper currency at par with
and redeemable in coin are also an
nounced as the policy of the Democratic
party. The establishment OF single
standard, as the goIdites term it, would
be in direct opposition to the declarations
of the party, and surely will not be at
tempted by the administration. But the
party is pledged to the repeal of the
SHERMAN law, which is denounced as ga
cowardly makeshift, and therefore we
may look for prompt action in relation to
it as soon as Congress gets down to prac-
tical work.
The friends of silver will have to be on
the alert to guard against any combina-
tion that may be effected to the injury Of