The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-08

The Salt Lake Turnverein spent yester-
day at the Pennington Lagoon. A good
concert programme was prepared and
given and the athletes INDUCED in a
few prize games. The sky was cloudy,
and the weather was cool and as a
slight rain had laid the dust. a pleasant
day was spent. The programme was as
follows:
| Introduction Orchestra
Coronation March ...........-,. orchestra
Song ........-.--.-..-.....-L iederkralz
German Recitation. ..-....... LiederkranZ
Pilgrims Chorus .................~ Orchestra
Speech on the Silver Question by
The Watch on the RhIne..--... Orchestra
Song :. ........-.................L lederkranZ
Recitation .....-..................
Overture. Martha .Orehe s,Sra
.......... President of the Turnverein
Grand Chorus with Orchestra
Deutschland, Deutschland, uber Allies"
Song ....:. .:..-...;.............Ll ederkranz
He'll Dir i'm Siegerl1ranz.
(AIelody-America.)
The prize games were: Bag racing,
gents running race ladies' running race,
egg race for ladies, creased pole.
The bag race was won by Steve Shurt-
life of this city, who got a box Of
The prize in the gents race was cap
tured, along with two bottles of Nord-
hauser, by Professor Zehnter, who also
won a case of krus Brewing company
beer in the last race of the day.
The first prize in the ladies' foot race
was a bed coverlet, won by Mrs. Hugo
Hoeber. In the ladies' egg race, Mrs.
Hoeber carried off three bottle of angelica
wine. Carl Jaeschka won tool chest
for climbing creased pole.
HON. ]. l. RAWLINS.
Hon. ]. L. Rawlins' silver speech is as
fellows:
"a man sells his produce for money be-
cause he can then buy with that money
the produce of any other man. 1t is the
alert and efficient middleman which
brings buyer and seller together to their
mutual enrichment
1T is moreover the standard by which
each man measures his own and the
wealth of his neighbors and the entire
community. 1t serves also as a, measure
OF deferred payments. II is at once a
measure and the means of enforcing the
performance of contracts 1t also meas
ures the liability for their nonfulfillment.
Money is thus a. standard or measure
of value, a medium of exchange, a. meas
ure of deferred payments, and means of
performing contracts,
What shall our future money system
be? Shall it be the fiat system, or auto
matte system or both?
In the fat system, legislation desig-
mates the material money shall be made
of, and the device it is Identified by.
Legislation also gives it its legal tender
qualities and regulates the number of
units which may be issued. Every ele-
ment of this money is dependent upon
the beheSt of the government. In the
automatic system, the unit. the material
Of which it is composed and the device
by which it may be distinguished are the
creatures CT legislation. The legal tender
quality is bestowed by law, but the num-
Der of units or volume of money is left
to depend upon the quantity of the money
material or metal which may be dis
covered and produced. In the one
case the quantity of money is regu-
lated or limited by artificial law; in the
other by natural law. Under the fiat
system, any durable and convenient SUBJ
stance may be selected for use as money.
Under the automatic system the material
must be of limited production. Hence
gold and silver have, by the common
consent of the human race, ever been re-
garded as meeting most fully the re-
QuirementS of the automatic system.
Until recently, there was but little dis
agreement among writers upon finance
and money as to the influence which the
supply Of money has upon prices, in
dustry and business. The general rule
is that other things being equal the value
Of money is inversely in proportion to its
quantity.
Otherwise stated, as the number OF
units Of money is increased, other things
unit will diminish. This law has been
considered so well established as to be
called automatic. However, it has been
recently denied. 1t is contended that the
value of money does not depend upon the
number of units in circulation but upon
what is called it's intrinsic value or the
demand for the material of which the
unit is composed for other uses than that
of money.
"a moments reflection ought to con-
vince any reasonable mind that this is
not true. The demand for these metals
for coinage and for use as money operates
like any other demand upon their value
as commodities. 1t should also be borne
in mind that a material which is in
greater demand for other uses than for
money is thereby unsuited for coinage or
use as money. If a given quantity of it
is coined or issued as money it will not
circulate as SUCH but will be Immediately
converted to its more valuable USE
After Mr.. Rawlins' speech the crowd
took an interest in the prize games and
when they dispersed they were well
pleased with the days amusement
The lake out there will be enlarged and
deepened today, and many improvements
are being made.