The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-08-07

Mr.. Harvey virtually admits that the
action which he proposed will place
this nation on silver basis and drive
gold out of the country. His statement
that the gold dollar should be cut
down until its value be no more than
the commercial value of the silver dol
lar in the standard dollar, is COM
plete admission of this point. Hence,
have a right to assume that his plan
contemplates such result.
L showed conclusively that this would
work injury to 100000 people who
work for wages. I also showed that
the injury would extend to all pension
ers, savings and other bank deposit
tors, and the holders of insurance
policies aggregating twelve millions of
people and of every person in the
United States who has any money ex-
cept gold coin.
What has Mr.. Harvey said to dis
prove my statements? Not one word.
On the contrary he has shown that
silver mine owners and insolVent
debtors.
Mr. Harvey said nothing to offset
my proposition that such action
/ would destroy the credit Of our PEG
pie and lead to business disaster in
every community in the United States.
Good money may rightly be called the
the atmosphere of business life.
The Perfection of Credit.
The perfection of credit is the
glory of modern business methods.
| On this account the business men are
almost a unit against this scheme.
Go where you Will merchants, bank
ers, managers of great enterprises,
some farmers, intelligent mechanics
and workingmen are opposed to in
! juring the country and the people
simply to benefit a, few. I have from
the beginning arraigned this scheme
as being class and section legislation
| of the most obnoxious kind. What
has Mr. Harvey said to disprove my
statements? Absolutely nothing.
submit to the people of this republic
/ that they. should never permit
! threats of revolution to induce them
| to adopt wholesale reputation. The
! civilized world is clearly on my side
| of this issue.
1 protest against any attempt ito
/ lead this republic into the camp of
! the half civilized and barbarous ma
! tions of the world. Let us rather re-
main and work in harmony with peo-
/ pie who have large experience ana
| sound business sense.
Mr. Harvey's Summary.
! Summary of Mr.. Harvey:
/ The debate settles in my judgment
! the following propositions:
1. That gold and silver are the
money of the constitution. Mr.. Horn
/ did not contravert this, and 1 left it
/ with Daniel Webster's statements to
/ that effect.
The main strength underlying TINS
! proposition is the knowledge OF the
! merits of bimetallism as disclosed by
the whole debate. AS token money
! silver performs none Of the functions
! intended by the constitution. Since
! this debate, THE press dispatches re
| port the supreme court OF ONO
! as deciding that a municipality
gold alone; that such bonds should be
payable in either gold or silver II
that court has done so, it has clearly
decided rightly. There is no doubt in
my mind but that the Dated States
Supreme Court would have decided I'M
constitutional the act of 1873, If 1t had
been so understood as a practical bust
ness that the act in effect destroyed
the function of money residing in sill
yer. The circulation of that metal as
token money is wherein it has worked
a deception. What the United States
Supreme Court would do now is more
doubtful as l am inclined to think they
are, as a whole. as much under the in
huence of the bondholders as the Su-
fiuence of the Shareholders. A test
case would now probably result in a
bred Scott decision. I do not mean
to express prejudice, but in view of the
events of the last two years, [ cannot
help believe that official despotism has
already set in and that most |of our
public officials are now unconsciously
the willing servants of the money lend
ing power. If a, majority of the ST.
preme Court are thus affected, a; I
fear, it could not take the broad states
manship view that this question re-
quired.
The Unit of Value.
:. That the silver dollar was the unit
of value in our coinage system fixed
by the act of 1892. Mr.. Horn admits
this. See pages SO and 81, official re-
port
the measures Of values of your proper
ty until 1873 and the debtor had
right to pay in either metal. See Mr..
Horr's answer to Mr.. Mottsinger on
page 100
4-That the act of 1873 was surrap-
titiously passed. After reading the
debate on this subject one viii turn
back to page 80 and read there with
surprise the following language used
by Mr.. Horn when introducing this
topic: Il propose to show you during
this discussion that no law has ever
been passed by the American Con-
gress which was freer from faint,
which was more carefully examined
and which was more completely and
fully understood than the law of 1873.
When one considers that the people
were deprived of one half of their
primary money without their knowl-
edge or consent in this republican
form of government, one can but I'M
derstand the injustice and immoral
position taken by the mOnometallists
who have since stubbornly refused to
allow the people to pass a verdict on
this question. What Garfield, Blaine
and others said on this subject will be
found in the Congressional Records
during the discussions to which my
other references given in debate will
direct the reader a letter from eX-
Attorney General Pierpont, under
President Grant. to Hon. George Mer-
rick, Denver, COL stating that General
Grant told him that he was deceived
by the act of '73, is in my possession,
and ! will cause it to be printed and
get general circulation.
5.-That for all time of which we
have knowledge, gold and silver were
treated equally as money; both had a
right to enter the minis in all the
countries of the world, until 1916, when
England closed her minis TO silver,
and 1S73-74, when the United States,
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