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

NAAAN<AGO' Oct. -. Sterling Nor
ton, secretary of agriculture. addressed
an audience of 5000 people in the audi
forum tonight upon invitation of the
american Honest Money League"
The meeting was opened by E. B.
Smith, who read letter which had
been sent by the league inviting Presi-
dent Cleveland. to make a gold speech
IN Chicago, and the reply thereto. The
president responded by saying that in
aSmuch as he was anxious to do all in
his power to aid the league in it's work.
he regretted that he would not be able
to accept the invitation as his
Official duties would prevent, and in
any case he would hardly deem it con-
slstent with strict propriety to mingle
actively in the pending campaign.
While it is impossible" he writes,
that any Of my fellow-citizens have
the least doubt as to my sentiments on
the vital question which at this date
absorbs largely the attention of the
people, the work of advancing sound
financial ideas and the labor of en-
forcing lessons of public and private
honesty and morality, L feel it must be
prosecuted without much participation
on my part, as you suggest"
AS soon as Mr.. Smith had read the
letter he introduced Mr. David B. Jones,
who acted as chairman of the meet
ing. Mr.. Jones, after a few words as
to the Importance of the money ques-
ton, in turn presented Mr. Morton, who
proceeded at once with the grafton of
the evening.
Mr.. Morton said, in part:
Money is merely measure of value
and a mediator of exchanges. The
farmer demands money for his staples
because real honest money has a gen
Grad purchasing power in all the mar
kets of the civilized globe And that
money is real and honest, and that
money is best, which has the least
ductuating purchasing power at all
times and in all countries. A dollar
with too much purchasing power is as
impossible as a square meal with too
much nutritious power, or an advocate
of Populis;tic schemes of finance with
too much logical ability. When hu-
manity becomes too good for heaven,
money may become too good for the
Industrious and capable farmers and
Wage-earnerS of America, but not be-
fore.
Unequal desire and demand for sill
yer makes silver the inferior of gold
in the arts and in the currencieS. Strip
gold of the legal tender quality. Who
would not then take for his dues de-
fered, instead of legal tender silver?
But if the power exists in legislation to
make two metals equal as money, then
the same power can make silver and
gold equal in the arts and for jew
elry If the United States can double
the price of the worlds silver by enact
ment, why can it not also double the
price of garnets or wheat, or pork, or
any other exchangeable thing by the
i
international conference fix in gold the
price of silver? And, if agreement
between nations can maintain stable
prices for silver, why not for other
commodities?
THE question today is, which shall
farmers and all good citizens Of the
United States maintain and circulate
honest money or dishonest money;
good money or bad money? Farmers
and all other sensible folk should de-
mand when they buy money with their
products or services, the highest stand
ard and quality of money. And if
gold and silver are to be coined freely
and in unlimited quantities by the
United States, then equity and honesty
must insist that any quantity of either
metal in the form of bullion must be
of exactly the same value as the same
quantity of the same metal in the form
of coin
'But if the unlimited and free coin
age of silver at the unphilosophdc, il
logical and false ratio of 16 to 1 is to
be instituted, and silver thus made
legal tender at a mint and coin value
which is twice its bullion value, this
basic principle OF rightful coinage will
have been abrogated and defed. Under
the operation of the Gresham NV gold
will disappear from the channels of
American commerce and silver will
take its place. All that we sell for
eigners will be paid for in silver and
all that we buy from them viii be paid
for in gold, and we also will pay the
premium on that gold. In short, we
mill be monetarily Mexicanized and no
class will suffer SO great a proportion
of the caiamitous loss which this will
cause as American farmers"