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

motives. There had been an attempt
made to pass this act just referred to
at the session of Congress of 1857 ana
l1S6S and it had failed. In the mean
ltime there was a presidential election.
Horatio Seymour was the Democratic
candidate upon a platform opposing
the payment of the $40 bonds in coin.
The Rothschilds had demanded Sey-
mour's defeat unless he came out In
favor of the payment OF the 5.ZO oonus
lin gold Seymour would not do that,
and few days before the election the
Heading Democratic paper OF New
York. evidently moved thereto by the
potent arguments of the bondholders.
lin a double-leaded editorial, denounced
Seymour and advised his withdrawal.
lOf course, Seymour was defeated, and,
lof course, the Republican Congress in
March. 1862 passed the act, and there
after the bonds were paid in gold.
REPUBLICANS CANNOT AVOID
THEIR RECORD.
Vain lis it for the Republican party
70 avoid its record. 1t hangs to its
neck like milestone, and it will
drown it in time. Every financial act
which it has passed has been in capt
tails interest, not excepting ene peau-
monetiZed silver. ,e-o
LEI ms examine the silver act of 1878.
IF was a Republican measure, introduce
cd into Congress by a Republican and
voted into life by Republicans. it was
a e.i ntic robbery of the people. Like
q burglar that 1T was, it acted under
cover. and it did its work 81 Quietly
that for three years its effect WAS I'M
known to the people. IT changed the
money system of the country WiIhout
|tbe knowledge of the voters. Not a
single public meeting; not single pc
|tition: not single convention asked for
lit. In its relation to single or dou-
BILE standard CT money 1t was scarcely
mentioned in the House or senate.
THE CONSPIRACY AGAINST SILL
YER.
For many years there had been a
conspiracy among financierS Tor the
characterization of one of the precious
metals. 1t originated with the capital
list class. 1t was prompted by seliisn-
ness. 1t was a scheme to rob labor, TO
rob the producers, to grind down the
poor that the rich could have tnore. 1t
Originated after the great gold discov-
cries in California and Australia. the
proposition then, was to demonetize
gold. In 1857. Chevalier, in a work
called 1.-The Fall of Cold declared
that the annual production OF gold had
S200000,000, and that the
output was certain to be so great that
a marked decline in the value of gold
was inevitable. He declared that there
was no outlet for such large increase.
The creditor class of Europe was fear
full that in the near future the value of
their securities would depreciate, and
Germany. Austria and some other
states demonetized gold. After
wards. the idea of characterization was
changed in form but the principle re-
manned the same, for, in 1865, move
ment became quite general in Europe
to demonetize silver. The rich silver
mines of Nevada had been uncovered
and England, which had adopted the
gold standard early in the century
stood by gold. Therefore, silver was
selected as the metal which, was
to be debased. The congressional mon
etary commission of 1878, referring to
this. said: This change from demon
etizing gold to demonetizing silver was
more of form than substance. The OBJ
iect aimed at by both was a disuse of
one of the money metals, to protect the
creditor classes and those having fixed
incomes against a fall in the value of
money and a rise in general prices Of
labor and property.
And herein lies the dishonesty and
the wickedness of the whole business.
1t was seen that labor would gain by
the increased production of gold and
silver. It was noted that the land of
the farmer would enhance in value and
that there was a likelihood that ne
would be enabled to pay off the mort
gage upon his farm and remove from
his neck the chains of industrial slave-
ry. Therefore, the movement was set
on foot. The value of the creditors
principal and interest must not be al
lowed to depreciate, even though the
bread should be taken from children
and the roof taken from the head of
the debtor.
THE FRAUD OF THE THING.
The decentralization of silver in 1873
was fraud upon the people 1t was
accomplished by stealth. 1t is said to
have been done by corruption Its re-
suit has been poverty and distress. The
bill was drawn with craft and with the
purpose to deceive. John Sherman, the
leading Republican financier, was its
godfather. 1t was LEM Vt contain