The Evening dispatch. [volume] (Provo, City, Utah) 1891-1895, 1894-10-22


it has had control of the legislative
branch of the g0Yernme through its
control of the senate. Why, If 1t is IN
favor of silver, has it not rectifed the
terrible wrong? "By their fruits ye
shall know them,' and the tTuiy given
Us by the republican party has been
dead sea fruit which turned to ashes
! On the lips. II is through democracy
that relief will come. 1t is the de-
mocTacy that must make the fight.
Let US examine this silver question a
little and see if we cannot make plain
| the fact that silver should nave re-
stored to it the money function. In
arlthemetic the figure one is a unit,
All sums are multiples OF that unit. II
| is the necessary basis from which to
start. And so, in creating money d
unit. or starting points essential. AT
! the beginning of this government, con-
gress declared silver and gold to be
money. In 1892, the silver dollar of
| 37lM grains was created tue unit of
values. All other money counted from
this dollar. Gold money counted from
that. Silver was the basis and the
eagle was equal to ten silver dollars.
The ratio between gold and silver was
at first fixed at Is to l. That is, the
silver dollar was just fifteen times
heavier than tie gold dollar. In 1884
| the ratio was changed to Is to L, but
the silver dollar was not changed. The
i gold dollar was made lighter. The
silver dollar remained the same, COZ
tanning 37lt grains from 1892 until 1878.
| In 1873, the unit clause OF 1892 was
! changed so that ii read.
That the gold coins of the United States
| shall be one dollar piece of the standard
| weight of twenty five and eight-tenths grains
| shall be the unit of value "
AT the same lime Tree coinage of sill
yer was abolished by stealth and
fraud. The bill vent through congress
like the silent tread of the cat. " Sill
yer was no longer upon an equality with
| gold and all values were measured by
the gold yard stick. Cola grew in
value and silver deprecated. The ar
gument IS made that the commercial
value OF 37l14 grains Of silver is not
equal TO dollar. The reason Is found
IN the fact that there is no longer the
unlimited demand for silver which
| free coinage creates. The commercial
value of any article is governed by the
law OF supply and demand. Free coin
age means unlimited demand and the
supply of silver is limited. England
| d6monetiZed silver in 1916, but as Ger
many, France the United States and
| the Latin Union had their mintS open
| to silver, the demand was sufficient to
maintain the equal value OF the two
metals at Is to l. The United States
closed Its mints to silver il 1878. Ger
many the same year, France and the
Latin Union in 1874, and silver rapidly
| declined in commercial value. AS is
shown by the United States statistical
! abstract for 1892, page 80, from 1857 to
1878, the commercial ratio OF gold and
silver was never IN any year lower than
to IA and never higher than l to 16t,
which, for almost two hundred years
was Variation Of only about two
| points. Up to 1878, the commercial
value OF the two metals was kept at q
| parity, notwithstanding the varying
| supply OF the two metals, But, when
silver was demonetized the figures
changed. From 1873 to 1898, the value
| OF gold Jumped rapidly until it reached
the point where one pound OF gold was
equal TO thIrJy-twO pounds of silver. In
ZUO years, under free Coinage there was
only variation of two points. In
twenty years after silver was demOne-
t!Zed there was q variation OF Is points.
There is IN the world, according to
the report of the director of the mint,
SS, ,727 ,0lS, ,S69 III gold money, ana
50 $50, ,57l ,346 in silver, or a total OF
81 . Z $50 ,2I5. The Recommendation Oi
silver has reduced the redemption
money Of the world to d little less
l. Tt.a. nl T.~zrr l
Silver now Circulates the same az
paper money. Both are ledeemable
10 gold, Silver is only money In the
sense that ceraied checks are money.
oGrIckly speaking there Is no money
out redemption money.
NOW, let 1t 90 d step further. The pri
mary value OF property Is It's exchange
value. III there Was no money, barter
ana trade would, Oi Necessity, be the
rule. UnWIeidy articles would have to
J5 pas sed 1rOm one To another. Hence
he necessity Tor money. IJ has Two
qualities. IC has Y4lue IN and Of itseII
Lhe government gives it an exchange
value. The government stamp Is &
ertihcaCe OF it's quality and quantity.
The Tree coinage Ol money does not in
crease It's exchange value, but 1t gives
70 1t d liked value, Actual money be
ing cumbersome TO handle in all tr ms
actions there was conceived another
kind OF money represented by checks,
bank notes and the like, all of which
are redeemable in gold. SO long as
Gnere is sufficient redemption money
70 meet the credit money there is NO
danger of financial disturbance. The
demOneJIZatIOu Of silver destroy ed one.
halI The redemption money. As q con
sequence there was steady decrease
OF Values. New and greater deUts were
contracted to pay Old ones. From 1873
20 1893, falling prices continued until
the indebtedness OF this country in
notes, bonds, mortgages ana accounts,
reached tue enOrmors amount of forty
thousand million dollars. The indebt- |
edness Of the railroads alone was five
Thousand millions. Iu 1890, there was
the great Barring failure In Europe,
which shook the world. AS might have /
been expected, in 1898, the grand crash |
came.
TIE FINANCIAL TROUBLES NOT DUE TO |
DEMOCRACY.
The troubles, financially, that we are
uON thnO lkEfO OCCll GulClluk CduAOb DC |
to democracy. they date |
back to the republican financial policy
in the sixties to its uncalled for and |
terrific contraction of the currency in |
order to resume specie payments, to its
In favor of capital, to it's |
cruel and unjust tariff policy and to its
of silver. That it is
not due to tariff reduction, but it Is
due to the scarcity of money is shown
by tie fact that it prevails oyer the en-.
Ire world.
The Salt Lake Tribune the other day
said:
The American Grocer tells how the
ariff adds 10 the burdens of the people.
L supplies table which makes beau
iful object lesson, and we commend it
o the tender mercles OF Judge Powers.
t gives the wholesale prices Of some of