The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-18

coinage of silver and gold at the ratio
of 16 ounces of silver to l ounce OF gold
with full legal tender functions accord
ed to each and no discrimination
against either.
Not as Silver Miners, But Citizens
1t is not as silver miners, but as
citizens of the republic, mindful Of its
every interest, that we take this posi-
ton.
Oregon, Washington and Wyoming,
which produce little or no silver, feel
that their people have been as deeply
injured by the characterization of that
metal, as those livining in any state or
territory in which silver mining is a
leading industry.
In making this demand we are ask
ing for nothing new. The monetary
system of this country was founded
not upon gold alone-not upon silver
alone-but upon both gold and silver.
a certain ratio to each other with
no limitations upon the coinage of
either. and each standing upon an
equal footing before the law.
The Crime of 70.
The system was founded by Hamil-
ton, sanctioned by Washington and
Jefferson, it's wisdom and justice ques-
toned by none, until the year 1878. In
that year, without notice to the PEG
pie, the standard silver dollar was
dropped from the coinage system of
the country. and every debt therein
existing. public and private, aggre-
eating thousands of millions of dol
lars, was made payable in gold alone.
Men that have intelligence enough
to comprehend its significance, and
still oppose the undoing of that wrong
should be exceedingly careful how
they accuse other people of dishon-
esty.
1t was the great money power
of the world that thus stealthily de-
stroyed the timehonored monetary
system of our country These men
who own and control vast. sums OF
money. understood that if silver could
be destroyed by stopping its coinage
and limiting its legal tender, their
claims thus becoming payable eXclu-
sively in gold or its equivalent, the
gold itself would become more Valu-
able. They understood perfectly that
a. gold dollar with a silver dollar by
its side, sharing its functions, and
meeting part of the demand, was an
entirely different measure Of values
from what that gold dollar would be
standing alone. They knew that by
the memorable law of supply and De
mand the value of gold must newt
ably rise, while the value OF every
other species of property must just as
certainly fall.
This is exactly what has taken
place. The business of the world Is
done upon a money basis. 1t is meas
1Ired in terms of money
The TOiIer- and Producer Injured
Every man who contracts a debt
must nav that debt out of the pro-
duets of his labor or his business.
That debt is computed in dollars. NO
matter how much they rise in value
no matter how much the price OF MS
nroduct fall, he must pay the same
of dollars. The advantage
has been entirely upon the sloe Oh
the money lender, the injury aito-
gether upon the side of the toner
and the producer The most caretul
show that since 1913, IN
gold standard countries, prices Oh
have fallen at least oO
per cent upon an average WnlcH
simply means that gold has doubled IN
value A miser who, IN tnat year,
hid avav $4,000 in gold, who mas
done nothing with it for the good OF
man. can now withdraw it from It's
hiding place. and with it he can COM
mand twice as much of the products
of other mems toll in every line OF IN
dustry. as he could when, in his aNar-
icious fear, he laid it away.
The Dishonest Dollar.
We submit that the monetary policy
which must necessarily produce such
a result is a violation of every prlncl-
pie of natural justice. And we say tur-
ther that the gold dollar of that mlser
the honest dollar Of which we hear
so much-is not only dishonest, ex-
tortionate dollar, but the worst in
strument of oppression ever devised
to sap the prosperity of country ana
destroy the liberty of its people.
Aside from any question of morals,
the effect Of such a policy cannot be
otherwise than disastrous in the hlgh..
est degree. Never in the history OF
the world has there been such de-
struction of money values in the same
length of time as since 1873. Never in
the history of our country have there
been business depressions and hard
times, so widely extended and so long
and never since the first
glimmer of civilization lit the horizon
IF the east, has there been such a
of colossal wealth in the
hands of few men in the great money
centers of the world.
In our country the weight Of debt
has increased through a fall in the
prices of the products out of which all
lebts must be paid, until now the ag-
yregate loss exceeds the total wealth of
he greatest empire of the earth and
production in all the more important of
he Nations industries has ceased to
yield a profit. This has so reduced the
of labor that the land is
Filled With Idle Men
md despair has settled upon millions
If hearts; and If much longer con-
inued will mean the transfer of all
he worlds wealth into the hands of
he few who compose the creditor
lass.
To the people of this country these
unnatural and undesirable conditions
lave been literally created since 1873.
'hadowing all others, was the great
revolution, by which every
struggling debtor in the land was
to pay his debts by that
golden measure that was all the time
Increasing in purchasing power.
We demand that the monetary sys-
EN- which was born with the republic
tseR be restored. Every objection to
his demand comes from the same
lass of men at whose instance the
.hange was made, and those whom
hey control.
The Arguments Against Silver.
Every argument employed against it
s either mere technical bubble or an
absolute misStatement of facts In one
breath they say that the effect of free
coinage will be 10 enable silver miners