The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-27
safety engage in further experiment in
this direction
THE DOUBLE STANDARD.

LILO QAfSClOH
THE DOUBLE STANDARD.
On the 22nd of August. 1891. in pub
lie address, 1 said:
IF we could have an international
ratio, which all the leading nations of
the world would adopt, and the true
relation be fixed between the two met
ais and all agree upon the quantity or
silver which should constitute a dollar,
then silver would be as free and I'M
limited in its privileges of coinage as
gold is today. But that we have not
been able to secure. and with the free
and unlimited coinage of silver adopted
in the United States at the present
ratio, we would be still further re-
moved from any International agree
ment We may never be able to secure
it if we enter upon the isolated coin
age of silver. The double standard
implies equality at a ratio, and that
equality can only be established by the
concurrent law of nations. 1t was the
concurrent law Of nations that made
the gold standard; it will require the
concurrent law Of nations to reinstate
and sustain it,
IT FAvORS THE USE OF SILVER
MONEY.
The Republican party has not been,
and is not now, opposed TO the use of
silver money, as its record abundantly
shows. 1t has done all that could be
done for its increased use, with safety
and honor, by the United States acting
apart from other governments. There
are those who think that ii has already
gone beyond the limit of financial pru-
dence. Surely we can go no farther,
and we must not permit false lights to
lure us across the danger line.
TIT ~
TRY.
We have much more silver in use
than any country in the world, except
India or China $500, 000, 600 more than
Great Britain; Sl5O,0OO,0O0 more than
France; $500, 100000 more than Germany
1926, 100000 less than India. and S125, OO0,-
600 less than China The Republican
party has declared in favor of any inter
national agreement and if elected presi-
dent it will be my duty to employ all
proper means to promote it. The free
coinage of silver in this country would
defer, if not defeat international BIZ
metallism, and until an international
agreement can be had, eve<y interest
requires us to maintain our present
standard. Independent free coinage of
silver at a ratio of 16 ounces of silver
to ounce of gold, would insure the
speedy contraction of the volume of
our currency. 1t would drive at least
five hundred millions of gold dollars,
which we now have, permanently from
the trade of the country, and perma-
nently decrease our per capita circula-
ton. 1t is not proposed by the Repub-
lican party to take from the circulating
medium Of the country any of the sill
yer we now have. On the nontrary. it
is proposed to keep all of the silver
money now in circulation on a parity
with gold by maintaining the pledge of
the government that all of it shall be
equal to gold. This has been the I'M
broken policy of the Republican party
since 1875. 1t has inaugurated no new
policy. 1t will keep in circulation and
as good as gold all of the silver and pa
per money which are now included in
the currency of the country. 1t will
maintain their parity. 1t will preserve
their equality in the future, as it has
already done in the past. 1t will not
consent to put this country on a silver
basis, which would inevitably follow
Independent free coinage at a ratio of
16 to L 1t will oppose the expulsion of
gold from our circulation.
FARMERS AND LABORERS SUI
FER MOST.
If there is any one thing which should
be free from speculation and fiuctua-
ton, it is the money of a country. 1t
ought never to be the subject of mere
partisan contention. When we part
with our labor our products, or our
property, we should receive in return
money which IS as stable and unchang-
ing in value as the ingenuity of honest
men can make it. Debasement of the
currency means destruction Of values.
No one suffers so much from cheap
money as the farmers and laborers.
They are the first to feel its bad effects
and the last to recover from them. This
has been the uniform experience Of all
countries and here, as elsewhere, the
POOR and not the rich, are always the
greatest sufferers from every attempt
to debase our money. Il would fall with
alarming severity upon inveS tments al
ready made; upon insurance companies
and their policy holders; upon savings
banks and their depOSitors; upon build
ing and loan associations and their mem
bers; upon the savings of thrift; upon
pensioners and their families; and upon
Mage-earners and the purchasing power
Of their wages.
UNLIMITED IRREDEEMABLE PA
PER MONEY.
The silver question is not the only
issue affecting our money in the penddn g
contest. Not content with urging the
free cottage of silver, its strongest
champions demand that our paper
money shall be issued directly by the
government of the United States. This
is the Chicago Democratic declaration
The st. Louis Peoples party declara-
ton is that Hour national money shall
be issued by the general government
only, without the intervention of banks
of issue, be full legal tender for the
payment of all debts, public and pri-
waite; be distributed direct to the people
and through lawful disbursements OF
the government " This, in addition tc
the free coinage of the worlds silver
we are asked to enter upon an era OF
unlimited irredeemable paper currency
The question which was fought out
from 1865 to 1879 is thus to be reopened
with all its uncertainties and cheap
money experiments of every conceivable
form foisted upon us. This indicates
a most startling reactionary policy
strangely at variance with every re-
quirement Of sound finance; but the
declaration shows the spirit and pur-
pose of those who, by combined action
are contending for the control of the
government. Not satisfied with the de-
basement of our coinage which would
inevitably follow the free coinage of sill
Yer at l6 to /, they would still further
degrade our currency and threaten tine
public honor by the unlimited issue OF
an irredeemable paper currency A
graver menace to our financial standing
and credit could hardly be conceived
and every patriotic citizen should be
aroused to promptly meet and effect
uaily defeat it
IN THE HIGHEST DEGREE REPRE-