The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-09-13

starting out now, gentlemen, TO origi-
nate new financial system, would we
make a different one from that we
now have? (Cries of mo, no') A
metal whose market value is the same
as its coin value is surely safer stand
ard than metal whose market value
is 4S cents less than its coin value If
we are TO have two standards, they
must be equal. If we would float both
gold ana silver currency, we must make
the ratio based upon the commercial
value or the Two metals. This was the
! view OF the early statesmen of our his
/ tory, irrespective OF party This was the
view of both Jefferson and Hamilton.
who differed widely on other subjects.
This has been the view of the wise
men-DemocratS and RepubIicanS-(ap-
plause)-from the beginning of the gov
eminent until now There are those
who think there is something sacred
ABOUT the ratio of 16 to l, because our
fathers established it, but our fathers
ald not establish it. They established
the ratio OF 10 ounces of silver ia one
gold, and those who established that
ratio MADE 1t upon the commercial ra-
ITO between gold and silver, and they
seemed not to have been influenced by
the fact that in 1892 the commerciaI
coinage ratio was ten and three-fourths
ounces OF silver to one ounce OF gold.
1t was not until 1884 that the United
states adopted the ratio of 16 to l.
ana why was it done? Because that
was believed to be the real relative
value, or nearly so, between the two
metals at that time -
MAJOR Mckinley then told how Presi-
Gent JeHerson ordered the discontinu
ance OF the coinage of silver dollars.
because he believed he could keep gold
IN the country and make it circulate at
a ratio OF IS 10 l by this action. He
There were no silver dollars coined in
the United States from 1906 to 1894 Then
CONGRESS CHANGED THE RATIO
between the two metals from fifteen
ounces OF silver to one ounce of sold,
ana our whole history has demonstrafed
that whenever, under any ratio. the one
metal was more valuable than the other
the more valuable went out of Circulation
a ana the LESS, less valuable remained in.
ceres of That's right") In 1879 when
the free coinage of silver was stoned
we We're not using either gold or silver as
money. We We're using paper We did
, hot use a dollar OF silver then. We now
nave fVe hundred and fifty millions of
which four hundred and thirteen mil
mons are fully legal standard silver dol
lars, and behind every one of them is the
government Of the United States. Great
cheering) The lack of silver surely
could not have deprecated prices since
1873. for we have sixty times more of if
now no than we had then. The depression
III me price OF wheat, 1t is now said
must be accounted for in some other
way.
The chief of the United States bureau
OF statistics states that the consumption
or wheat per capita in 1895 was % per
cent less than in 1892. Do you think that
this might be more reasonable account
Ing for some of the depreciation in the |
price OF wheat than TO charge it to the |
C1.r1
years? (Cries of Eyes, yes.') 1t was |
the decrease of consumption and the in |
crease of competitors not the suspension |
or Tree coinage of silver, that accounts |
IN part Tor the low price of wheat today. |
We cannot make prices, but we can pro
vide that all prices shall be presented |
IN few dollars worth 100 cents. (Cries
of "Fhats right and great eheering.) |
We cannot reverse the laws of trade.
and we Will not reverse the laws of com
mon honesty. Great applause and cries
of Good -
The great delegation of workingnen,
twenty-five hundred in number, which
arrived from Homestead, Pa, about /
o'clock on three special trains, made an
imposing appearance as it marched up
the streets.
THE HOMESTEAD GLEE CLUB
sang several campaign songs and j. NJ
superintendent Of the trans
portat1on department at Homestead,
made the address. He stated that the
men represented $500 workers, who now
turn out $1,000 tons of finished material
per month, and added:
Under the Mckinley law, we could
double that. 1t is too bad to see such
men and such d plant lie Idle, all caused
by a lot of theorists"
When Major Mckinley mounted chair
to reply, he was kept silent for several
minutes by the tumuleous outburst of
cheering. He said, in part:
I am in favor of protecting today the
fOfsf Of hn Tod 70
| degraded currency I am opposed TO
rec trade, because it .degrades American
abor. l am opposed TO free silver, be-
'euse it degrades American money. Con
inued cheering) [ thank you more than
can tell for this call from the men who
OIL "a voice: I'VE are all with you,
najor.')
1t was 2:30 o'clock when the music of the
advancing bands announced the approach
# a thousand employees from the offices
4 the Pennsylvania railway in Pittsburg.
About the same time the skies darkened,
he sun disappeared, and great masses of
Marching just behind the railway men,
vas column of 200 worl1ingmen from Nc
Pa. The two delegations filed
nto the yard together, and before either
# their Spokesman said a word. the ran
egan to fall. Instantly a thousand UNI
'rellas were raised. W C. Croneme.er,
pokesman for the McKeesport people.
RED to make himself heard, but only said
.amuel H. Church, the spokesman for
he railway men, made a, brief speech
Mckinley made rather lengthy reply,
peaking of the enormous develOpment
/ railroads in the United States during
he past three decades, their traffic, etc,
nd added
"Al steadily advanced and kept full
ace with the increased prosperity of the
ountry. This is the system, this policy
+ protection, the governmental policy,
7hich we must again restore in the United
tates of America" Cheers and cries
f "Hurrah for McKinley.'O ,
Speaking of Pennsylvania he said: Il
bserve that while it was enabled to en-
10y $4,000 operatives in 1888 it had but
1900 at work in 1895. You know better
han can tell you that it was poor bust
ess that caused this army of 124,0G0 men
D be no longer employed and that it was
DOR business that caused a reduction !
ather than an advance of wages. Cries
That's right.') The manufactures
ne mines and the farms were not running
n full capacity, and the railroads, in
were not doing as much or
S profitable a business as they ought to '
ave, been doing. Which policy do you
Ike best. the old or the new? loud cries
We want the Republican polcy.")
decide this question for yourselves and ;
len vote that way. (Cries of We'll vote
Il right.'O Your spokesman has made an
Xceilent and able argument against the |
rec coinage of silver, as it affects your {
usiness. and L need not attempt TO en-
lrge upon it. Free silver would prove
qually as dlsastrous-aye, probably more ,
lsastrous-than free trade has proven
, the people of the United States.' (Cries
We have had enough of that.'O
-Ss< s.sss-z--
TEFS SHIPS.
NEW YORK, Sept 12.-Arrived-Steam-
rs Umbria form Queenstown and Liver c