The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-10-13


from the decentralization of silver,
which brought on falling prices and
necessity for a reduction all around,
which has done more to demoralize
the American people than three or four
/ great revolutions would have done.
In its issue of May %. 1894, the edi-
tor of the Tribune used this language:
THE Tribune has for years been
/ pointing out this inevitable result as
( one of the accompanimentS of the de-
( monetization of silver. Farming does
! not pay because the prices of farm
I products nave fallen below the cost
at which they can be turned off the
/ farm. Farmers have no money to pay
! help and can't make any"
And in the issue of the 18th day of
May. 1894 the editor of the Tribune
used this language:
"When the congress in 1873 destroy
ed half the real money on which trade
transactions were founded, the wheels
/ of commerce kept revolving. it is true.
but with ever lessering speed, until
( a the end of twenty years its process
/ of slowing down caused a panic and
such distress and a Gripping of indus
! tries as this generation had not seen
I could quote from such Republican
authorities as Senators Stewart and
! Jones of Nevada, and Senators Teller
! and Wolcott of Colorado to show that
t4lC lAOuDA6S III OuSHI OH Oui COtiIrNt V
| by the decentralization of silver We're
simply insurmountable, but l think the
people of Utah will certainly accept
the Salt Lake Tribune as sufficient au-
thoritv as to the effect Of Republican
| legislation.
! In 1878. the Democrats having the
! lower house of Congress, passed Oh!
providing for the free coinage OF Sill
yer; sent it to the Republican SehUle
which not only refused to pass it' OUT
substituted a limited coinage bill pro-
viding for the minting of not less than
two nor more than four millions OF
standard silver dollars per month.
This bill was sent back to the Demo
cratic House, and they were told ulat
they could take that or nothing AZ
this time the commercial value OF Sli-
yer had deprecated but little, ana III
was then believed that the government
could have maintained the two metals
at a parity In 1890. when Mr.. Haffl-
son was president and both houses OF
Congress Republican. the act of 1898
was repealed and the Sherman bill
substituted, which entirely stopped the
coinage of silver and reduced it to
mere commercial commodity; and
even worse than this, it compelled the
government to buy 4.500,O0O ounces OF
silver per month and issue therefor
TREASURY notes redeemable in gold.
This act had the effect to aid the spec
ulators in silver to run it up for
short time to about $3.50 an ounce,
but when they turned it loose it went
tumblfng to a lower price than the
: most ardent gold standard men had
ever dreamed of reducing it.
} According to Mr.. Sherman's speech
in the Senate of the Unfted states;
; this act of 1890 was advocated and
voted fer by him for the purpose Of
defeating a free coinage bill then
! pending 1t must also be kept in
: mind that the commercial nations of
Europe, including the Latin union, had
also closed their mints to silver; that
since the passage of the demonetlzlng
act of 1873. trade, and commerce, both
, domestic and foreign, had become ad-
iusted to the gold standard, and that
most of the debts of the country had
become payable In gold; and finally
that. when Mr. Cleveland was fnaugu-
: rated. there was a panic upon the
country. which. according TO the au-
thori+v of the Tribune, heretofore
, quoted. was bringing such distress
: and Gripping of industries as this gen.
: GRAFTON had not seen. ~.
II must also be kept in mind that
4ha commercial value of silver. by rea-
son of the facts OF history ABOVE
recited. had been reduced until the
: real ratio between silver and gold was
NOT 16 to I. but nearer 80 of silver to
nf gold and that this money power
of which the Tribune speaks. was
u making such daily raids upon the gold
= reserve in the treasury that the
p credit of the government was not only
threatened. but immediate danger OF
the loss of it's credit was believed IN
: the financial circles of the world ito be
n impending.
!, law known as the Mckinley bill was In
! oneration and under its baneful in
= fuence trade and commerce had be
n come congested and general stagna'
tion had overtaken the country
: AN this and more was what con
! frcnted Mr.. Cleveland and the Demo
, cratic CONGRESS- when they came into
4 power in 1898.
- The first duty to which Mr.. Cleve
:. land was compelled to address himself
. was to save the credit of the govern
c ment. AS I have said, business was
= stagnated; banks. even many tina
It were supposed to be the stronges,t
n were going down in the general crash
$ and the president saw that if The
" credit of the government was not up
Y held. then. indeed all was lost.
$ What were the means at his com
+ nand for doing this? The "green
# back" issue was fixed by the act .
< Congress approved May 81, 1878, a.
,s sS46. 6S1 .O16. and the act directed tina
n when any of said notes may be re
Y deemed or be received into the treas
4 urv under any law from any sourc
> whatever and shall belong to tn
@ United States they shall not be re
n tired, cancelled or destroyed, but the.
# shall be reissued and put out agail
l. and kept in circulation"
d Under the Sherman law OF 1890
e about S153 900, 900 of treasury notes ha'
!" been issued in the purchase OF silve
1t bullion, and they too by the same lay
IS were to be kept in circulation by be
is ing put out again when redeemed o
% taken in by the government. The re
sumption act. approved January 4
j. 1875, at the third section provides a
9, follows:
IS "And on and after the 1st day o
January, A d. 1879 the secretary
ID the treasury shall redeem in coin I'll
IT United States legal tender notes the
le outstanding on their presentation 70
a. redemption at the office of the as
al sistant treasurer of the United State
t in the city of New York, in sums no
K less than $50"
g "And to enable the secretary of tn
X treasury to prepare and provide 70
N the redemption In this act authorize
l. or required, he is authorized to us
e. amy surplus revenues from time to tin
IS in the treasury not otherwise apprC
" priated. and to issue, sell and dispos
n of, at not less than par, in coli
r