The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-11-28
MUCH TALK ABOUT SILVER.

name his successor, when the next
place shall be chosen, he to reside
therein. The report was adopted and
President Cannon escorted ITO the
chair.
After brief speeches of congratula-
ton and thanks TO Retiring officer
Whitmore, congress adjourned for din
ner.
The Silver Question.
At the opening of the afternoon ses-
sion, which was delayed until nearly )
O'clock, there being nothing before the
convention having special precedence,
Congressman-elect Shafroth, of Col
orado, was invited to address the del
egates on the silver question. Mr..
Shafroth opened his remarks with a
theoretical discussion of the effects of
the complete decentralization of silver
and the consequent compelling of any
one metal, gold for instance, to trans
act the business of the country or of
the world. He touched upon the ar
nual production Of gold, and arguing
from the statistical assertions that
more than rs per cent of that produc-
ton goes into the arts, held that the
remaining 25 per cent was equal to but
L per cent of the aggregate money sup
ply of the world, while the increase of
demand sn trade was six times in eX
cess of that percentage; there was but
one course to follow to supply trade
with its necessary medium OF ex-
change, viz: the free coinage Of silver
Following this, he reviewed the posi-
tons of the various governments of
the world with relation to gold and the
increase in the number of nations re-
lying entirely upon the yellow metal as
basis of circulation, asking if it were
not reasonable that, with the neces-
sarily appreciated value, silver should
be used to meet the ever-growing de-
mand for exchange?
Nothing Short OF Free Coinnge.
He opposed with all his might any
proposal for the limited use of silver.
for anything short of free coinage un-
der the financial system now existing
r7esnt simply the redemption ulti-
mateiy of that silver with gold there.
by again approaching the value of the
latter metal.
Gold and silver, he claimed, under
unrestricted conditions, were automat-
ically regulative of each other. More
over, the facts showed that the pro
duction of silver, though annually
larger than that of gold, yet with re-
lative comparisons made of the
totals in the world at the end of the
year there were less than / pei, cent
greatear increase, 3S-10O of 1 per cent
to speak exactly. What danger was
there in that?
AT the close of Mr. Shafroth's re-
marks a new series of resolutions were
introduced and referred to the com
mittee on resolutions without debate.
Among them were these: Opposing COY
the Seattle chamber OF commerce) the
adoption by the congress of any reso-
luton demanding the free coinage of
silver; favoring the early construction
of the Nicaragua canal; opposing the
s0-called Olney plan with regard TO
the Pacific railroad debts and favoring
the foreclosure of the government
mortgage, with the restoring to the
people of the granted lands; favoring
the taking away from Congress it's
coinage power and its return to the
people under the system of initiative
and referendum; favoring the with
drawal of all existing circulation medi-
ums and the substitution thereof OF
an issue of fun legal tender treasury
notes to the amount of $50 per capita;
favoring the creation of q, cabinet Of
flee to be known as the department of
trade and commerce, and numerous
others Of minor character.
Recommendation of Silver.
The hour of o'clock having arrived
the special order took precedence and
the discussion of the reconciliation of
silver was opened by Ex-Governor
Prince, of New Mexico.
Upon the principle that all structures
must first have a, foundation, the gov
ernor stated that he would confine
himself to statements Of facts, leaving
the superstructure of argument to
those who follow him. He then began
a review of existing conditions. He
charged that the eastern section Of
the United States was opposed to bi-
nor from principle, but from
absolute ignorance of the subject. Yet
he did not mean by this to charge con-
scious Wickedness. The west, by rea-
son of intimate association with the
need of a greater supply of money,
was better informed, while III the east
only the banking element was acquain-
ted with the issue, and they from ser
fish interests advocated gold mono
metalEsm.
Turning to the decentralization act of
1873, passed, as he asserted, by secret
fraud and when no member of the
Congress had ever acknowledged haV-
ing voted for with the knowledge that
it did demonetize silver, he said that
all the silver men asked was the repeal
of that law which no man acknowledge
ed paternity for, and which every man
in public life then or now declared
child of stealth. The demand would
be the same were there not a single
ounce of silver product in America.
Circulating Medium Needed.
1t was the need of a circulating me-
dunn. Take, for instance, the wheat
crop. The decline in the price per bush
Ell had been from $1.19 to about so cents
or net loss to the farmer at present
Of $3.50, 900, GOO per year. Or taking the
acreage value Of wheat, corn, oats, hay
and cotton, he decline since the de-
of silver had been from |
$3.50 TO IS IS, or As per cent. Taking
the bimetallic prices OF 1878 as a basis |
Of the gain, by a restoration of silver
to agriculturistS would he $500, 0e0, 900
annually. This, in the face of the fact
the decline of silver made a net
proved the issue was not local to the |
interests Indeed, the decline |
IN prices was not decline of value, |
out an appreciation of purchasing pow
ar; and what more could be said in ia |
yor of an Increase of a medium OF eX-
change, especially when we see count |
less thousands suffering from the ex-
sting state of affairs. An easy way
% look at the matter, he said, was to I
AXE, for instance, farmers mort |
gage. Let it have been made when |
wheat was at $119; then 100 bushels |
would have paid SIG of the debt. Now |
t requires 240, approximately. Contin- |
ling with an argument from this |
standpoint in favor of a stable valued |
iollar, concluding, the governor |
charged the decentralization of silver, |
~ the increased value of a dollar, eff |
ected an impairment of the obligation |
If contracts.
Such, the governor said, are some of |
he facts in this case, plainly stated.
Need Of the Hour.
The need Of the hour is such an
Weakening of interest in this question |
n the east as viii cause inquiry and |
INVESTIGATION and independence of |