The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-01-26
FINANCIAL LEGISLATION.

It is barely possible that something
will be done with the currency ques-
ton before the close of the present
Congress. But it is extremely doubt
full whether the Democrats in either
house can be Drought together on any
proposition in sufficient numbers to ac-
complish anything. To work a bill
through both Houses in the short time
now left, with the opposition likely to
be interposed TO any Democratic meas
ure by the Republicans, is a feat which
seems almost beyond pT7oba bEity.
Of the various schemes proposed,
that of Senator Jones seems to be the
best for the interests of the silver re-
gions, and also for the whole country.
Anything that does not include a recog-
milton Of silver in some practical way
will be a. failure. A free coinage meas
ure, unlimited, at 16 to 1, will not stand
any chance of passage during this Con-
gross. But the Jones bill meets the
issue in such way, that while it does
not go TO the fun length of the silver
mems demands, it is a big step in that
direction and yet meets one great OBJ
lection of the opponents of free coin
age.
The bugaboo of a: "fifty-cent dollar"
still haunts the minds of millions of our
Icountrymen. They talk of a "dishon-
est dollar of 'depreciated' coin, and
of Cheating the workingnen" 10y pay
ing for labor in silver. All that nom
sense has been exploded time and time
again, but It figures yet to brighten the
uniformed. The silver dollar pur-
chasas a full dollars worth Of any COM
modify IN the market. 1t is worth its
face in anything the country produces.
But the notion is prevalent that it is
Deprecated coin and that silver miners
want to get for their metal double its
market value. The measure now pro-
posed will neasurably meet that OBJ
lection.
Silver, under the Jones proposition,
could be taken to the minis and the de-
positor would receive the market price
for it at the time of its deposit. But
instead of being stacked up as bullion,
It would be coined into dollars at the
present ratio with gold, and the
seigniorage would belong to the United
States. This would furnish market
for the white metal, and also put into
circula ton as many silver dollars as
the minis could coin. Silver certificates
in small denominations are to be is.
sued and national bank notes of less
than ten dollars withdrawn.
If the arguments in favor Of silver
are correct, the effect of the silver par
of the measure would be a rise in The
market value Of the white metal unit
lit would reach its former price, standing
on a. par with gold, and the restoration
of silver to its status before 1873 woult
quickly be accomplished. For that rea
son, If for no other, Senator Jones par
recommends itself to the West and thu
lSouth. And though it bears with it thu
bonding principle, which is obnoxiou
TO many sound fnanciers, yet its othe
good qualities are such that even tina
might be acquiesced i'm so as to secur
the financial relief which is pressing
NECESSITY.
If the present Congress fails TO enac
some measure to meet the needs of tn
times, the President will probably cal
a special session of the next Congress
when the Republicans can take turf
at the financial bellows and Sc
: whether they can 'daise the wind t
provide for currency requirements. 1
. the Democrats in Congress are wise
lthey will get together and. though