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

between the, men who wanted to de-
stroy silver as money and the men who
foresaw that single standard would re-
suit in disaster 1t placed silver at
the mercy of the oddities. for since
that time the secretaries of the treas
ury have used the power of the gov
eminent to depress the price of silver.
But, 1t gave the lie to the argument
that the coinage OF silver will drive
gold out of the country. While it was
, in force we gained five dollars in gdld
10 one dollar in silver. This argument
that the free coinage of silver will
, drive out gold is not based on fact.
The history of France exposes this
failacy. When q country is making
money, gold comes in, It does not go
out. The commodities OF j I. country
are in demand by other nations in ex-
change for their gold TIE twin metals
should go hand in hand Their ratio
must be fixed by law and their plr-
chasing power must be fixed by the
stamp of the govern ment. and when
this is done. values are not measured
by one metal but by both God fucsu-
ates in value quite as nruch as silver.
when silver is money. When we t9Thy
measure the value of firm products By
the silver standard. we find that they
have not deprecated. but that gold.
through its scarcity. has increased in
value.
A SHERMAN LAW AND IT'S RE-
PEAL.
The Sherman law of 1899 was an
other step toward tie complete deb Sc
ment of silver Under its provis' III,
the government purchased 500 900
ounces of silver per month. is ring
treasury notes for the market valhe
thereof ON the day of pu cha se. UatIer
this .aW the government spe Mated
IN silver. 1t haggied over las price.
every thing was done that could be to
depress silver in value. II was no
longer treated as WAS gold. Il a7.a;
considered base metal Although
under the law no man could refuse 10
accept a silver dollar, the So r1tzry of
the treasury made the excuse that the
people would not take 1t and so he
issued certificates and piled the coin
and bullion in the vaults
The Sherman law was passed 10 make
the approach to that which had been
determined upon the mora gradual.
Soon the cry was raised chat tas silver
dollar was dishonest dollar Thatiit
dld not contain dollars worth of ST.
Yer. the fact that the silver dollar is
valuable for the debts which it viii
pay and the labor that /; will buy AID
that 1t is not taken for the s.rJuns of
silver it contains, was lost signt Of
Inc Tact thai the value of silver had
peen beaten down By its debasems
was never mentioned Men who adj
VocSted its cause were called by the
press of the east, silver iunatics,' Or
Selnsh mine owners. who desire! 10 fOist
dishonest metal upon the world for
money. 1t was repetition of history,
Ior' IN the case of the passage of the
act called, The credit strengthening
act. all who advocated that the bonds
mat were purchased in greenbacks
should be paid in greenb 8cks. were
called 'repudiators of honest debss."
And so matters went on. and toward
the close OF Harrison's administration
the bankers panic was agreed on A
demand was made that the Sherman
act should be repealed. An effort was
set on foot 10 compel the issue of ad-
dltlonai bonds by the government All
over the land accommodation was refused
10 customers of banks. Loans were
called in and the money locked up.
Creditors were everywhere pressed fbr
payment and through the influence Of
the money power. by thus Contracting
the circulating medium. hard tines
came and they have been here evAr
since. A crash followed and. some bf
the banks found that they had pul,sI
IL 'sttA-S VI tiiS iliJAAGg leiilE4t Ulln
their own necks.
THE SHERMAN ACT REPEAL.
Times grew harder and harder Cold
was leaving our shores and it was
argued that the repeal of the Shef-
man act would stop the outflow ana
restore prosperity. The Republican
party advocated that doctrine ana
Cleveland believed in it. Congress was
called in extra session. Great inllusnae
and persuasion was used and sse a5t
was wiped from the statutes. But. II
was Republican votes that did A. i1tt
as the New York Republican platform
claims. for the majority of the Demo
cratic votes were against repeal After
that, Mr.. Bland introduced q bill fal.
the free coinage of silver. A maiorfS-
of the Democratic members voted for
1t but only thirteen our of one hundred
and twenty-four Republican members
voted in it's favor
Republicans are for free silver-when
England wants it. Senator Jones. OK
should be authority and ne