The herald., 1896-09-05
EAST SIDE SILveRlTES
An Able Speech by Judge Utley Before the
Second Club

Judge Utley addressed a large audi
ence at Banquet hall. East Los Angeles,
last evening, the meeting being under
of the First ward.
Judge Utley began his address by re-
ferring in complimentary terms to the
number of ladies present. and said that
he was gratified to know that they man.
ifeSted by their presence the interest
they took in the leading questions of the
day. He said the influence of the ladies
should not be under estimated, and that
influence should be based upon an in
telligent knowledge of vital questions.
He then went directly into the discus
sion of the money question, and said:
That value, inherent in an article,
money or anything else, cannot change.
Values may change according to rela-
tive supply and demand. Value is regu-
lated by human desire. When demand
is nil value is the same.
Colds chief value Is that 1t can be
coined into money of an accommodate
ing size pieces. If gold should be de-
monetized and should no longer be used
for coinage into money the supply now
Obtainable would be more than suffi-
cient for all other purposes for period
of seventy years. Hence gold would de-
cline to a nominal value. Colds intrin-
VI,
except as now fixed by law.
Silver has not declined in value ex-
cept as compared with gold. Restore
silver to its former legal position and
1t would at once be restored to value
of $1.29 per ounce. You cannot legislate
value into silver or anything else, but
you can so legislate that the value of a
thing will be increased.
If we had all the silver in the world,
which is only 4,042, ZOO, 600, and it was
coined into silver dollars our 10000 900
people would have only $5S each. So
that II all the silver in the world was
dumped on us we would not have more
woman could manage to spend within
week. Europe cannot spare any sill
yer. 1t is coming s32, 900 900 annually.
Mexico has only silver enough to make
20 cents each per capita. Asia can't
spare any. If any foreigner should
bring silver bullion to this country and
have it coined into money our mints
would coin 1t into American silver and it
would pass at it's face value In this coun-
try only. To take it to any other coun-
try it would be worth to him it's bullion
value. only.
In 1893 the total silver produced in the
world was $20S, S,000.0 900. OF this America
produced $167 0OO,O 900 and Europe pro-
duced only s36ooOO, and yet the gold
the price of silver. Europe buys and
coins annually the difference between
her nominal production and the amount
OF s32. 900 900.
America sells s142, 900, 900 worth of sill
Yer to other nations annually. Is it
good policy or good business or good
sense to let the buyer fix the price he
shall pay? Naturally he will buy as
cheaply as he can and it is to his in
terest to keep the price down. How long
do you think it will be before these sill
yer purchasing countries will be parties
to an international agree ment, tending
to maintain or advance the price of sill
YER?
Divide all the gold coinage in the
world by the total population of the
world and each person would have just
cents.
But gold standard people tell US that
as only one-fourth of the worlds popu-
lation use gold, we should divide the to-
tai gold by onefourth of the population.
Well, do that, and we would only have
% cents each.
In closing, the speaker said that if the
men of this country and of the world
succeed in fastening the gold standard
upon the people 1t will result in the
worst system of moneyed aristocracy on
the part of the rich and serfdom and
peonage on the poor that the world has
ever known.