The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1894-02-23

himself and this territory with glory
IN the halls of Congress and his ring
ing speech or The silver question, de-
nvered on Wednesday and Thursday,
February "A and Is, viii cause the
greatest kind Of q sensation among the
members Of both the House and Senate.
During its delivery the honorable
gentleman was surrounded by large
and eager crowd of representatives.
He wac frequently interrupted with
thunderous applause. The full text of
the opening and continuance Of the
speech has just been received. During
the course of his remarks Mr.. Rawlins
took occasion to show What Utah and
the west are doing in the way Of home
manufactures The speech was as fol-
lows.
Mr.. Chairman come from a
salver-producing territory. 1 am in
l%evor of the enactment CT the pending
measure into law. During the special
session and during this session / have
listened attentatively to most of the
discussion of this important question
as it has proceeded in the House and
also in the Senate, and I have devoted
some attention to what has been writ
ten upon the subject by various auth
ors
1t seems, Mr. Chairman, that in the
discussion in which we are now en-
gagged this whole matter of finance is
TO be revived and reconsidered. Some
theories have been advances here
which are at least novel. The object
of the present measure was very lucid
~ explained by the gentleman who
first addressed the committee (Mr.
Bland). That object is to coin the
silver bullion now in the treasury of
the United States.
II the progress of that coinage into
standard silver dollars there will, in
cidently. result a profit to the govern
ment of something like $50, 900. 600.
Fifty-fiye million dollars will be added
10 the available circulation. The resi-
due of the silver bullion, as it is coined
into dollars and as the silver cirtifi-
Gates may be issued on the dollars
as coined, will take the place of the
treasury notes as they are returned to
the treasury. and they viii be cancel
ed and not reissued. 1t is objected
that this silver bullion should not be
!, coined; first, for the reason that there
: is already a superabundance of money
in tie United States; next, that the
dollars thus issued either actually or
constructiVely in the form of silver GER
Jilcates, will be dishonest, in that the
metal contained in those dollars will
be Of less commercial value than the
every additional dollar that is issued
in any other form than that of gold
will be an additional burden upon the
credit Of the. country or upon the avail
able gold with which it may be or
Nnust be ultima tely redeemed
n Passing by for the moment the QueS-
Secson whether there is a superabund-
snce of currency in the United States
z-this time, if it be true that it would
80 dishonest to issue 55, 600 more of
J~TIver dollars, either actually or con-
81 structively, if 1t be truth that anybody
s>would be cheated or defrauded of any
Cs his just rights by that increase of
our circulation. then l am free to con-
fess, although I come from a silver
producing region, that this measure
ought not to be enacted. That every
dollar Of money in any other form
than gold IS a national debt; is a
burden upon the credit of the nation
Is not money is the fundamental propo-
sition lying at the root of the objection
of those who oppose this measure
The gentleman from Pennsylvania
(AIr. Brosius) declares that the mater
ial of which the dollar is composed
must. for other purposes than that of
money. be worth a dollar, and that if
you coin or issue a dollar out Of a ma
terial not intrinsically worth a dollar,
It is dishonest. Now, l take direct and
positive issue with the declaration
which the gentleman from Pennsyl-
vania makes with so much confidence.
! say that if the demand for any ma
terial is as great, or greater for other
uses than for money, that material is
unfit to be coined and issued as money.
a moments reflection ought to con-
vince any reasonable mind that this is
true. 1t is recognized as a fundament-
al principle by every writer upon
finance worthy of regard that ] have
ever had my attention directed to.
If the metal is worth a dollar, OF
more than dollar, for other uses thar
that of money, then the moment you
coin il and issue it as such il will be
converted to the more valuable use
thus leading to sudden monetary con,
traction and serious financial disturb
! ance. Suppose an ounce of platinum
for the uses to which that metal is
now applied, is worth dollar, or more
than a dollar, and suppose this Con
gress should enact a law that an ounce
Of platinum should be coined and is
sued as dollar
No sooner would you put that coir
into circulation than the metal Of
which ii composed would be converted
TO its more valuable use and would
cease 10 exist as money. The value Of
each unit of money for monetary pur
poses, other things being equal-tha
is. the demand for money remaining
the same-depends upon the volume
which is issued; in other words, upol
the number OF units that are put int
circulation. and not at all upon thi
material in which it is symbolized
Not the metal but the function which
il performs is the money. 1t is i'm
material whether it be paper, or cop
per. or silver or gold, if it IS put fortl
as money. its value, its function it
purchasing power, depends upon tn
number. of units that are put into cir
culation.
AS the number of units approache
infinity the purchasing power or TIL
value Of each unit approaches zero
If the money is issued to an unlimite
extent it becomes valuelesS. Today q
is well known, in all the treasury state
ments which are issued TO show tn
per capita circulation, the gold the sill
yer. and the paper are ali counted an
are al treated as money. The tota
volume of the circulation is to b
taken into account in ascertaining tn
purchasing power of any Of its units
Now. the purchasing power Of any 0
these units. whether silver, gold, o
paper. depends upon the total numbe
of units. the demand for money re
naming me same.
The value of these units for monetar
purposes does not depend sipon tn
credit of the government. The siIve
dollar. which is not redeemable in any
thing else, and the silver certifIcat,
which is not redeenable in anythin
but the silver dollar, have each as grea
purchasing power Us any other dollai
whether of gold or of paper. So ia
form the value of these units dependin
1Inor1 the slipplv of gold it is true tina