The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-04-27


Hon. A. P. Stokes, of New York, was
at the Knutsford yesterday, accompa,
MED by his family. Mr.. Stokes, togeth.
er with Hon. p. T. FarnsWorth and A
c. Washington, are the principal own.
ers in the Manhattan group of mines
at Austin, Nevada, a graphic descrip.
ton of the workings of which was Civ
en- in these columns a few weeks ago
Mr. Stokes has just returned from a
trip to Nevada, where he made a thor
ough examination of the work going on
in the mines, which is of a most salts
factory nature. The long tunnel, he
says, is now in for nearly a mile, and
will doubtless be continued for half a
mile further. This extensive work is
being carried on to thoroughly develop
the great ore bodies at a depth that
will admit of mammoth ore extraction
when they are encountered, and also
to give an easy outlet for the products
of the mine at 2 minimum cost. The
force at the mine Mr.. Stokes says, is
to be materially increased, and new
mill is among the possibilities of the
near future.
This property, in the past, has pro-
duced $26, 900 in the precious met
ais, and it is believed that when the
contemplated developments are fully
carried out it will repeat its past re-
cord.
Mr.. Stokes is also heavy owner in
the Nevada Central railroad, and it was
largely this fact that led to his becom-
ing interested in the Austin mines.
In speaking on the silver question.
The Herald representative who had
the pleasure of an interview with Mr..
Stokes, found that he was well posted
on the subject, and more, that he was
the author of most interesting work
on the money question entitled, Joint
Metallism," for copy of which he has
our thanks.
Mr.. Stokes is a firm believer in bi-
metallism, but he considers that the
present condition of affairs relative to
this matter is monstrous and preposter-
Gus, and calculated to ALLEVIATE the east
from the west, for said he, 1.-The
east believes that the people Of the
west are silver thieves, and the citi-
zens of the west believe that the peo-
pie of the east are gold robbers"
In my opinion, continued Mr..
Stokes, both are wrong, and 1 believe
that the people of the west have been
harshly criticized and injured. I also
believe that this government should
estEAlish bimetalliSm without taking
any notice of, or without any regard to
the actions of other nations on this
subject. My plan is TO adopt what /
call Joint Metallism.
Joint metallic money" said Mr..
Stokes, lis formed by coming silver
coins of the same weight as gold coins,
admitting gold and silver both to free
coinage when presented together, in
quantities of equal value. according to
a government ratio declared periodi-
cally, as being that integral number
of standard silver coins which, in the
market value CT the silver they con-
tain, most nearly equals q. standard
gold coin Of like weight; and making
a gold coin, plus such number of these
standard silver coins as shall be equal
thereto, according to the current gov
eminent ratio. legal tender as twice
the amount of the gold coin, for all !
debts contracted after future date.
In the United States the treasury |
would receiI" these silver coins and |
gold coins, when presented together in |
quantities of equSl value, according to /
the current government ratio, and is /
sue therefor joint legal tender cur
and half in such quantity of these sill !
yer coins as may be equal thereto, ac-
corGing to the government ratio cur /
rent at the time of presentation. Joint I
metallism would continue the decimal !
system here, and permit continued
use of our present silver coins. Inese 4,
are now token money. When the ratio
becomes settled it may be best to re-
coin the so cent, % cent and 10 cent
pieces, so that they may contain nearly
full intrinsic value. No more silver
dollars ought to be coined. After a
time all our silver dollars could be
into silver standard coins,
and multiples thereof.
Joint metalliSm conforms to the
principle Of our constitution that gold 1
and silver shall. be our legal tender
It promotes the use of silver equally
with gold as a metallic basis of cur
rency, making that basis adequate
without impairing the obligation Of
contracts. 1t conveniently adjusts
changes in market ratio by alternating
the number of silver standard coins to
equal a gold standard coin of the same
weight THESE alterations can be made
more or less frequent and exact ac-
Ardlng TO whether a larger or smaller
gold coin be taken as the gold standard
coin. 1t permits nations establishing
I to use their own present gold coins
and subsidiary silver coins. and pro-
notes clear thinking and understanding
If what money really is. 1t recognizes (
he principle that honest money must
be an equivalent as well as a meas
ire. 1t prevents speculation from mo-
nopolizinC the metallic basis of money.
t gives a proper elasticity to the vol
lme of the metallic basis of currency.
because the production of silver can i
always be largely and promptly in
creased by labor, while the production
IF gold cannot
Under joint me+allism the relative
coinage values of sold and silver would
De neither permanently nor arbitrarily I
liked, but would be variable according
o their relative market values. This
would obviate the present chief causes
IF disturbances in trade and finance;
or these disturbances have resulted {
principally from a large change in the
relative market values of gold and {
silver, while no provision has been
made for changing the coinage ratio" ,