The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-04-15


AS to the judges second contention
that if reduced to a silver basis our
currency would be constantly varying,
we may say that is the condition
when on single gold standard. When
ever money is considered as a COM
modify to be purchased with the pro-
ducts of the farm, or of the mill or the
factory, like everything else in the
world it costs more at one time than
at another to buy it. The judge GER
tainly could not have given this part
of his argument very much considera-
ton or he would have known that the
variation of the price of silver when
admitted to the minis on the same
terms as gold was very slight. Accord
ing to the tables furnished by the
British Royal commission, in its report
of 1887, the annual average price of
silver in London from 1888 to 1872,
never was lower than As. 10%d. per
ounce, and never was higher than 5s
21ad. Showing variation only of Adj
While the variation of the ratio be-
tween gold and silver between the
years 1860 and 1873 was also slight.
being 1929 to 1 in the former year.
and 1892 to mot quite 16 to lin the
latter. After the decentralization of sill
Yer in 1873 of course the variation of
the ratio was very great, dropping to
1917 TO 1 the next year, 1874; and to
1886 to 1 in 1S94-the effects of clos
ing the minis against it
AS to the judges third contention.
that we have plenty of money. and
all we lack is confidence, it is only
necessary to say: If in addition TO
the gold in the country, which alone
now is real money--the money of Ill
innate redemption--if to this is added
all the silver, gold certificates. silver
certificates, United States notes. treas
ury notes, bank notes, ETC., then it
might be thought that there is enough
money and all we lack is confidence.
but when all forms of currency are
set aside and the question is consid-
cred with reference to gold alone.
which alone is money of ultimate re-
demption, then it becomes painfully evil
dent that there is not enough money
with which to do the business of the
country.
Why is there a lack of confidence in
financial matters in the United States?
Because of free coinage agitation.
Judge Rhodes says; but in fact be-
cause there IS so little gold or money
of final redemption that those possess
ed of it fear to let go of that which
they have lest it should not return to
them. But increase the money of ul-
innate redemption, by restoring to sill
yer free coinage and full legal tender
quality. and confidence viii take care
of itself. 1t will find wherein to plant
its feet; and as there is no fear of
famine where plenty leaps to laugh
ing life with her redundant horn" SO
where the currency of country is
real money and not promises to pay
money; or where there is some reason
able proportion between real money
and the amount of redeemable curren-
cy, or promises to pay money, conf
dence smiles on industry, and indus
trys fruitfulness still assures smiling
confidence.
Here is the judges communication:
To the Editor of The Herald:
1t is q serious question whether ar
return by the United States
to the unlimited coinage of silver
would not be disastrous to us as a peo-
pie and nation.
There is but little doubt that the
of hard times is caused
by agitation of the money question
thereby producing continual uncer-
tainty. If the mints of the United
States were thrown open to the free
coinage of silver at a ratio of is to /
in gold the only thing that would