The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-11
THE DREADFUL RESULTS.

In an interview in the Chicago
Times-Herald on the silver question.
Judge Lambert Tree. among other
statements. made the following:
ut would mean the disappearance
from circulation of about $500, 0OO, 900
of gold, and. for the time being, to
that extent, a contraction of the cur
rency."
The absolute quantity of gold in the
country can only be approximated, but
it is certain that no time has the
amount lin circulation been six hun
dred millions. nor anything approach
ing such a figure. 1t is doubtful if more
than the half of it has ever been in
actual circulation since the date of
specie resumption. But assuming for
the sake of argument the correctness
of Judge Trees figures, his estima-
ton of the method by which its dis
appearance would be accomplished, be-
comes in the highest degree improba-
BILE, if not absurd. He asks the Ameri-
can to take $160 to Mexico, where he
will receive in exchange for it $197 Mex
lean dollars" and after referring to the
inability, as he sees it, of the United
States to maintain the equality of the
metals with the silver of the world
dumped upon our minis, he continues:
do they realize the S1O0, 10000 of sill
er in the vaults of Germany, the $780,
100000 in the treasury Of France. ac-
cumulated under the treaty of the
Latin union; the untold millions in In
dia, China, Mexico and the South Amer
lean states which those countries
would eagerly seize the opportunity TO
exchange for our gold at 16 to l.
with which they could buy more silver
at the ratio of % to 1 and again eX-
change at 16 to 1?''
Judge Tree strangely overlooks the
fact that an organized conspiracy has
existed during the two years past. en-
gagged in exactly the sort of operation
that he seems to fear win happen in
case silver were remonetized, and that
those operations have been so far
successful as to compel the govern
ment into two issues of bonds, in order
that it might obtain sufficient gold to
meet its obligations. with the alterna-
tive in prospect of still further adding
to the bond issues or suspending specie
payment. The associated syndicates
first began to withdraw greenbacks
from circulation, and with them raid
the treasury of an equivalent amount
of gold; and this was continually re-
peated, until the government was face
to face with specie bankruptcy. And
these syndicates practically hold con-
troll of our gold currency and are
keeping it out of circulation, with the
sole purpose to compel the govern
ment to Indefinitely extent it's public
debt.
Relative to his absurd statement that
the worlds silver would be dumped"
upon the United States. he fails to
show what America will dump" back
upon the foreign countries in exchange
for it. If 500 in American money can
purchase 1877 in Mexican dollars or
French franc pieces. does he imagine
the American who owns gold will part
with it for any less because the Mex
lean or Frenchman comes here to make
the exchange?
If we have $500, OO0,O 900 in gold that
would be absorbed in this way, we
would get nearly twelve hundred mil
lions for the gold item alone. But this,
as he informs us. is but a drop in the
bucket as compared with the stores
which Europe, Asia and africa. to say
nothing of South America and Aus
tralia. are waiting to dump upon our
shores OF course, it is not to be pre-
sumed that these cosmopolitan gentle
men are only waiting the date of re-
monetization TO actually make us a
present of untold hundreds of millions
Cor billions) of silver, while it is rea-
sonably certain that. however gener-
Gus, they will at least ask us to al
low them to retain just a little for
their own use. But after they have
paid us two for one for our store of
gold, they are likely to ask US for
of our now useless wheat, !
wool, cotton, iron, fabrics, textiles and
so on, to an indefinite amount, failing
in which it is altogether likely that the |
dumping process will suddenly cease.
1t is more than probable, also, unless
these cosmopolites are exceedingly |
that they will actually |
tire of paying two for one in the pro-
ces of buying up Uncle Sans surplus
property, and. after a while, begin to
higgle for a reduction. and we may
find ourselves reduced to that condi- (