The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-16
THE SALT LAKE HEEALD SUNDAY AUGUST 49, 1896.

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the redemption of United States notes
and silver certificates. All these forms
or money have been maintained by
the government at par with gold and
they travel in the circle of the world
without diminution of their purchas-
ing. power. Though silver bullion has
fallen to nearly one-half its former
value, yet we have used it and main
tanned silver coin made from it at a
parity with gold at the ratio of 16 to L
But now we are brought face to face
/ With proposition which, if agreed to,
will make silver the sole standard OF
value for all debts and credits, for tbs
/ wages of labor and the purchase ard
i sale of property. The Democratic
/ party, at its recent convention at
Chicago. adopted resolution in favor
OF the free coinage of silver at the
1 ratio of i6 parts of silver to / part OF
! gold. With the free coinage of silver
GOLD WILL BE DEMoNETIzED
Nothing can be more certain than
cheaper money only will circulate
The United States has thus far main
tanned It's silver coin at parity with
gold COINS only by this exclusive mo-
! nopoly of coinage and by limiting the
amount, but with free coinage of sill
4 YER there could be no limitation. Sill
yer bullion in every form, will be
pressed upon the minis and with the
mandatory duty of free coinage, silver
/ dollars will soon fill all the channels OF
/ circulation, and the gold dollar will
/ be boarded or will be quoted and sold
/ as a commodity. Silver Will stand as
! the par of value and gold will be quoted
! at its commercial value. Let us con-
/ template for a while the inevitable
! issue of the free coinage of silver even
II l repeat what 1 say. 1t would VIC
late every contract for the payment OF
money made since January l, 1879. The
resumption act which went into opera
ton on that day provided for the pay
ment in coin on demand of all United
States not represented for redemption
All forms of money whether OF silver
or gold or paper, were then maintained
at par with each other and have been
so MAINTAINED EVER SINCE.
During all this period gold and silver
coins at par weights have been the
standard of value of all loans, con-
4 tracts or purchases; and the faith e
! the west was pledged for their main
/ tenaClce at parity with each other. AL
/ though silver bullion declined in mar
ket value the coins made from it have
/ been kept AT par at the legal ratio OF
! 16 to l. But if the free coinage of sill
yer is authorized, then the markef
1 value of silver bullion becomes the
standard for payments on all contracts
/ made i'm the past, the present and flu
/ ture, and 4121a grains of standard sill
yer bullion worth now So cents can with
1 free coinage be coined into dollar
! upon the demand of any holder of such
bullion. 1t is the doctrine OF the Popu-
/ list and the anarchist, but is in direca
I opposition to the traditional policy OF
/ Jefferson, Jackson and the Democratic
/ party. It. is impossible to estimate
the wrong and injustice that Will be
done to creditors by the scaling OF
nearly one-half cf debts due them
/ The very threat to it will lead to the
prompt and harsh collection of debts
! before free coinage can become a law
1t is certain that before a. free coinage
bill
CAN BECOME A LAW
! the wide distrust caused by the pend
/ ing of such measure. will lead to the
1 rapid collection of debts, the sacrifice
/ of property. and deepen existing finan-
ciai difficulties growing out of INSULT
! Gent revenues for the national as well
as for many state governments. The
/ great body of the creditors of oul
country are among the thrifty, indus
! trious and intelligent men and women
/ of every community. One great body
1 of creditors here is the $4,000 union
/ soldiers. their widows and orphans,
who are creditors of the United States
] to the amount of over $40, 100000 a
( year for services and sacrifices in the
union army. 1t would be
AN ACT OF PERFIDY AND MEAN
NESS
beyond expression for this great coun-
] i, Nf 1Acc
purchasing power than gold coin, mere
ly because the over-production of silver
in the United States had reduced the
market value of silver bullion con-
tanned in a, silver dollar. There is am
other class Of creditors that the free
coinage of silver will greatly injure.
1t is the depositors in savings insti-
tutions and kindred organizations who,
according to official statistics, number
nearly 100000 people and whose de-
posts amount to more than eighteen
hundred million dollars. Free coinage
will also wipe out nearly one-half the
value Of life insurance which provident
people of the United State have paid
to secure in case of their death some
support and protection to wife and
children. 1t will affect injuriousGy the
multitude OF clerks and employees who
depend the monthly pay and will re-
duce the purchasing power of all sala-
ries of officers and employees in the
public service Of the United States and
every state, county or townhip in this
broad land. But by far the greatest
injury rising from the free coinage OF
silver will
FALL ON WORKINGMEN.
Their wages are now based upon
money of the highest value, upon gold
of standard value. Under free coinage
of silver the value of the silver dollar
will fall to So cents in gold or the hun
dred cents of the gold dollar will be
worth 1874 cents of the silver dollar
OF all the evils which a government
can inf1ict none can be greater Than
cheap money, whether of coin or paper
That dollar is the best dollar that buys
the largest quantity Of food and cloth
ing. That dollar is the gold dollar, for
it buys more food and clothing than
any other dollar and will also buy a
silver dollar for So cents if the coinage
of silver is made free at the ratio Of 1G
to i of gold. Experience has shown
that the United States can make the
silver dollar buy as much as the gold
dollar but it can only be done by the
government buying silver bullion as
needed and coming it into dollars on
government account. This has been
tried. The only object and effect OF
free coinage will be TO degrade the
nearly one-half, to enable debtors to pay
their debts at SO cents for a dollar and
-
CHEAT THE PUBLIC CREDITORS
who hold our bonds. If this policy
should be adopted the, United STATES
will cake its place among the nations