The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-30

able to get more il gold for syhat he had
20 sell than now. He declared it was no.
value, but the making of new use and
new demand for it. Il at the next gen
Sral election a bimetallic Congress should
be elected, the Rubicon would be passed
re next day Silver would at once begin
70 appreciate and gold 10 depreciate-
ana they would be at parity before
LIE tne h1eeuHg OF Congress, as the green
DeSA coliar became equal in value TO the
&oId dollar before the resumption act
came into force.
Silver and Value.
Mr.. Horr, resuming, reiterated the state
snent that silver had nothing to do with
Value A diamond worth S5,O00009 could
De puS INTO quaiPs egg. Mr.. Horr en-
Tered his enumeration Of the classes OF
me people VINO he declared would be ru-
1ned by cheapening the measure or value.
1ney included laborers, clerks, railway
employees, domestic servants, JanltorS
and scrub women, skilled laborers of all
sorts agricultural laborers, miners ana
the like in the aggregate y, rs, 6Sl in num-
Der. In addition 70 these. he spoke of
the pensioners of the government, making
a touching reference, in doing so, TO the
empty sleeves of the veterans and the
black-robed widows, in number 100000
1t was proposed to cut down the pension
toll by destroying the value of the money
IN which they would be paid. If this law
were passed. their pensions must be dou-
bled or the nation disgraced. In addition
10 these, 4,78l, 695 people had their little
odNl4lSS III banks. WElOI1 II WAS ITOpOSCQ
10 defraud Of their little accumulatons.
Woman and Wages.
Referring TO the advance in the wages
ot domestic servants, Mr.. Harvey said
mat since the Decentralization woman had
Deen forced TO work for her living be-
cause the fathers and brothers We're out
OF Work. ms mad reduced the number OF
women available for domestic services,
ana wages for such service had remained
stiff or advanced.
= inc }.
sara Uhat under free coinage gold would
decline, while silver and everything else
would advance. 1t is claimed that if sill
Yer were granted free coinage our Secur-
tues would be thrown over. The rule was
that securities were net thrown over on
advancing prices. Gold was the article
70 De got lid Of, for it alone would de-
clne. Mr.. Harvey asserted the demands
OF business in this country would absorb
az OF the SILVER available for coinage.
II all the gold and silver in the world
were sent 10 our minis for coinage, ii
would be to the benefit of the United
States and to the injury of the rest of
me world; Money in circulation made
business, he said, just as life does not
make blood, but blood makes life.
"Cut in Two,
Mr.. Horr, resuming his argument af-
ter a little bandinage, said the savings
banks depositors had SIZE, 600, O0G on
deposit, which it was proposed to cut
IN two. Building and loan associations
mad LBS, 900 depOsitors with an aggre-
gate of $5,525. 49,, 900 due to them. In
addition to these were the trust COM
panieS, life insurance companies and
state banks, all Of which were to be
allowed to pay in deprecated money.
And the money in the products of
every man and woman in the United
States was 10 be halved on the value
All Of this for the benefit Of the 1000
silver men, Why, their output was not
worth half as much as the eggs yearly
laid by the hens of the United States,
and was about squal in value to the
peanut crop. But the worst feature
ne asserted, would be the destruction
of all credit. 1t would bring about the
worst panic the nation ever saw. The
paralysis Of business would be COM
plete for 90 per cent of the business Of
the world was done on credit.
Financial Ruin.
Mr.. Harvey, replying, said thousands
of men had been financially wrecked
by their inability to keep up their life
insurance payments. He declared that
there was but one worse crime than
1nat Of 1873, and that was that of the
men who claimed the defenders of
silver meant Reputation. He thanked
Mr.. Horn for the illustration as TO the
small amount Of silver in the United
States. That was the claim of the
silver men. There was no danger but
that the demands of business would
absorb il. This nation would take all
of the silver which the nations of the
world would bring to Us in exchange
for products in q single year. We could
reproduce those products and ask them
to come again. We could thus absorb
all of the silver in the world if neces-
Sary. This theory showed that the
more primary money a nation had the
more prosperous it was. AS long as
the United States could make an IN
limited demand for silver at a fixed
ratio the holders of silver would not
part with it for any less. 1t would
give US the trade of the silver-using
nations o. the world and the control
of commerce would be transferred
from London to New York. 1t would
increase our trade with the gold stand
ard nations of Europe through our
control of the products Of the silver
standard nations.
Cold Enough.
Mr.. Horn, in turn, said he spoke
before, not of the quality of the sill
yer in the country in comparison with
eggs, but of the amount Of silver.
There was a considerable difference
IN the laying qualities of silver and
OF eggs. The trouble, Mr.. Horn de-
ciared, was that with free silver coin
age, gold would leave the country and
our business would be on a basis diff
ferent from the rest of the world. He
argued there was enough gold in the
world for the transaction OF legiti-
mate business and the annual out
put of the minis of the world was
large enough to meet the in, ease of
the worlds business. In proof of this
he quoted the increasing production
of Africa, Russia, India, Australia
and the United States ana the open
ing of new and rich mines. Since
1850 the supply of gold in the world
had increased from about $1,000 100000
20 over SO, 600, 900 with indications
OF continued rapid increase.
New processes and new mechanism,
he declared, were being developed
rapidly 10 cheaply furnish the gold
cure for Mr.. Harvey's silver jim
Jams.
Civilization and Cash.
Mr.. Harvey said that the more
rapidly the blood coursed through the
body the more blood was needed. so
the higher the civilization the more
rapid the exchange of commodities.
the more money these exchanges re-
Quired for their accomplishment. Mr..
Harvey said that anyone who had
occasion to look into the question of re-
ports of the output of mines would not
be startled by Mr.. Horr'S big figures.
He then quoted the statistics of India
under the silver standard showing a
steady growth till the balance of
trade turned in her favor in 1873. He