The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-09-30

pounds. Had silver not been demone-
dized, that cotton would have brought
as good a price in 1889 as it did in
1873, The account stands: $500 600. 900
pounds at SO cents, equals $S45, SOC, coo;
showing a loss in debt paying and tax
paying power on cotton alone, for the
single year OF 1889, by reason of the
fall in prices caused by the demonetiza-
tiop of silver of 1927. 500. 900. The loss
to- silver miners by the discount on sill
YER from 1873 to 1889, seventeen years,
was less than S130, GOO, 900: it will there
fore he seen that the loss to the cotton
planters is greater by $50, 600, 600 in one
years to the silver miners. A
like comprtati with regard TO
wheat shows a loss in the
debt paying power of wheat Of
not less than S1.000,00e per year during
ehe same period. or a. total Of S1,700,-
100000 in the seventeen years.
With a depreciation of, say 25 cents
per ounce on silver. the total loss on
coston, wheat, corn, oats and dairy
products is 1851, eco, Coo per year. With
q depreciation Of so cents an ounce on
silver, the loss per .ar upon those
products would be S1,274, 900 000. This
shows that some people besides the
silver miner lose.
CONDENSATION OF REPUBLICAN
FINANCIAL LEGISLATION.
And now let us briefly recapitulate
the salient points Of Republican finan-
cial legislation. The Republican party
Disseminated in favor of gold when
1t issued the greenback and failed to
make its paper money a legal tender
for interest on the public debt or for
duties on foreign imports. Capitalists
bought greenbacks at an enormous
discount and with them bought bonds
drawing per cent interest, which
were exempted from every form of
taxation, national state and municipal
The bondholderS were allowed their in
terest quarterly, and then, by Joint
resolution Of Congress, they were al
lowed TO draw it for a year in ad-
vance. That was when gold was at
It's highest premium, and the bond
holders were thus enabled to invest in
more bonds at great profit. The bond
holders were allowed to deposit their
bonds, under the national banking
law, and draw 80 per cent of the value
Of the bonds IN national bank notes,
which were loaned out to customers
The $40 bonds were payable in green
backs. To prevent this Sherman Sc
cured the passage of the so-called
Credit Strengthening Act" by which
the bonds were made payable in coin.
In 1870 the interest on bonds was ex-
E4upleu IRON taxation. In 1913 silver
was demonetized, and, as a. conse-
Quence, bonds purchased with green
backs could only be paid in gold. IN
1875 it was proposed to destroy every
greenback in existence, and this was
only prevented by the storm of indig-
nation which arose.
WHERE THE DEMOCRATIC PAR
TY STOOD.
The record of the two parties upon
these matters is instructive In 1862
Mr.. Holman. d Democrat, sought to
save the right of the states to tax the
notes and bonds Of the government
This was voted doe,n by the Republic
cans. In 1863 Republicans established
the national banks. the Democrats vot-
ing against them. In 1869 the Repub-
Iicans passed the act making the
bonds payable in gold, the Democrats
voting against 1t. In 1869 a resolution
was introduced in Congress providing
for the taxation of outstanding bonds.
The Republicans voted it down: the
Democrats voted for it. In 1870 the
Republicans carried through the bill