The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-07-26
L SEEKER AFTER THE TRUTH
ABOUT SILVER.

Salt Lake City, Utah, July rs, 1896.
Editor Herald:
It is a favorite argument with those
who attribute our financial depression
TO our currency laws, that one-hnlf of
our money was stricken down by the
crime of 70; yet find it reported that
on June l, 1896. tine total supply of gold
and silver of this country consisted OF
500, 100000 of gold and $626, 600. coo of
silver, or per cent more silver than
gold, and it must be remembered that
this supply of silver, wfth the exception
of $77,000,000 OF subsidiary coin, which is
legal tender for $10 and the seigniorage
accruing under the act OF 1890, is full
legal tender, and performing all the
functions of gold.
Now, Mr.. Editor, like many others
ann very ignorant on This money ques-
ton, and I would like you to tell me in
what sense it is asserted that one-half
of our money was stricken down by the
crime of 49," l also find that during
the period of our greatest prosperity
say from the year 1880 TO $780, the ratio
of the supply of silver to that of gold
averaged about so per cenf, that is to
say, we had about half as much silver
as gold; but now the ratio of our silver
to that of gold is 103 per cent, or, as
before stated 3 per cent more silver
than gold. Now, if the increased use of
silver win bring us prosperity, as as
serted. why is it, that while the ratio
of silver in the country in its relation
to gold is now the greatest since the
establishment Of the mint, we have such
depressed times?
TRUTH SEEKER.
In the REPORTS of June 1895 7 have
consulted for these figures, the bullion
in the treasury purchased by the issu-
ance of treasury notes under the act
of July IA, 1890, is included in this
amount, the treasury notes being recl-
cn'9d as silver certificates. I have based
my question on the amount of gold
and silver in the country; on the basis
of the two metals in circulation, there
is about 10 per cent more silver than
gold. Treating the treasury notes of
1890 as silver as above, excluding the
treasury notes of 1890, there is 90 per
cert as much silver in circulation as
gold.
Tt is very evident that Truth Seeker"
n1isapprehends what is meant by the
common phrase that half our money
was stricken down by the Crime of
'7S" eve have never liked the term
crime of 49," as it introduces a word
chat this no legitimate meaning in
financial language, while its use i'm
ports into the discussion ideas wholly
foreign TO IT'D It is not pretended, and
never has BEEN that the act of 1873
deprived the people of the use of the
silver that had been coined up to that
time Or of tho roOpa1v ooi,,og1 dor rho
act of 1878, or of the treasury notes
issued against the silver bullion pur-
chased under the act of 1890. It means
that what had been one source of sup
ply for metallic money was cut off, the
two sources of metallic money having
always been gold and silver. 1t must
be plain to TRUTH Seeker that when
one of these metals is no longer allow
ed to be taken 10 the nnints for coin
age one-half of our money supply is
cut off
An increased use of silver will bring
prosperity because it will enlarge the
medium for the exchange of products.
Free coinage of silver would allow of
tine fullest development of the silver re-
sources of the country, and Truth
Seeker knows that whatever encour-
ages the greatest development of any
resource OF the country encourages and
invites prosperity. To increase the med
iuqn of exchange is to increase the IA
cilitfes for exchanging the products of
the country, whether alt home or abr oad
We think TRUTH Seeker will under
stand the metaphor when we say that
money is the rolling stock of business
and commerce; that given an otherwise
prosperous business if the rolling stock
is inadequate to do the business offered,
there must either be an increase OF it
or loss and crfppling of business.
We believe we have answered Truth
Seeker and we trust satisfactorily
He is altogether too modest when he
says that he is very ignorant on this
money question Having the greatest
respect for him, and possessing the
honor of his friendship, which we
highly prize, we trust he will take no
offense. for we mean none, when we
say That ON this money question he is,
like Joey Bagstock, Oh sly
SILVER AND THE PULPIT.