The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1893-04-26
A SILVER SPEECH.
Hon. Thomas Patterson's Defense of
the White Metal.
1t Was a Crime to Demonetize Silver, and
the Trans-NIississippi Congress should
Make Its Voice Heard.

In the evening the Grand opera house
was filed with magnificent audience to
hear the silver speech OF Hon. Thomas
the Trans Mississippi delegates the citi-
zens of Ogden turned out en- masse and
many ladies were also eager to hear the
distinguished Centennial state orator.
Mr.. Patterson said:
Gentlemen of the Congress and Ladies and
Gentlemen:
l assure you that nothing but the pressing
and unreienting demand of my friend and fell
low citizen, Colonel w. II. Harvey, induced me
TO talk on this subject, the same upon which
Senator Stewart is expected TO address you to-
morrow. In looking over your beautiful CITY
recall the condition OF affairs in this section
three years ago, Wnen tne capitalists OF Ogden
went 10 Denver TO help build up our city.
Denver sent her capital TO Salt Lake
and TO Ogden TO AID and upbuild your
interests. l recall the stories that
were told by Denver people of the
enterprise of Ogden-this magnificent amuse-
ment house, manufactures, business houses,
schools and all that goes 10 make healthy and
progressive city In Galveston Salt Lake
Denver, Ogden, San Francisco and all the
cities OF the west, progress and prosperity were
TO be seen. But One.day The failure OF large
banking house in England was announced, you
all remember what followed. All the bankers
sent out notice that their paper must be paid
on maturity. Every BODY who had a
debtor demanded full and prompt payment.
Some said IL was caused by labor agitation;
some claimed 1t was strikes. Others said it
was because free trade was TO take the place of
protection and over.urn our financial system.
None OF these reasons were correct Ii was
because of the failure of the Barring Bros Of
England and the withdrawal of their millions
OF money from the channels of the worlds com
merce; and ii is for this reason that the money
question is SO interesting and vitality important
to US.
THE USE oB MONEY.
Money, as you know, is a standard OF value.
In the primitive days money was not used so
extensively as at present. in fact IL was little
used as medium Of exchange. In the early
centuries il was mostly q matter of barterlpp
or changing one product or article for another
We know from history that silver came first
into use, and then gold, as a means of ex-
change. They are valuable as money because
they are precious, ana because they are scarce
Until the last three quarters Of a century
gold and silver walked hand in hand as me-
diums OF exchange in the commerce of the
world. But twenty years ago silver was de-
throned A new system OF exchange was m
troduced-the credit system. I mean green
backs, bank notes. government bonds. We
have about 100000, 0W of metal money in our
treasury vaults. Il may be that this Is ample
To sustain SuperStructure of &C. 009 900 QUO of
credit money which is now In existence hut
can it so support this vast amount OF credit
money under the present condition OF the money
svstefag A little reflection will show the
world has been taken from the channels of the
worlds commerce, will not the volume of money
shrink The debtor has the amounts of his
debts increased; therefore, when Barring Bros
tailed the prosperity OF the commercial world
was stunned. You buy money with property