The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-10


has close commercial relations, and
attempts a financial policy of its own.
That will be the plea of the Republic
can party And that will probably
draw away from the Democratic party
some of its eastern support.
But it is becoming more and more
evident to the real bimetallists of the
! United States that as long as we wait
for European action we will be in the
/ hands of the gold spectators, and that
financial freedom cannot be achieved
until we break loose from their con-
troll and adopt a financial policy OF
our own. And the right and safe course
for the Democratic party to take is to
rally round the bimetallic standard and
the declaration made in the resolution
Of the convention at which Mr.. Bryan
made the foregoing reply to the goldite
ruin" argument
By a vote of 7O6 to % the following
was adopted as the platform Of the
Democrats of Cook County, Illinois:
The Democratic party in it's national
conventions and the Democracy of Illi-
of the use of both gold and silver as
the standard money of the country.
Silver and gold have constituted the
money of the Democratic party, the
money of the American people, and the
money of the whole commercial world.
Tt was by the use of both that the
world progressed and our people pros
pered. AS long as the minis Of the
world, or even of one great nation, re-
RI q
both metals, silver and gold, in obedi-
ence to natural law, maintained
substantial parity. That law is that the
privilege of coming other metal into
debt-paying money makes a demand
for whichever metal tends to be the
cheaper. This natural demand in
creases the value of the cheaper metal,
the lack of demand decreases the value
Of the dearer metal, and thus an auto
matte and natural stability is obtained.
This is not theory, it is the history Of
centuries; and this natural law main
tanned the parity of gold and silver
substantially at their coinage ratio, even
when the ratio of their production fiuc-
tuated violently. When the worlds pro-
duction was three times that of silver.
and when again it was only one-third
that of silver, still the bullion value
of the metals under free coinage was
relatively the same.
To make any single metal the stand
ard Of value is to choose a standard
which must fluctuate in obedience to
the laws of supply and demand. Gold
recommendation and silver mOnOmetal-
lism are therefore both unsOund Sys-
tens, but gold recommendation is
fraught with peculiar dangers because
its burdens fall on those who are least
able to endure them. Bimetallism
tcl,o hi 11ov
any other because each of the two
metals automatically prevents or coun-
teracts the undue appreciation of the
other.
The gold standard is dishonest and
oppressive because gold tends steadily
upward and makes the debtor pay more
than he owes.
Upon the Republican party rests the
responsibility for the closing of our
premacy of gold monOmetallism, and
we adjure its members, in the name of
patriotism and humanity, to forsake
their false guides and to join with US
in prompt and thorough-going meas
ures to correct the evil which they
have brought into existence, and to re-
turn to the double standard approved
by Hamilton and Jefferson.
There are other abuses of the cur
rency system which must also be re-
moved until we stand upon the firm
foundation of the precious metals as
the basis of our money system, every
dollar of equal intrinsic worth, and no
money founded upon mere promises to
pay, but backed by gold and silver.
Not until silver was denied free coin
age at the minis did it's value and that
of gold begin to diverge, and we main
tain that the apparent appreciation of
silver is really, to a great extent, the
appreciation Of gold. Gold has become
dearer because the immense added de-
mand for gold, consequent upon the
characterization of silver. has made it
dearer. This is evidenced by the in
creased purchasing power of gold and
the general decline of prices of COM
modfties since 1873. There never has
been and is not now enough gold in
the world TO do the business of the
world. The total amount in existence is
less than four billion dollars and
amounts TO only about $3.50 per capita
for the population of the world.
We deny the statements of our adj
that we favor Reputation or
50-cent dollars, and insist that by the
operation of the natural law of supply
and demand the gold and silver dollars
when freely coined at the ratio of Is TO
will adjust themselves at a practical
equality just as they did before 1873.
There is not and never has been in
the United States a 50-cent silvee dol |
ar, and the only reason that the bull |
ion in a silver dollar can be said to be
worth so cents is because that bullion /
mas been excluded from the minis and /
s unfairly compared with appreciated /
gold.
We are not opposed to an internation-
II agreement. We invite such action. |
But we are opposed to waiting one day /
or one hour for foreign aid Interna-
ional conferences have heretofore been |
/ failure whether well intended or con-
,eived in the interest of delay. We be- |
ieve that this nation can and should |
egislate for it's own people; therefore. |
De it
Resolved, By the Democracy of Cook |
County, That we demand the immedi- |
tie restoration of the free and unlim-
ted coinage of gold and silver at the |
present legal ratio of 16 to 1, as it eX-
sted prior to 1873, without waiting for /
he aid or consent of any other nation,
such gold and silver coin to be full |
egal tender for all debts public and
private.
By standing firmly on a 5ime-allic
oasis of that character, the Demo-
ratio party will draw into its ranks
cal silver men from the Republican
md Populist parties, and may gain 4
ignal victory against the goldite forces
wen if they all rally under one gel
ow flag. The advantage will be that
he Democracy viii besfor true bip,etal-
ism, while the Republican party will
re for sham bimetallism.
MI