Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1893-08-29
MORE MONEY TALK.
Mr. Johnson OBJECTS 10 a standard Of
tile Pleasure Of the payec, Etc.
Editor Delcret News

hANhNNkiA Wv AAAAN ANNNNNNAH u nave
almost passed for discussion Of the
financial question prior 10 a time When
vote will be- taken In Congress there.
on, yet It may not he too late to appeal
h the people who are behind Congr,ts,
TO make business Of studying the
question and to make up their minds
~ TO what policy Will be most con.
ducivo 70 their interests, hence beg to
trouble you with one more actoud DO.
fore the curtain drops.
Among my frlcuds aud private cor.
respondents is gentleman WHO,
though J ttl'eve Ia really n mono.
metallis,, has made to me a singular
suggestion, which is about this. lie
SAYS that he would CJnselt that both
silver und sOlt should be coined, and
either ane made legal tender m ali
ttuntuciiOrs, leaving 70 optional with
tic paycu 10 determine when uoiu be
VIII tuse--EUld ur silver, uui hB nsha
what uult ciiJn eau nave 10 That pro-
Position. l DO not know whether there
h Or NOT such u plan ia contemplation
by the gold men, but there may be-,
hence / viii suggest an objection,
should one te promulgated, nnu %
! answered my friend.
There are Inuy li jvctionu 10 this,
hut onu only OF which it h. necessary
60 mentiuH, a. 10, iu my opinion, n ia.
tufmUuhtanle. There wa 40 power OT
authority entrusted by he people when
the Constitution was adopted TO auy
man or body OF men save HuI except
tue Cuugfess OF the Uuitod Siatul 10
make, by iaw or Otherwise, any kiud
u money a legal tender except gold
and silver This plan wuuli give
the creditor class that power which
might, ami 10 doubt would, be- eSvr-
chcd ~ such manner ~ 10 operate
materially TO the injury OF the debtor
class. | hold that COngtrss cannot
delegate 10 an individual authority 10
do that which Is tue duty Of Congress
10 periJim; hrGco | believe the plan
" adopted would he unconstitutional
auu therefore Illegal.
Much b being said and written on
the subject OF what Ia n proper ratio
between gold aud silver, some persons
A4vOcatiug that Of 10 10 l., ans others
Driug willing TO 20 up o. 20 b J, ana
others higher Sill. For my uart /
have favored the old ratio uf 10 t0 ],
because I am led 10 believe that it was
about right when tnu government
established 10, and with az occasional
slight variation, 1t ia Rud has ever since
been about right.
From statistics furnished by the
United States mint / learn that the
product Ut the gold ana silver OF the
United States ftOp 1889 o. 1909 IN.
elusive. has bcen,i golJ 81 ,gjy, OBJ. D7B;
silvcr$li sisal, 800 being au excess u
gold over silver of sSlO,s6l, 1907. II |
such be tue case what reason can be
given why an increase Of the ratio In !
tue iutcrcst Of gold shout should be- |
dcnanaod by tho gold pe1pls2
THE w0fid's production ~ gold AMI |
silver Tor 900 years, from 1898 70 1893, |
has beVn HH iuiiUwf. or gult ss,gI4,. |
IN cEetss of silver over thAl VI gold Of |
only Si,oll, 769. 900, which IL not
sum g. large NJ 10 require the de. |
basement Of silver and tie APPRECIATION |
UfgolJ.
Ihe total amount Of gold aud silver |
used a. money IN tho world IN the !
form Of coin aCd bullion, according 10 /
tue director Of the u. 3. mint, /. as fol-
lows: OF gold, s3,7g7, OlS 500; Of oliver,
$3.50, 67l ,3ij, an excess OF silver over
gold OF only S93, 552, az, which IL not
n very large excess considering the
total amount In use.
learn from what | consider good
authority, that tho total gold of the
world In coin and bullion used az
money amounts 10 s25l per capita,
aud that the total oliver coin anu
bullion Oi the world used as money
amounts 10 1888 per capita, the coins
hnd bullion OF both metals being $500
Per capita,
Now, assuming the last statement 10
BE- correct, what would the necessary
result be II the Lombard street anu the
Wall street speculatofs should succeed
Ia wiping out OF existence az money
the silver ooiu anu silver bullion OF tho
worla? The result would simply be- 10
reduce the value OF NIL properly a little
over 90 per cent II gold should be the
only kind Of money in uge IN the
world, aud tue wage oarnet's salary
would depreclate at the same ratio. Ia
short, such policy would tend 90 make
the rich man richer and tho poor man
poorer. Lava 10 be Just must not dis.
criminate against any clasii the law.
maker is Mt the same time the repte.
sentative OF all Glasses Of his oonstlu.
entu and laws SIN uld DO no enacted 49,
10 protect all alike.
! have seen "a statement showing |
that, Mt the time Of the passage Of tho
law which dumOnetized silver In 1873
silver dollar was worth "a per cent
more than II gold one. II that Is true,
why was that act passed? Was 1t In
the Interest Of foreign land homej
capitalists aud foreign governments
who controlled the gold " the world
aud did not want 10 SEQ It superseded
by silver?
IL has been eaid Out whether It In
true or false | do not know that Eng.
lish capitalists sHnt their gold over to q
America 60 corrupt our lawmakers and I
that they probably succeeded In doing I
% 30 laf us 10 destroy tho white motal q
no measure OF value. Whether the o.
charge n true or false the result was In q
Their favor aud against the true interest :
" A mericnns.
There Is an objection 10 tho Increase (
VI ratio between gold and silver and t
against silver, % which wish 20 make y
reference. Presumably suppose the
)Utctoi government in providing q
measure Of values h that its own people
may have II in their power 10 30 uto A
u. In order that The amount OF such
'urroucy IN circulation Within the
limits OF such government shall not be
uOlect TO great aud sudden luCtuaton y
me- thing used AS money ought not 10 o.
l1sstis value 70 great AS 10 tempt the V
.ltCulatOr 10 sund it out Of the | u
1 lplipyp TINT H. IA upalugt ! tl