The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-10-12

and the question for us today is not
wisapt the ratio was at a preceding date,
hut what 1t should be in our time.
Eut has not Herr Bismarck counseled
the United States To so ahead and
make the experiment adj alone? Yes
ana some Americans quote his words
as authority. The sly old fox would,
Indeed be pleased to see America make
the experiment, and go TO the bottom
OF the sea. Free coinage then, will
give US money worth in the commercial
markets OF the world a little over half
us normal value. No one imagines that
The stamp of the government gives
value TO a piece of metal; it merely
eertifies to the quality and
quantity. Otherwise the govern
nlent stamp might as we'll be
affixed 10 copper or TO mere paper. If the
government stamp gave value TO the de-
BASED coin issued in the past impecun-
nous SoVereigns would not have ruined
the subjects Of those sovereigns and the
asslgnats OF France, and the paper is
sued by Ferdinand of Naples a century
ago would not have sold in the market
almost as government rags Legal ten
DER. compelling men to accept against
sAaue IN the markets of the world is rank
INJUSTICE. The early financial statesmen
or America, Jefferson, Morris, Hamilton
never thought of making
THE LEGAL TENDER OF COIN
higher than the commercial value of the
metal out of which the coins were made
therefore with the passage of free
coinage, We shall have a currency rejected
at It's normal value in the commercial
markets of the world, unstable and fluctu-
ating in real value. Business cannot
prosper with such a currency. The first
condition of the life Of business is stabil-
lty of currency. No one will invest
money of a certain value today in COM
merce and industry. if by the time the
raw material has been turned into mar
ketable wares the currency is likely 10
nave changed in value. Business in all
branches would become a speculation, a
gamble, and conservative capital would
keep out of sight
NO LOANS WOULD BE MADE.
1t is nonsense TO say that capital must
put itself into the American market
whether the capital be American or
words. We may clamor in vain for cap
ital. 1t will not come to US unless there
be security for 1t. 1t will remain in the
vaults for safety, or go to other parts of
the world where reward is small. but GER
tain. And without capital there would
people.
Il am absolutely convinced that the
laboring classes viii suffer the most OF all
from the free silver coinage. And yet
the laboring classes are those that are
the most urgently appealed to in this free
silver movement A man who talks
against Tree silver is put down at once as
an enemy of the common people. Well
for my part, l am willing to be called an
enemy OF the working classes, of the
common people, as I am in reality adj
vising them for their good and serving
their true interests. Those above all
others in the land who should today be
on their guard against
THE SILVER MOVEMENT
ale the laborers of America. But VIII
not the farmers be benefited? VIII they
not receive higher prices for their pro-
ducts? May be a higher price-but not
higher value. OF what use is it to have
dollar, instead of a half dollar, if the
dollar can purchase no more than the half
dollar? And. why viii farmers receive
even nominally much higher price than
they do now? The best market of the
farmers product is his own country, and
II his own country is impoverished, if
factories are closed, if laborers in cities
are penniless. the farmer will receive but
little for his harvest.
Men on salaries will scarcely hope to
have their salaries doubled, even NOM
inally, and then their salaries, such as
they may be, viii have only half the pur-
chasing power they have today
Those who owe debts-payable prin-
ciDal or interest in goodwill receive the
same salaries as today and their salaries
will have but half the debt-paying power
which they have today.
But as to those who owe debts pay
able in gold? Well, if
THE COUNTRY Is RUINED,
where will they find even silver to pay
lnesr debts in silVer. The only men bene-
Il e6-snd they are few TO-DAY and X is
scarcely worth while to bring around a
revolution in the country to benefit them
are the debtors who have today gold on
hand and who, by free silver coinage,
viii have their store doubled in nominal
will he ,a1a n IN
debts by one-half. And for these the
question remains, Is it honest? 1t is u
aelusion to imagine that silver will circu-
late so plentfully that it can be had cas-
lily nv all and that the quantity VIII
make up for the loss of value. If silver
bullion does not increase in commercial
value, silver will not be produced in
quantity, and as owners of silver will
not part with ii except in exchange for
commodities or labor which they deem
useful and valuable, if the business of
the country is not prosperous the people
VIII get very little or no profit from mint
age. But-and here is the popular argu-
lnent in favor of free coinage-we have
had hard times under the gold standard.
That is true, and what is also true is that
under the silver standard we shall have
much harder times. 1t is the
GREAT FALLACY OF THE DAY
10 be attributing our hard times to the
gold standard. The craze for free silver
the same theory that a man who has been
q long time sick despite the attentive
care of expert physicians, will call for
any quack who adyertises to cure
times have come through the Sc
we're and resistless working of
economic laws-which go their way in
spite Of legal enactments Of parliament
or congress. Our hard times have come
from the general competition with the
countries OF the whole globe, into which
We are forced by cheapness and facility
or transportation; from over-production
IN past years; from eXtraVa gance curing
good times and from our own social and
political agitations. One Of the cher
causes of hard times today is this aglta-
ton for radical change in the currency
Of the country. II the American people
put down. by an overwhelming majority
this agitadon-bury il out of sight-one
of the chief causes of hard times will be
out of The way.
OTHER CAUSES MAY REMAIN
more or less. That of general COMPETE
ton with all the nations of the earth
must remain. Good times, however may
De expected to come back, surely, ii only
gradually. The oYer-production that
giutted our markets has been useA up
Capitalists are anxious to do something
with their money-if it can be invested
saIeiy- Our Wondrous natural resources
invite investments to develop them, and
confidence restored, the outlook is bright
The essential thing is confidence Today
ii is confidence that is needed more than
an increase in the volume of the cur
rency. The volume of the currency is
large enough. To increase it fictitiousIy
certainly will not help us. Ninety per
cent of the business is done Eithout cur
rency-by checks and drafts of which
the foundation is confidence. Those who
suffer from hard timeS-and there are
nany-must harken to reason, silence
T'asp0n. tUrn away from deiusVe rene
dies. and the country will again be put
on a road to prosperity.
Il ask. is it honest TO try to pay debts
with half the money we received when
We contracted them The national and
private debts were contracted upon a
finn. I'll nch rl,n