Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1894-09-08

worthy Of discussion, but there wa
one which seemed 10 have appeared
attractive although when carefully
Investigated 1t must be classified with
their other theories ~ almost equally
as wild and impractlcshle. He H..
foffed to the free aud unlimited coin.
age OF silver at the friiO " 10 10 1 by
the United States alone, aud declared
IL 90 les plan utterly a. vaIiauCe with
sound business principles aud 'tnuuht
with iucalcuabie evil.
lie was Thorough bimCtallisi,
strong In his faith, and no one could
be n Ufe unnltofnbly opposed 20 the
adoption oi n single golu slandatd.
The injury inflicted by single
standard currency mai been recently
demonstrated abroad, and the evil
Effects had been felt upon products Of
this country raised for foreign con.
sumption. He believed the evil
effects would be- lcssened by preserving
the fruEcut per capita vi currency here,
but where three.iOurths Of our cotton
product goes abroad, thfot-fUurths o.
tue injury could not bo reached except
by tho success " bimrtAliisin IN the
places Oi consumption. Currency ia
the u 1ilcd Statua had not been con.
iracied, but ON the contrary, The per
capita TODAY was &.i.lB, "a against an
average Of slis5 from 1850 b 1869.
The secretary then described the
Oight dlilorcnt kinds Of money now
used IN tubs country, aud maintained
that the instautAuy Que " those went
10 premium II would become cotn.
modify for private sale and contrac-
ton would follow, tut ny preserving
them upon an equality aud by Hn In
crease equal 10 the growth Of busiuts,
aud population, contraction would be
prevented.
After skeiching the history Of silver
decentralization by Germany In In 1871
an1 subsequently ny Norway, Sweden,
Denmark, Holland, Russia anu ma.
tious comprising the Latin union,
Secretary smith taia.
In the meantime the United States
Ind chHHttd from the coinage OF only
s,3sl aH1 silvef dollars iu eighty yeafs
up tu 1913, TO the coinegs OF 40, 100000
STANDARD silver dollats, anu 10 thv
purchase " silver upon which treasury
notes were issuei, mnklug q total coin
age value o f57b,OJU,O0O % silver used
la this country during the last twenty
yrars. From an average OF gl,u0l,O1O
year, the United States has changed
% the use OF nearly $4,000, 900 year
The annual production Ui silver In the
meantime had changed from sSl,OuU,-
900 NJ thoc0inage ratio Of 1880 5000.
100000 at the coinage ratio Of 1892, aud
appreciated IN value about 81 per cent.
Ffom these facts several CJuc usiOus
nfr Irresistible. Fiut, thr PEOPLE ui
the United States have tho ufe " sew
oaty times ~ much silver au Yuey ~
iuIl legal tender at present 10 thcy had
before 1873; second, the depreciation In
the value ~ silver was due % causes
other thRu IT, treatment Ia the United
states. 10 Ia therefore evident that
silver, at a ratio Of 10 toll o. uuiImlt
Coiuagv was attempted IN this county,
must either Hood our mluts with
enormous quantities " silver, which
would at once dcprsclalo the value Of
our money, or II would DO coined only
In reasonable quantities, aud tule could
not Substantially affect The mercantile
value Ui the bullion throughout the
world, In either event, We would DO
forced 90 tue exclusive usu Of u dollar
worth only "a little more than half tho
present dollar. IL wuulI cause the
settlement Of all contracts NJ the rate Of
30 cents on the d0llar II would fc.
quite the reorganization OF all prices 10
10 adapted 10 the new currency. lt
would compel change Of all loglsla-
ton IN liking salaries. IL would
nece.sltatu the entire feadlustment
Of tho private and government
business Of the United states 10
meet conditions caused by degraded
dollar. The confusion incident 10
such changes would he great,
The administration OF Harrison, with
the exception VI tue first year (which
received It, impetus from the excellent
financial conditions existing nj the
close Of Mr.. Clevelanu's tetm) was
one OF falling revenue, increasing tx-
pcuIiluTes aud a heavy expectation VI
gold.
The receipts during Mt ClevelAnd's
standardization were Sb2,OlO,OOO less
than during ths Harrison auminiEtTA.
ton, while thr total expenditures wefo
over s2sl, OU0,UOl les, Twenty-Five
million dollars Ia gold were imported
into this country Ia excess VI the
amount exported dutiug MI Clovt-
lauu's term, while Mr.. Harrison TC-
tired from ofllCe with net gold bal.
Rucr against us Of nearly sl5O,0OO,0oJ.
"Thrlc figures are startling. rhr
net exports Of gold during the last
three months OF Mr.. HArrisOn's ad.
ministTatiOn amounted ~ s8B,OOD,0O
while the net exports Of gOii duriug
the hscHl year cnuing June 80, 1874,
amounted TO but s4,5s0,O0O.
"DuTiDg thr Republican admlnistra-
ten the expenditures increased NJ the
rate BO,OOO,O0O a year, while tue
revenues decreased more than slS,UOO,-
600 annually. Mr.. Cleveland retired
leaving a surplus Of $3.50, 36S, 900 In the
treasury. Four years OF Republican
misrulr reduced the surplus TO Sj2i 49,
200, with charges liked for the ensuing
year amounting In round numbers TO
500, 900, 900 IN excess OF the revenues.
Tue condition Of tho treasury known
10 the financial world Occasione1
alarm lest thu goyefnmt could no
longer maintain At par the enormous
burden Of si2O, 900, 900 OF silver dollam
iulrinsicaliy worth about G5 cents on
tho dollar, and sl5O,UlO,OUO OF Shcf-
man notes prediCAlei on silver VI the
same character.
Financial panlcs may be expected
about every twenty years, Judging 10y
the past history OF This country, anu
war due Ia the early '3Os. Tue Barring
FAILURE In London also WAS largely
Responsible for the Decentralization "
business, but the fears were Intensified
by thr.iOgr that the government already
carrying uu immense volume of
currency, iutIintlGally worth lees than
ltH pHT value, could not Riuul the adj