The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-10-07

simultaneously Win the OulDuISl Ol ill
lequally important rebellion I'm Ireland"
The depression stopped the growth
of population and the largest and most
profitable business for shipping was in
conveying the pauperiZed myriadS who
were forced to flee from their country
as from a sinking ship. Commercial
nations being mutually dependent upon
trade and commerce are bound to-
gether and when one is injuriousiy af-
Elected others in a corresponding degree
are thrown into distress. l have al
lready alluded to the reduced output of
the precious metals from 1900 to 1925,
1t was on account of the Spanish
American revolutions that the mines
in South America and Mexico were
neglected. In 1906, the city of Potosi
contained a population of 10000; in
1925 it contained only 5000. The period
in question in the United States was
one of great depression in business and
commerce Our statesmen did not fully
understand or appreciate the cause
Some Of the leading statesmen in Great
Britain clearly perceived it and in
numerous addresses pointed it out. but
| they were powerless in the presence of
| the forces organized and maintained
by the tremendous wealth of the money
power which dominated and still DOM
mates all the European governments.
| In 1924, Mr.. Clay, in a speech in the
1
language: I'm casting our eyes around
us the most prominent subject which
nXes our attention and challenges our
deepest regard is the general distress
which pervades the whole country 1t
is forced upon us by numerous facts of
the most incontestable character. 1t
| is indicated by the diminished exports
of native products by the depressed
and reduced state of our foreign navi-
cation, by our diminished commerce,
by, the startling diminution of the cir
culatlng medium, by the numerous
bankruptcies, not limited to the trad
ing classes, but extending to all orders
OF society, by the universal complaint
of the want of employment and the
consequent reduction of the wages of
labor, and, above all, by the low and
depressed state of values of almost
every description, of the whole mass
OF the property of the nation, which
has aver aged not less than about so
per centum in few years.
But as soon as the gold produced in
California and Australia became DIFF
fused throughout the nations Increasing
the supply of money, it had the effect
/ OF new and vital blood current in
FUSED into the veins of the body
/ pol1tlc. Trade was no longer without
the instrumetality or media of ex
change by which it could be carried
on. Values under the influence of an
enlarged standard of measurement be-
gan to advance, thus stimulating in
dustrial activity and increasing trade
and commerce. Enterprises giving en-
ployment to labor were at once set on
foot and carried, into operation, and
men who for years had been in COM
pulsory 1dleness, living upon the bread
of charity or facing starvation, were
at once given profitable employment
everything was stimulated into
healthful activity. The world of man.
kind forged ahead at rapid pace.
Wealth was multiplied, intelligence adj
Vanced, commerce spread itself over
the world and general prosperity and
happiness were secured to the people
In degree which had not hitherto
been known. But the money kings
were not satisfied. In 1916 three times
as much silver was produced as gold
In 1855 nearly four times as much
gold was being produced as silver.
The cry was again raised by the gold
syndicate, the money changers of
Europe, the men who had purchased
the legislation which had enormously
increased the value of their securities
and enabled them to control the wealth
of the world by controlling its money,
that there was danger ahead. They be-
came frightened lest the people should
be afflicted with cheap and dishonest
money. They held dominion in the
German states. So in 1856 they pro-
cured the enactment of the law de-
monetizing gold, which was plentiful,
and adopted the single silver standard
because silver was scarce. How many
millions were thus added to their CO.
lossal fortunes we can only conjecture.
To what extent the burdens Of the peo-
pie were increased by this stroke of
legislation can only be imagined In
England they were seriously contern-
plating revising their financial policy
by the decentralization of gold and the,
adoption of the single silver standard
In 1873 the product of gold had greatly
fallen off, while that of silver had
greatly increased, as a result Of the
discovery of the Comstock mines in
Nevada. The prospect was that the
output of silver would far exceed that
of gold in the future, hence the gold
syndicate induced Germany in 1871 and
1873 to demonetize silver and adopt
gold alone as standard money. They
accomplished the same result in the
Scandinavian states. In 1871 the dis
tinguished fnancier, Ernest Seyd,
made his wonderful prediction in
which ne said, ut is a great mistake
to suppose that the adoption of the
gold valuation by other states besides
England will be beneficial; it will only
lead to the destruction of the none
tary equilibrium hitherto existing and
cause fall in the value of silver and
the grayest general decline of prosper
ity all over the world" And he fur
Their said that when the depression sets
in the economic writer's of the country
will refuse to listen to the cause here
tofore Swallowed, and every possible at
tempt will be made to prove that the
decline of comerce is due to all sorts
of causes and irreconcilable matters,
such as the workman and his strikes,
speculation and over-trading and other
matters wholly irrelevant to the real
issue but satisfactory to the moraliZ-
ing tendency of financial writer's.
France, whose people had for more |
than a century been imbued with the
spirit of independence and freedom, re-
sisted the demands of the money
power and adhered to her system of
bi-metallism, maintaining the ratio I'M
til 1874 between gold and silver at 151S |
to /. She succeeded in maintaining the
parity in the beginning of the century, |
when the output of silver was three |
times as great as that of gold; also in !
the middle of the century when the
output of gold was four times greater |
than that of silver. The commercial !
value of the two metals during all of |
that period never varied except as the |
rates of exchange varied between Lon |
don and Paris Senator John Sherman, |
in 1867, visited England, conferred with |
the bankers in Lombard Street and |
concluded that it would be good |
thing for the United States to adopt |
the single gold standard, and wrote |
his letter to Mr.. Ruggles, delegate of |
the United States to the monetary |
conference, then in session in Paris. |
He came back to America, prepared a |