The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-07
' ;53: New York Cash Store '' ' '''.
WILLIAM
BARTLING,
Proprietor.

ormous extent. 1t was only necessary
to take one other step to still further
increase their wealth-those constitut-
ed of credits and fixed charges-that
is to gather in the gold and hoard 1t.
During the past three years the banks
! of England, Germany, France, RUSSIA,
Austria, Hungary, Denmark, Spain,
Italy and those of other European ma
lions have increased their gold reserve
to the enormous sum of $5l9, Oo0ooo'
Banks in this country have been pur-
suing the same policy. The legislation
of this country thus brought ABOUT
| looking to a curtailment of the cur
rency. has been followed by the same
/ effects which came in the train of like
LEGISLATION in England in 1918 and Of 1878
| in this country, which precipitated
great panic, which resulted in ire
| mendous decline in the values OF all
kinds of property, throwing thousands
of men out of employment and par
alyzing trade and industry. That such
would be the result was clearly per-
ceived by those who had made a care
/ full investigation of the question. Bar
on De Rothschild, in the Brussels con-
ference in November, 1892, said: Il
need hardly remind you that the stock
of silver in the world is estimated at
some thousands of millions. And II
this conference were to break up with
! out arriving at definite result, there
would be a depreciation in the value
of that commodity which would De
frightful to contemplate, and out OF
which monetary panic would ensue,
the far-spreading effect OF Wh1cn IL
would be impossible to foreteN.
In the speech to which / refer in the
House of Representatives, pointed out
| what I conceived would be the eftects
! of the proposed legislation. Speaking
with especial reference to the mining
! states and territories, / said: 1t may
/ be a beautiful picture for these gentle-
men to contemplate-the picture OF
| that country RENTED to desolation and
| famine. 1t may be that they are will
| ing to see that country, now teemlng
with wealth, activity, enterprise, intel
| Igence and patriotism, brought to ruin
| and desolation. Such must be the re-
suit if the policy recommended is
adopted. and yet it stalks forth, very
! demon of destruction, before which any
| fend or devil might bow with reyer-
ence." a
1t is indeed difficult to overestimate
the pernicious consequences resulting
from the legislation preventing any
| further use of silver as money and de-
pending entirely upon gold. The an
nual increase of population in the
United States is in the neighboThood
of two million persons; allowing them
per capita circulation of $50 would
require an annual increase in our mon
etary supply of $60,000,000 There is no
| legislation upon our statute books now
which can add a single dollar to the
available circulation, but the policy
adopted encourages the withdrawal
from circulation of even that which we
noscacc What was the attitIdo of the
two parties in Congress upon this ques-
ton and from which of the two parties
can most be expected? 1t is true,
President Cleveland is imbued with
the ideas generally entertained by
members of the Republican party upon
this question. The great mass of the
Democratic voters are in favor of the
free coinage of silver. The majority
of the Democratic members of Con-
gress elected by them are eager to ex-
ecute their will upon this question. If
the Republican members could be
eliminated from both branches of Con-
gress before the close of the next
session. in my opinion, free coinage
bill would be passed in spite of the
presidents veto. The standing of the
two parties upon this question was well
stated by Mr.. Reed. the leader of the
Republicans in the House of Repre-
sentatiyes if not in the country, in his
speech in the House of Representatives
on the 9th day of August last year.
He said, speaking of the propositions
made by Mr.. Bland: Gas for the
propositions now before us, all see they
are untenable. No one believes we can
maintain 20 to any easier than is to
without the assistance of the rest of
the world. We stand in very
peculiar position-we Republicans.
The representative of the Democratic
party just chosen president of the
United States, finds himself powerless
in his first great recommendation to
his own party. Were he left to their
tender mercies the country would wit
ness a spectacle of the president over
thrown by the party charged with the
country's government. What wonder
that he appeals to the patriotism of
another party whose patriotism was
never appealed to in vain. Never, 1
say, in vain. The proudest part of the
proud record of the Republican partsy
has been its steadfast adhesion to the
cause of sound finance. When this
country was pressed to pay its bonds in
deprecated money the Republican par
ty responded with loud acclaim to that
noble sentiment of General Hawley,
that every bond was as sacred as a
soldiers grave These sentiments were
applauded to the echo by all the mem
bers on the Republican side in the
House of Representatives The presi-
dent in his effort to repeal the Sherman
act and prevent the free coinage of sill
yer, would have been powerless in the
hands of the Democratic party and its
representatives in Congress. He had
to rely upon the support of another
party to accomplish the legislation so
detrimental to the best interests of the
people of the United States. as it was
against the general welfare. The Re-
publicans, almost unanimously, eagerly
rushed to his assistance. 1t was by this
cooperation of the president, the Repub-
lican members of Congress and the few
Democrats from the east-who are
more like Republicans than Democrats
that the Sherman act was repealed
and the free coinage of silver defeated.
OF the 124 Republican members in the
House of Representatives, 113 voted