The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-03-26
SILVER AND THE N. Y. POST.

Among the most advanced advocates
of the gold alone theory of finance, is
the New York Evening Post. 1t is US
ually liberal and sound on most public
| questions, and its ability is recognized
by all classe and parties. On the
money question. however. it reflects
] the views of the bankers and gold
spectators, and has very little use for
silver except as a subsidiary element
in financial affairs.
Recently it has undertaken to ridi-
cule the pamphlet called Coins Finan-
cial School," which, while it contains
some minor errors, is in the main so
sound as to the silver question, that it
is substantially impregnable The
Post does not attempt to attack it-.in
front and combat the body of its argu-
ments, but gives it a side dig, here and
there, on points that matter very lit
tie as to the cause it supports.
A little inaccuracy in reference to the
legal tender quality of Mexican and
South American coins under the act Of
1S43, is made the subject of long ar
ticle and set forth as a lie" and
sample of the rest of the book That
is very unfair and ignores the main
question Of the work-the necessity for
the reconciliation of silver at the old
ratio.
The demonstration of silver in 1873
is denounced in the book as "a crime"
and the story is told that it was ac-
complished secretly" This the Post
claims is a falsehood, and it makes a
great deal out of that as showing the
fallacy of arguments in the book
which it makes no attempt to answer.
The Post says on this point:
In fact. the whole silver campaign
is founded on this lie, for if the act
of 1873 was honestly passed, then the
free-coinage plan is a naked plan for
cheating all creditors out of one half
of their dues without any pretence Of
excuse. Even if the act of 1873 had
been passed secretly and by the bril-
berry of members of Congress by Err
nest Seyd, according to a once popular
myth, the present effect would be the
same, since all the business of the
country has adjusted itself to the dol
lar of 100 cents gold during the
d
creditors of today, including the wage
earners, who are always the majority |
of the creditor class, certainly had no
share in the crime of 1873"
The Post and other gold organs may
treat the story of the demonetizing
scheme with vulgar denunciation or
witless badinage, but it is supported |
by very excellent evidence, and /
Seyd is myth or a scheming
and bribing reality, the fact remains
that the act of 1873 was so manipu-
lated that but very few of those who
voted for it understood that the silver
dollar was practically demonetized.
But this is only small and nom
essential point in the silver contro-
yersy. It is not true that 1.-THE whole
silver campaign is founded on it."
it be true or false. 1t is mere
incident There are thousands of &C.
i've supporters of bimetallism who
never heard the Seyd story, and many
more who have but do not care a ran
whether it is fact or fiction. 1t does
lot affect the silver question at ALL
The necessity for the restoration of
silver as money at the ratio of 16 to
with gold. does not turn on the man
Ter of its characterization. The great
hing is to right the wrong that was
lone. no matter whether it was inten-
tonal or inadvertent. To dwell on
hat is simply a ruse ito divert atten-
ion from the essentials of the subject.
The free coinage plan does not pro- !