The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-07-17


passage does not mean what X says
that the word which is translated
babes really means honest, disinter-
ested persons.
Il desire to say that the motto is
not susceptible OF the explanation he
now makes of il. That motto was in
tended to Illustrate the fact that a
boy, a child even, like his young fell
low who taught finance in his book.
would distinguish the difference be-
tween right and wrong and would be
among the first to learn to live pure
life. But I submit to him that that
motto does not give an excuse for d
boy because he is in knee breeches 10
stop telling the truth 1t does not give
the boy any right TO misrepresent
facts
Definition of Money.
AT this point the contestant dis
cussed also at length the definition OF
money. Coming to the money system
of the United States, Mr.. HoTr said:
THE first law that was ever passed
in the United States upon the subject
of money was on the sixth day or
July, 1885; that was two years after
the subject had been discussed IN
every shape and form by the people
ana press OF Ine OIllSu otebICS' OS4-
gress then, L will say the exact
words, And on the question that the
money unit of the United States OF
America be one dollar. the yeas and
nays being requested by Mr.. HoWeli'
every member answering yea, II was
resolved that the money unit OF me
United States of America be one dol
lar. Resolved, That the smallest com l
be of copper, of which two hundred
shall pass for one dollar. Resolved
That the silver pieces shall increase
in a decimal ratio
First Action Taken.
THAT was the first action taken by
the American Congress. They nrst
fi-red the INIT. that is the name OF the
thing that should be used as the
measure Of value. deciding that II
should be called one dollar. and that
the smallest division of that should
be q half-cent piece, that it should be
COPPER and that it should take two
hundred of them to make the unit.
That was the first effort Of the new
to establish monetary
system. Now, every one will say that
they had not vet stated at all what the
dollar should consist of except that 200
copper half-cents should be one of
them, and that was the first unit OF
measure that Congress established
200 half-cent cOppers. That Is all the
law there has ever been on the sub
ject, and all that has ever been said
about it anywhere. applause. 80
we had first the money Of the daddies
Of copper, no doubt about it. Now
comes the next important legislation:
Resolved, That the standards OF the
United States of America for gold and
silver shall be eleven parts fine and
one part alloy Originally, that was
the weight Of alloy in all the coins of
the United States. Afterwards, We
the alloy so that it was one
part in ten"
Copper as Money.
Mr.. Harvey: las to what Mr.. Horn
says about copper used as money dur
ing the continental days preceding the
adoption of the constitution is trivial
to be used in this argument.
AT the time our constitution was
framed, the details governing the con-
coinage Of the two metals in
our financial systems was under dis
cussiOn in committees and between
statesmen Of that period. SO, while
these details We're left to Congress,
after the adoption of the constitution,
Z bimetallic system was provided for
m that constitution. Article /, section
says, Congress shall have power to
coin money, regulate the value thereof
and of foreign coins Section 10 says,
Ne state shall coin money or make
anything but gold and silver coins ten
Ter in payment of debts It says gold
and silver, (applause); gold and. not
gold or silver (applause). This is the
question.
The states surrendered to Congress I
he light &c. separately coin money, but
expressly retained the. right to the use
# silver and gold as money. neither as
oxen money, one represented the
,ther, not as silver is now coined repre-
'enting gold but both as money in /
heir OWE right
no Right TO Dcmonetize.
Congress in good faith with the
state has no more right TO demOnetize /
me Of these metals than it has to (
iemOnetize both of them. without the /
consent Of the states. (Applause)
The men who framed this consti- 4
utron then proceeded to give it the |
construction intended. They gave to .
10Th metals equal dignity, equal !
lights, except to make the dollar of |
silver and it the unit of value, in !
which the value Of gold would be !
measured, but with concurrent coinage |
With silver. Thew gave both metals |
rec and unlimited coinage. Both were |
~ ell Tree anu unlimited use n pay !
nent of debts. There was no discrim-
nation made in the use OF the two
metals, except that the unit OF value
vas to reside in the silver dollar and |
hat gold coins were TO be of the value
f so many silver dollars. This is the
xact language of the statute of the
men who framed the constitution and
new the construction that it was in
ended that it should have.
Daniel Webster said (see Congress
ional Globe. appendix pages 81 - IS,
wenty-fourth Congress, second SEES
ion, December q, 1886: Gold md (
liver is the money of the constitution.
Applause). The constitutional stand
I'd OF value is established and cannot
e overturned. To overturn ii, would
hake the whole system. Gold and
liver at rates fixed by Congress con-
titute the legal standard OF value in
his country, and neither Congress nor
ny state has authority to establish
ny other standard or dispose of this.
Long and continued applause)
L now hand Daniel Webster's
Deech 10 Mr.. Horr"
Horn Ratified.
Mr.. Horr: 1.-The difficulty with my
'iend Harvey arises from the facs