The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-08-16
Idaho Silver Men in Convention
at Ketchum-
APPEAL TO THE COUNTRY.
A State Bi-metaIlic Leage Is Organs
lied.
The Report of the COMMITTEES on Resolu-
tions, Which Was Adopted Unani-
mously, win Be Spread
Broadcast.

". J.-1CConneu as chairman, James n.
Wallis as secretary, and NJ. F. CowIey,
assistant secretary. The committee on
resolutions submitted a report which will
be printed in pamphlet form and dis
tributed. The address is as follows:
To the People OF the United States:
The national Congresses now assembled
in extraordinary session, having been
summoned to meet for the purpose of
providing a remedy for the extraordinary
business conditions which have for weeks
convulsed the country. The financial
question is the absorbing theme Of dis
cussion, and a multitude of plans
are being put forth for chang
| ing the status of silver in
our monetary system. In this crisis of
our financial history the people of the
state of Idaho. through their duly ac-
credited delegates, assembled in state
convention to promulgate to the world
their abiding belief that no final settle
ment of this great question can be Of
fected until Congress shall restore the
law providing for the free and unlimited
coinage of silver at the ratio TO gold Of
is to /. In support Of this belief we sub
NIT the following facts for the Considera-
| ton of our fellow citizens, asking that
they be carefully weighed by all who de-
sire that principles of right and justice
shall be stamped upon the fiscal legisla-
ton OF this country. We know we are
right and we believe that every sincere
man who will clear his mind of prejudice
and examine the subject logically will
eventually share our belief upon this all
important issue.
! IL is very generally admitted that gold
alone does not constitute q sufficiently
broad basis to sustain the vast structure
of credit which represents the trade and
industry of the world. This point is so
we'll established that no argument is
needed to sustain it. 1t is voiced all over
our eastern states and even by the great
financial and political leaders in the
united kingdom, and yet strange as it
appears, multitudes OF the American
people rendered desperate by q situa-
ton which they do not under
stand are willing to follow the
lead Of the creditor class in the at
tempt to finally establish the single
gold standard in this country. Why was
the policy OF monometallisn inaugurated
and what have been its rules2 1t was de-
vised for the purpose of enhancing the
value of money and securities. The pur-
chasing power of gold has been appre-
ciated yery nearly 100 per cent and the
OF the worlds thousands of millions of
dollar interest bearing securities. 1t has
been enormously profitable to the holders
OF these securities. 1t has been dread
fully disastrous 70 all who see labor con-
tribute the fund from which these securi-
ties, principal and interest, are paid
Here in the west we have not been dead
by reason OF the direct and disastrous effect
upon our leading industry to give this
subject but careful thought necessary to
arrive at correct conclusions. The peo-
pie OF the east have not given it such
thought that they have careIessly ac-
ceDted the explanation that the prices OF
the products Of human labor have de-
clined because Of over production. We
tell you prices have sunk because of the
appreciation of the basis of money as a
rule OF the application of the principal of
monmetalism. You will agree with us
in this proposition when you have given
the subject that Independent study and
investigation to which its importance en-
titles it,
We tell you again that If this rule of
mono-metallism be finally fixed upon US,
il must apply to all classes of property
values must all shrink. The values Of
your lands; the values of your build
ings; the values OF your factories; the
values cf your railroads must all be
pared down. You Cannot escape from It'll
Neither the efforts of fnanciers
or the Intervention of clearing house
association can prevent the fall. When
tie process of shrinking shall have been
finished 20 per cent OF your stocks will
: have been entirely wiped off the board of
the exchanges, thousands OF millions OF
dollars of your Investment securities viii
1 not be worth as much as the paper upon
{ which they are printed; they represent
only an equity; the bondholder comes
first ard the value of the property will
not be sufficient to more than pay the
bonds when finally measured by the
: single gold standard.
The free coinage of silver will enlarge
the volume of the basis moneys; it will
stop the fall of prices and establish them
a upon q much higher plane; il will add to
| the receipts of all who toll; it will in
crease wages; 1t will make the burdens OF
life easier in the homes of the masses; #
will tighten the sky OF industry; it will
make music among the spindles; it will
put thanksgiving in the hearts and songs
on the lips of millions; it viii overturn
the bondholder conspiracy and take the
{ woke of hopeless poverty from
e the necks of those VINO have
been ground into the dust
by the wheels OF this Juggernaut OF gold.
Moreover, ne want to say TO those who
own factories that are standing idle, that
4 the free and unlimited coinage of silver
! would at once create a new and almost
boundless market fer them. Free coin
5 ags in the United States at ratio of Is e
e would at once bring a food OF orders fol
: goods from the Latin American coun'
: tries, since the fluctuations in exchange
q would be done away with. This trade
would amount to tens OF millions dollars
: annually. 1t would permanently turT
: the general balance of trade in our fav0l
e and would oblige Europe to pay its bal
ance TO US in gold. While drawing tnI
silver of Mexico, we would have the golG
of England, and the bimetallic United
IS States would become the money center o
n the world. Our trade with all silver usin,
;, countries would become direct, thu
= building up our merchant marine
The remarkable prophecy Of the Frencl
n economist, NJ. Earnest Leyd, is vel
! worth quoting IN this connection. So IA
back as 1871, two years before silver wa
demouetized in the United States. M
a Leyd used these words: ssIt is a grea
IS mistake to suppose that the adoption Q
m the gold standard OF value by other state
besides England will be beneficial.
will only lead to the destruction of th
Of monetary equilibrium hitherto estab
a hsbed. and cause fall in the value o
ID silver from which England'5 trade an.
the Indian silver valuation will suffs
more than all other interests, grievous a
n will be the decline of properties all Owe
8 the world. The strong doctriniaria ex
% listing in England as regards the goal val
luation is so blind that when the time c