The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-22

are for silver first, last and all the
time
To the Utah cyclists belong the credit
of taking the initiative steps in the
matter, and the Boston goldbug will
shortly realize that he has a great big
fight on his hands.
LAST NIGHTS MEETING.
The members of the Utah division, L.
A. W., met at the Templeton parlors
last evening, prepared to act. 1t was
the largest meeting ever held in this
division, and all present were indig-
nant at the improper use of his position
made by President Elliott.
1t was decided to appoint a commit
tee to go over the matter, and the
committee later presented the follow
ing report, which was unanimously
adopted:
THE REPORT.
Salt Lake City, Utah, Aug. q, 1896.
your committee beg leave to submit the
following report:
Resolved. That we, the members of
Utah division, L. A w, reaffirm our al
legiance to the national board and pledge
ourselves to do our utmost to protect the
Sood name ana enforce the laws govern
ing the League OF American Wheelmen;
that
Whereas, In the issue of the L, A. w.
Bulletin. dated August IA, 1896, Sterling
Elliott, the president of the league, had
therein an argument on the financial
question in direct violation of the laws
OF our order. which preclude political OF
rellg1ouS argument, or dictatorship, which
ne as president is in duty bound to sus-
tain; and
Whereas. Said Bulletin is the official
organ of said league and is intended for
the sole and only purpose of furthering
the interests of wheelnen throughout our
land; therefore, be it
Resolved, That we protest against any
officer i'll his official capacity attempting
to further or promote the interests of any
po!itical party whatsoever, through the
official organ Of our organization, or
otherwise, as such efforts pertain to the
Improvement of public highways; and
furthermore be it
Resolved, That we request that any Of
ficer. acting outside of the scope Of his
authority in direct violation of the laws
governing the national body, shall be
reprimanded OF his resignation demand
ed; and be it
Resolved, While the Utah division may
be composed of advocates of both stand
ards. we endorse the following reply and
make it part of these resolutions:
ELLIOTT ANSWERED.
That inasmucf as said Elliott has
usurped his authority and started the
golden wheels in his head revolving we
respectfully suggest before replying to
his supposed be" gold argument, that
he go INTO training, under the care of
some well known veteran, as another ar
ticle such as THE Value of a Dollar is
liable to tax his nervous system more
than would a double century.
Mr.. Elliott says AT a time when every
body else is talking and a few are think
ing about the money question, it would
seem lonesome like for the L. A. w. Bull
letin to keep still Right you are, Mr.
Elliott. since any one can see by your
article that you are talking for effect.
You ask What is a dollar?" We reply,
a unit of value. What is it for?" Our
answer is. that if dollars are used for
the purpose for which they are intended,
they are medium of exchange. why
has 1t a value?" Because the govern
ment under whose banner it circuiates SO
declares 30
Again you say: 1.-The volume of money
should be proportional to the number of
people and the amount of business done,
Tor most obvious reasons, but the pur-
chasing power of a dollar should remain
the same. If possible, so as to maintain
the basis upon which present and past
business is and has been conducted. No
change either way in the value of money
can be made without working serious
injustice to a large number of people"
And now as to the volume of money, we
ask you to study few facts: In 1866 the
population of the United States was 35,-
409, 2l6 which gave US a per capita circu-
lation OF S5201. On March IL 1895, accord
ing to the statement of the secretary OF
tie treasury, We mad S1,5l4 534, 557 outside
of the treasury vaults and a population
OF about 69,0O0,0o0, making our per capita
at that time $22S2. Admitting
that every dollar reported to be outside
the treasury is in circulation, but even
you. in your present cOndit ton, certainly
ought to know that it is motive still
have $2S8 S74, $50 less money among the
people today, with a. population of TO-
000,Ce0 than we had thirty years ago with
a population of 35,S19, ISL Since 1865 our
population has increased so per cent,
commerce and trade has doubled, but our
volume of money has actually decreased
15 per cent.
and foreign enigration-is at least 1,0O0
coo per year, and 1t will take $25,0e0,O00 to
bring the new Corners up to the present
per capita of, say, s25 per head.
1t is a self,,eviderut truth that if you
the value of labor and its product In
crease the supply of money and you in
crease the value of labor and its pro-
ducts. There can be no business when
there is no money to do business with.
Now you, sir. seem to be under the I'M
preston that bimetallists are seeking to
inflict a monetary innovation or an ex-
pertinent on the government. We give
you credit of being UP to the standard
of intelligence among wheelmen, who as
a class have no SuperiorS, and you must
therefore know that UP until 1913 the
United States was not under gold stan
dard; and we agree with you that a
change in the value of money by the use
OF gold alone, thereby raising 1t to pre-
MUM. has worked serious inJuStlce TO
a large number Of people, ana since us
adoption we have been drifting, drifting
and drifting to poverty, bankruptcy and
national dishonor.
We have enough industries of various
kinds to furnish employment Tor money
than the world could furnish in gold
alone.
A safe estimate of the number Of bicy-
Gle riders in the United States would be
2 coo, 900; the average price OF Wheeis no.
den is about $40 apiece, making SI4o uOnVVV
invested in bicycles that are now IN ac-
tual use. Millions of dollars are invested
in the machinery necessary to turn out
the wheels now in USE, not counting the
enormous sum expended annualiy IN
standing this vast amount of wealth rep
by bicycles, it is a mere drop IN
the bucket compared to the amount IN
vested in other industries OF our lana.
total amount of gold coin in the whole
world is only S4,145, 10000. The total
amount of full legal tender silver IN the
whole world is only IS, GAO O0O,oOO. The
world is only s2.455, 100, O08. The total
amount of subsidiary silver is only $685.
100000 In other words, there is in all
the world only 81, 0SS, 100000 OF money OF
every kind-gold, silver, paper and frac-
tional currency.
Now, we desire to call your attention to
a fact that you seem to have overlooked,
that our debts private, corporation and
public, amount to much more than Sll-
OSS 200 600, or all the money in the world,
and as of course We should pay our deols,
ii we are honest, will you kindly tell US
where the money is to come from!
The air in Zion is too pure TO furnish
microbes to live on and consequently
our system requires other food. 1t is not