The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-08-13


tzaGfon of silver. Speaking in the
house of representatives ON the 18th of
February, 1878, he said:
Il believe the struggle now going on
in this country and other countries for
a single gold standard, would, if sue
cessful, produce widespread disaster in
and throughout the commercial world.
The destruction Of silver as money, and
the establishing of gold as the sole unit
of values, must have a ruinous effect
on ali forms of property except those
invested which yield a fixed return in
money. These would be enormously
enhanced in value, and would gain a
disproportionate and unfair advantage
over every other species of property
rs it strange that the holders of
investments which yield a, fixed return
in money can regard the destruction of
silver with comDlacency? May we not
expect the holders of other forms of
10 money dieproportionate
and unfair advantage of every other
species of property If the relatively
few whose wealth consists largely in
fixed investments have a. right to use
the ballot to enhance the value of their
investments, have not the rest of ths
people the right to use the ballot
TO PROTECT THEMSELVES
from the disastrous consequences of
rising standard? The people who must
purchase money with the products OF
tool are in position entirely different
from those who own money CIR receive
a fixed income. The we'll being of the
nntion-aye, of civilization itse.f-de-
Ponds upon the prosperity of the
masses. What shall it profit us to have
a dollar which grows more valuable
every day, if such a dollar lowers the
standard of civilization and brings dis
tress to the people? What shall it
profit us if. in trying to raise our
credit by increasing the purchasing
power of our dollar, we destroy our
ability to pay the debts already con-
tracted by lowering the purchasing
power of the products with which
those debts must be paid? If it is
asserted, as it constantly is asserted,
that the gold standard will enable Us
to borrow more money from abroad, 1
reply that the restoration of bimetal-
ism will restore the parity between
money and property. and thus permit
an era of prosperity which will enable
the American people to
BECOME LOANERS OF MONEY,
instead of perpetual borrowers. Even
if we desire to borrow, how long can
we continue borrowing under a. system
which, by lowering the value of prop
erty, weakens the foundation upon
which credit rests? Even the holders
of fixed investments, though they
gain an advantage from the apprecia-
ton of the dollar, constantly see the
injustice of the legislation which gives
them this advantage over those whose
incomes depend upon the value of
property and products. II the holders
of fixed investments will not listen 10
arguments based upon justice and
equity, 1 appeal to them to consider
the interests of posterity. We do not
live for ourselves alone. Our labor, our
self-denial and our anxious care-all
these are for those who are to come
after US, as much as for ourselves; but
we cannot protect our children beyond
the period OF our lives. Let those who
are now reaping advantage from a
vicious financial system remember
that in years to come their own chill
dren and their cllirdren's children may,
through the operation Of this same
system, be made to pay tribute to the
descendants of those who are wronged
today.
LAS against the maintenance OF a
gold standard either permanently or
until either nations can be united for
its overthrow, the Chicago platform
presents clear and emphatic demand
for the immediate restoration of the
free and unlimited coinage of silver
and gold at the present legal ratio
of Is to 1, without waiting for the aid
or consent of any other nation. We
are not asking that a new experiment
be tried; we are insisting upon a re-
turn to a financial policy approved by
the experience of history and supported
by all the prominent statesmen of our
nation from the days of the first pres
ident down to 1873. When we ask
that our minis be opened to the free
and unlimited coinage of silver into
full legal tender money, we are simply
asking that the same mint privileges
be accorded to silver that are now
accorded to gold. When we ask that
this coinage be at the ratio of Is to /.
we simply ask that CUR gold coins and
the standard silver dollar-which, be
it remembered, contains the same
amount Of pure silver as the first sill
YER dollar coined at our mints-retain
their present weight and fineness. The
theoretical advantage of the timetable
system is best stated by a European
writer on political economy, who sug-
gests
THE FOLLOWING ILLUSTRATION:
A river fed from two sources is
more uniform in volume than a river
fed from one source the reason being
that when one of the feeders is swol-
len, the other may be low; whereas, d
river which has but one feeder must
rise or fall with that feeder. So in
the case of bimetakisTn. The volume
of metallic money receives contr:bu-
tons from both the gold mines and
the silver mines, and therefore, varies
less, and the dollar resting upon two
metals. is less changeable in it's pur-
chasing power than the dollar which