The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-02-09
THE DOLLAR NOT DEmoNETIzED

The Herald is and has been emphat-
icalIy in favor of bimetallism; by
which we mean the unlimited coinage
into money of both silver and gold.
And also of the ratio which now exists
in the coinage of United States
money; that is, 16 to 1. Our views are
not simply that this would be locally
beneficial because this is a silver and
gold producing region, but that it
would be of universal good. We believe
there is not enough in quantity of
those precious metals, if all that is
produced were coined into money, to
answer the commercial needs of man
kind, and therefore that limitation of
their coinage is detrimental to the in
terests of humanity.
The fears entertained by some peo-
pie as to a glut of silver and a drain
of gold as a consequence OF indepen-
dent free coinage by the United States
we regard as the consequence of a
false alarm. It is doubtless raised by
persons interested In the maintenance
of a gold standard who speculate on
the needs Of the nation but is enter
tanned by d great many honest folks,
who need enlightenment and will not
be convinced by abuse nor be con-
verted by the admixture Of palpable
error with the yet unappreciated truth.
1t is on their account that The Herald
occasionally controverts misleading
assertions of some silver fanatics.
We have denied the statement that
the silver dollar of the United States
is demonetized, and have given reasons
for that denial, which have not been
Emet except by obstinate assertion and
irrelevant and abusive remarks. The
reason for that is understanding
more substantial can be offered.
Silver as a metal is demonetized. be-
cause it cannot now be taken
by the bullion owner to the
minis and be coined into money,
as formerly, without charge and
without limit except as to mechan-
ical capacity. That demonstration
was effected in 1873. AT the same time
the legal tender quality of the silver
dollar was taken away except to the
extent of five dollars. In 1878 the legal
tender quality was restored to the sill
yer dollar, and it's standard money
status was re-established as in 1897
But the coinage of silver dollars into
money of the United States was
limited to the maximum of four million
dollars worth, market value, of silver
per month. Changes have since been
made in the law as to the purchase
and coinage Of silver, but the money
status of the silver dollar has not been
disturbed
Therefore when it is contended that
a silver dollar is mot money in its
own right" that it is "as a mere sub
sidiary COMA term that relates to
half dollars, quarters and dimes; that
it is credit money! which properly
applies to redeemable paper, that it
has been "demonetized' and is only
like solvent mans check or a gov
eminent greenback," reference to that
part of the law of 1878 which relates To
the restoration Of the silver dollar.
and which has never been repealed,
will show that those phrases are
founded in ignorance and are used 10
mislead the multitude
Our morning contemporary has been
requested to cite the law of the United
States which places the silver dollar
in the degraded position, claimed for it
in theory, but which practice shows
not to exist in reality, but instead it
repeats its old fallacies without a syl-
liable of proof to substantiate them.
When driven into a corner by turn
ing upon it the points of its own asser-
tons, it mumbles few of it's previous
platitudes and airily says lit is idle to
discuss the question" Just SO. 1t is
idle to tell us the inscription: Omitted
States of America. One Dollar docs
not mean what it says but is merely a
promise to pay a dollar, because everv-
body who has eyes and a live brain
knows better. 1t is idle to say that the
millions of silver dollars in circulation
have been ''demonetized" when every
day business proves to the contrary.
And it is idle to try to put off thinlsine
people with mass of twaddle that
does not touch the question, when thew
ask for the law that "demonetizes',
the silver dollar.
What the west wants, and what the
whole country needs, is the remone-
tization of the white metal. at the
present ratio with gold and in un1;n-
tied quantities. The present silver dol
lars are all right, We need more Of
them. They are legal tender now to