The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-03-03

ton Of existing causes, but further
money legislation cannot depress them.
Eject OF Further Agitation.
All those people who believe that
higher prices for labor, higher prices
Tor wheat ana all the other products
OF the ground; and higher prices for
real estate and the products of the
loom, would be beneficial in aiding bus
mess, have the satisfaction of knowing
that any further agitation OF the sill
yer question, which seems Imminent,
looking TO its rem 1ne-izaJi IN ard the
consequent expansion of The volume
OF the worlds money, will be q Stinu-
rant 60 al the markets for properties,
products ana securities: and not, as
heretofore, prove cause for the con-
traction of European credits, and con-
seqnently a depressor Of American
prices. Prices OF American securities,
which have had an International mar
ket' nave fallen to a quotation so low
that 1t is fnpracticable to continue
liquidation, and Improbable, il not
impossible. to sell them short for fu-
ture delivery With q hope Of profit. IN
VeStment demand by Europe for Amer
ican securities. has practically ceased,
and, therefore there is no danger of
stopping an income from that source.
Danger of contraction Of our domes-
tic loans, has been materially lessened
by the fierce liquidation following the
Object Lesson OF 49," and continuing
up to the present time. II is true that
the loans OF the associated banks in
this city are very great, but hey are
largely Of a. financial character as dis
tinguiShed from the commercial Vari-
ETY.; and their liquidation, if called for
or desired. would not have the effect
of an enforced commercial credit con-
traction like that through which we
have recently passed.
Results From n Gold Premium.
If. as is greatly feared by many, in
the payment OF our dues abroad, gold
exports should become so large as to,
put sold al premium in this country
(Which is possible, as it already is at
premium in the majority of the
countries Of Europe), il would raise
the prices of farmers products, and all
kinds Of property and securities. eX-
cept those whose bonded obligations
demand gold for interest to the
amount of the premium; and the farm
ers, who represent 40 per cent of the
people, and who are mostly in debt,
would have the benefit of paying their
taxes, interest and principal, ana all
other fixed charges, IN whatever racney
they received for their products, and
with a smaller number of bushels of
grain than at present, and thus, in
many instances, escape the bankruptcy
which now threatens them. And this
remark applies with the same force TO
all other holders of all other kinds Of
property. who are now Involved il in
debtedness which does not call for pay
meDt of interest or principal in gold.
So, after all, we nave reached a point
where what would have been deemed
a great calamity. a few years ago.
would now be considered a blessing by
20 per cent OF our producing popula-
ton. In other words, at the bottom of
the financial abyss wa may at least
congratulate ourselves OF having reach
ed that happy situation of the possible
ultimate Of our commercial woes, from
which movement in any direction open
TO our steps. is progress towards q bet
ter condition. we are at last rapidly
approaching a stable equilibrium OF
prices to values under the reduced
money volume. ThA .e may possibly be
one or more struggles in this financial
war of the business world, before dou-
BILE standard prices shall hc hushed in
death and the new order established;
but in any event, the gold standard
prices are not far off.
A Question of Profits.
The question as to whether banks
instead of the government shall be al
lowed to issue notes. is simply ques-
ton. for the present. as to who shan
have the profit Of the many millions
OF dollars annually accruing to the use
of this valuable privilege. The govern
ment has this profit now and the banks
want it What its future effects may
be- should the banks succeed in their
attempt, in the way OF expansion or
contraction Of outstanding money.
thereby advancing or lowering prices
other question:; but in its relation to
present prices does not need consfd-
Grafton beyond the statement, that, If
such q privilege be granted, the prob
able immediate effect viii be the use
OF the privilege by the banks TO manu-
facture money TO the utmost limit, that
they may invest Il in the purchase of
all kinds of securities and property at
the present low valuation,
In passing [ wish to say that the
use Of the word elasticity in relation
to money, is a singular perversion i'm
plying a misCOnceptiOn Of the defined
uses of money. Money, as a, measure
of values, should conform to the best
ascertainable, fixed ratio of money vol
unle to property Valueg. hence to speak
Of the elasticity" of money is eQuiYa-
lent to saying that a yard stick should
be elastic. or a foot rule should be
elastic, or that a gallon measure or a
pound weight should be subject to con-
slant change in the number Of fluid
or aVordupois ounces which these
standard measures Of liquids and solids
are supposed to represent
A simple tax on any article Of gen.
eral consumption, TO equahze the
treasury'S income and uutgo, is all
that is required to give this country
financial rest and consequent power
and opportunity for business recupera-
ton Il is probable, however, that the
agitation for the remonetization of sill
yer will continue, with increasing
force. in this country. ana with less
resistance from Europe now that the
long continued campaign Of European
Shorts has been siSnaily won. After
the settlement of the treasury's income
and expenditure account. either by a
small bond issue from time to time,
or. what is far better. a temporarily
increased tax on some article of con
sumpti0n-the tendency Of prices for
the remainder of this century, Will be
ZigZag upward, and purchases of the
securities Of intrinSically sound prop
critics, and the products OF the soil,
will make new fortunes for those who
invest in them or operate Cor the adj
vance,"
Very truly yours,
1. MARSHALL FREESE.
REAL ESTATE TRANSFERS.