The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-05-08
PROF. L. f. HOLDEN ON BINIETAL-
LLsM IN UTAH.

DAY from trip or three months in |
Europe. While abroad he made study
OF the monetary situation.
a World reporter called on Mr.. Holden
in his Office at the Hollenden Thursday
morning and asked him to express the
result of his observations for the benefit
OF World readers. MIR. Holden said:
In Italy there IS no coin in circulation,
either silver or gold. All business is
done IN paper money, which is at a dis
count from p to SO per cent With taxes
ranging from 10 TO 30 per cent. on all in
comes, whether from land, salaries or
otherwise. one may well conclude that il
5 no wonder that Italy Is not prosperous
ana that her people, while loyal TO the
new government, while making greater
Sacrihces than any other people on the
continent e Europe for the support OF
their government, are sui oppressed ana
C.ScOntented and 10 a great extent hope
less Nothing IN al the world, hardly
disease o. famine, takes the heart out OF
people more than uhsound money and
high taxation.
Spain and Portugal are still afflicted
with the old medieval spirit While they
are the most Interesting countries be-
cause Of the art they possess and the
progressive and cannot be SAID TO be IN q
prosperous condition. ThOuSandS Of the
peCpe are extremely poor and live today
as their ancestors lived IN the Gays Mnen
Columbus discovered America. They
have only S17.69 per capita in Spain and
81 20 in Portugal
Conditions OF her life are as different as
the stock OF people that make the 1ounda-
ton OF strength FOR, after al, II IS Lne
men on which great results can pe pre-
dicted. England IS peopled with that OLD
TeUtonic race whose descendants seem 10
possess the earth. While II puts
that holds every inch OF ground I'M
der il. There is enough Of ancient bru-
tally still existing in the English stock 70
make them conQuerors, TO enable them
not 10 be Over-sensitiVe to the groa1ls or
those under their feet or the wheels OF
their war charots. They are TO-DAY thS
eXponents Of civil law and of that civil
law which the Romans gave TO the world.
English Are MOneymalzers.
In business the English are not mis-
siOnaries; they work for themselves and
they never forget themselves. Whatever |
they believe TO be their gain they adopt. |
Long-headed, shrewd, they bend their
energies 10 money making to manuTac-
turing, to commerce, 10 ShlpplnS, ana
they use their armies as means OF pro-
noting their trade. Woe to the nation |
that does not pay the interest or the !
tribute which ii owes them. 1t is true !
that they are free traders, but they are |
free traders because they had adopted !
protection for 800 years until they mad |
built plants so strong and had concentra- |
ted so much money that no nation on the i
face of the globe could compete with !
them in manufacturing. Then they want |
ed the markets of the world; they owned |
ships; II was for their interest TO bring |
10 their manufactures free raw materials |
and to compel the rest of the world to |
purchase their manufactures. Their long |
headed financierS saw that il was for |
their gain to make England the clearing |
house OF The world, and the dearer. the |
money the more it would take Of the |
worlds products to buy that money, so |
they adopted the gold standard. but they |
did not do il until they had made the rest !
OF the world largely their debtors
But England is in great trouble today; /
she begins to see that she has pulled too |
many feathers out OF the goose that laid
her golden eggs. Her trade is slack and
price IS are low. Her people stand idly |
about the streets and there is great I'M
rest The money question IN India IS far
from bang satisfactory either 10 the ma
tives Of India or to the British subjects
who have gone from England there. Said
an officer of the British army TO me: Tt
is impossible to tell you the discomfort
that there is in India. The governing
- L Ill. 49,