The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-27

AoeAiiAS 70 the comfort OF the masses,
she capital OF the people, or the wealth
OF the nation. 1t seeks to introduce a
new measure of value. but would add
no value TO the *hing measured. 1t
would not conserve values. On the
contrary, it would derange all existing
values. 1t would not restore business
confidence; but its direct effect would
be 10 destroy the little which yet re-
mains.
WHAT. IT MEANS.
The meaning of the coinage plank
adopted at Chicago, is that any one
may take a quantity of silver bullion
now worth SO cents TO the mints Of the
United States. have it coined at the
expense Of the government, and re-
ceiye for it q silver dollar, which shall
be legal tender for the payment Of all
debts, public and private. The owner
OF The silver bullion would get the sill
Yer dollar--it would belong TO him and
10 nobody else. Other people would
get il only by their labor, the products
OF their land, or something Of value.
The bullion owner on the basis of
present values would receive the sill
Yer dollar for SO cents worth Of silver,
and other people would be required to
receive 1t as a full dollar in the pay
ment OF debts The government would
get nothing from the transaction. 1t
would bear the expense of coming the
silver and the community would suffer
loss by its use.
THE DOLLARS COMPARED.
We have coined since 1873 more than
four hundred million of silver dollars,
which are maintained by the govern
ment at parity with gold, and are full
legal tender for the payment of all
debts, public and private. How are
the silver dollars now in use different
from those which would be in use
under free coinage? They are to be Of
the same weight and fineness; they are
to bear the same stamp of the govern
ment. Why would they not be of the
same value? | answer The silver dol
lars now in use were coined on account
Of the government, and not for private
account or gain. and the government
has solemnly agreed to keep them as
good as the best dollars we have The
government bought the silver bullion at
IT'S market value, and coined it into
silver dollars. Having exclusive con-
troll of the mintage, it only coins what
1t can hold al a. parity with gold, the
profit representing the difference be-
tween the commercial value Of silver
bGllion and the face value of the silver
dollar, goes TO the government for the
benefit Of the people. The government
bought the silver bullion contained in
the silver dollar at very much less than
its coinage value. 1t paid it out to its
creditors, and put it in circulation
among the people at its face values of
100 cents. or a fur dollar. It required
the people to accept it as legal tender
and is thus morally bound to maintain
it at a parity with gold, which was
then, as now, the recognized stand
ard with US and the most enlightened
nations of the world. The government
having issued and circulated the silver
dollar, it must in honor protect the
holder from loss. This obligation it
has so far sacredly kept. Not only is
there a moral obligation, but there is
a legal obligation. expressed in pubic
statute TO maintain the parity.
THEY COULD NOT BE KEPT AT
PAR
These dollars in the particulars
have named are not the same as the
dollars which would be issued under
free coinage. They would be the same
In form, but different in value. The
government would have no part in the
transaction, except to coin the SILVER
bullion into dollars. 1t would share
in no part of the profit. 1t would take
upon itself no obligation. 1t would not
Put lIlt QJ4ldIo lltO III NuaeNAAO IL
could only get them, as any citizen
would get them. by giving something
for it, 1t would deliver them to those
who deposited the silver, and its con-
nactions with the transaction there end.
Such are the silver dollars which would
be issued under free coinage of silver
at ratio Of 16 TO l. Who would main
tain the parity? What would keep
them at par with gold? There would
be no obligation upon the government
to do it. and If there were, it would
be powerleSs TO do it. The simple truth
is, we would be driven to a silver ba-
sis, to q silver recommendation. These
dollars, therefore, would stand upon
their real value. If the free and I'M
limited coinage of silver at a ratio Of
sixteen ounces of silver to one ounce
of gold would, as some Of its advocates
assert make SO cents in silver worth
100 cents. and the silver dollar equal
to the gold dollar, then we would have
no cheaper money than now. and it
would be no easier to get; but that
such would be the result is against
reason and is contradicted by expert
ence in all lands 1t means the debase-
ment of our currency to the amount
of the difference between the CONNER
ciai and coin value of the silver dollar
which is ever changing, and the effect
would be to reduce property values
entail untold financial loss, destroy con-
fideaces, impair the obligations of ex-
listing contracts. further impoversh the
laborers and producers of the country
create a panic of unparalleled severity
and inflict upon trade and commerce 4
deadly Blow. Against such a policy ]
am unaiteraibly opposed.
BIMETALLISM.
Bimetallism cannot be secured by in.
dependent action on our part. 1t can
not be sustained by opening our minis
to the unlimited coinage Of the silver
Of the world. at a ratio of sixteen
ounces Of silver to one ounce of gold
when the commercial ratio is more
than thirty ounces Of silver to one
ounce of gold. Mexico and China have
tried the experiment Mexico has free
coinage of silver and gold at a ratio
Slightly in excess of sixteen and one
half ounces of silver to one ounce OF
gold, and while her minis are freely
opened to both metals at that ratio
not a single dollar IN gold bullion Is
coined and circulated as money. Colo
has been driven out of circulation in
these countries, and they are on d
silver basis alone. Until international
agreement is had it is the plain duty
of the United States to maintain the
and sole standard of the great com.
mercial nations Of the world. with
which we trade more largely than any
other. Eighty-fopr per cent of gu,
foreign trade for the fiscal year 1885,
was with gold standard countries and
cur trade with other countries was
settled on a gold basis.
WE NOW HAVE MORE SILVER
THAN COLD