The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-20

says: Put aside all idea or notion Of
comparative value, ana let 1t be one
absolute market value of so much
weight OF metal" each metal to stand
on its own market value. He claims
that a legal lie makes a fiction value
for silver coin twice its real worth:
that honesty demands that silver coin
be made honest and its value be rated
at the bullion value in the market.
That is, he would take away all sup
port of law and sell these metals as
money by weight, making of them
commodities Should the nations take
away their law support or money law,
would these metal pieces any longer be
money, or would the demand for them
rest solely on their utility, gold COM
But the gentleman's real idea is dis
honest, like that of all conditional BIZ
metallists; he is at heart simply gold
standard man, willing that silver Shall
be used as a limited subsidiary coin
IS is nickel and copper; well knowing
if this government took away the law
making gold and silver coin money of
certain value, that gold would stln
have the law support of other nations
While silver would not.-so that-tte
demand price of gold would not fall
per ounce, but silver would
1t is a new way of making an old
argument to which he resorts, but it
should instruct every reasonable
mind of the fallacy of money without
law. Money is a man-made thing. Its
perfection depends on the general
agreement of those using it, while law
makes the agreement permanent and
stable. Without law to make it So
there is no money. Inferior metals
coined by law are as good money
within the reach of that law as any.
Millions of dollars Of base metal are
made into small coins, limited, and in
Interchangeable with gold,-law made.
The two metals called precious, be-
cause set aside for money use, by laws
written or unwritten since civilization
began-gold and silver-must be
coined under like laws, if one is I'M
limited both must be IN order to main
money.
As to ratio, the experience Of the
world has proven that the average cost
to produce an ounce Of gold is not
greater than the cost to produce is or
Is ounces of silver. There are periods
e -
other is discovered or extracted. There
were the silver of Potosi; the Spanish
conquest of Mexico and Peru with
their boarded gold; the great silver
mines of Europe, the gold of California
and Australia; later the great silver
mines of West America, many Of
which are now practically exhausted,
while the discoveries of gold in Africa,
Alaska, Australia and the Americas
may bring another gold period, and
that silver may wane in production by
comparison is possible. Regardless of
which metal may lead in production
at different periods, never in the his
tory Of the civilized world has there
been too much Of either for the money
and art needs Of the world. More
money is needed now than ever be-
fore, money has become the right arm
of civilization.
The power of kings is nearly gone.
Slaves and serfs are mostly free. But
a few shrewd men have discovered--a
new power by means of boarded gold
and the destruction of all other money,
to enslave nations and turn back the
wheels of progress.
A nation borows a sum of gold of
these men and pays interest; a debt
is created; the interest paid by the ma
ton and people soon consumes the
borrowed sum; it has naturally re-
turned to where it was borrowed from
A new loan is made with harder con-
ditions: the new debt is added to the
old; all pays interest; the principle
can not be paid for lack of gold. This
golden circuit where gold goes out in
large sums and comes back in a
steady stream to Shylock. has contin-
ued until the nations of the earth
have piled up mountains of hopeless
debt.
All the gold if borrowed at one time
would not pay years interest Of the
worlds debt, nor if borrowed once
each month would it pay the interest.
a world in bondage; the producers
nearing condition of abject slavery;
in this age of so-called freedom! What
is to come? Reputation and revolu-
ton. or Intelligent legislation that
shall restrain blood-sucking vampires?