The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-28

Inc Daily FINANCIAL News, puDHSned
on July 80, gives a description of how
five brokers forming coterie all by
themselves on the London exchange
put upon silver, in an arbitrary man
ner the worlds quotation sent out over
the country daily, and which the gov
ernments of the world look upon as a
legitimate auction value due to sup
ply ard demand. 1t says:
TIL view of the governments con-
cerned, as well as by the majority of
our home exchange traders, is very
large error in point of facts.
THESE facts are here put in print for
the first time:
"The alluded to five firms of London
brokers' are eerely the instruments of
large organized body of exchange
and money dealers and great num-
Der of commission houses in all lines of
goods now located in all the principal
cities Of the world, but acting together
in concert.
The five London agents are ordered
day by day by the manager of this ag-
gregation Of banks. commission houses,
etc, to put a quotation upon silver
which affords the organized body the
greatest immediate-not prospective
profit
1T is said by American financ;ers
that this daily quotation is the result
of demands for silver by the orient as
well as by all who consume it; that
wheat. cotton or something being
shipped from the orient, ETC., is a literal
call on these five brokers in London for
thnrQfQrn OF
lions are legitimate auction value.
That is another large error of fact.
and shows that the mentioned finan-
ciers do not understand how ghe thing
is done.
The orient never runs to these five
London brokers for silver, in spite of
all our government reports saying it
does.
But these five manipulators. being
the only bidders for silver on the Lon
don exchange, are the agents to hand
silver over to their principals at the
daily quotations.
The principals are the commission
houses, ETC., which take this silver. to
the orient, to Mexico, to Peru, to Ar
gentina, to Japan, etc, and there ex-
change it for the legal tender money of
those countries, or have it so coined.
and with such legal tender these com
teas.
silks, coffee, cotton, wheat, bric-a-brac.
etc; in fact, everything these silver
basis countries produce.
sad commission buyers take their
| purchases. which foot up in the hun
| dreds of millions in value. back to Ant
werD, to London, to Amsterdam. to
Paris. to Berlin; in fact. TO every Euro
pean. ETC.. center where such goods can
be sold in the ordinary course of trade.
Thus it should be seen by the reader
that the quotation for silver can be
made manipulative means by which
this coteria of commission men. etc.
ray less for silver basis country prod
! ucts-
When silver is fercibly reduced by or
I through manipulation of the five Lon
don brokers from 60 to 90 cents an
ounce. that means the commission men
buy such oriental products, ETC., for
that much less. Their profit is that
much increased-abC e. % per cent-in
selling these same oriental products in
gold basis countries. because said COM
mission merchants pay so much less
gold for his silver to buy said oriental
| products.
Thus it should be seen all this BUSH
| ness is not a case of cali for silver by
oriental, ETC., countries. On the other
hand. said commission men carry their
silver to the orient without any call.
| Nor is this a case of the difference
| between tweedIedee and tweedledunn.
Instead. it is a case of having cost our
| United States producers thousands ON
| thousands of millions of dollars in the
shape of said coterie playing upon the
| ignorance of our American exchanges
| as Well as upon the ignorance of our
government in our having so long per
! mltted TINS strange condition of affairs
| to rule our market prices.
go it is not question of demand
and supply of silver bullion that puts
| the daily quotation upon it: instead it
| is a direct manipulation to increase the
| profits of said coterie by Legitimate
means. This coterie existed before sill
yer began to decline in 1873. but they
saw profit to themselves in getting
| Europe and the United States to de-
monetiZe silver, so they could reap the
difference in exchange due to difference
| in value of the two bullions. they being
then the only bidders for it, But this
profit above described is only a part
an Incidental. of the whole story The
main advantage to this coterie is in
forcing silver out of use as money, SO
that they, owning or having a demand
call on all the gold, can demand their
price for gold when governments want
it for war or panic purposes.
In other words. they by such means
hold the whip handle over all govern
ments, and enforce their own terms fo1
their cold in exchange for bonds issued
by any borrowing nation
The Financial News presents the cor
rect idea of the present decline in the
price of the white metal. The follow
ing is the manner in which the colo
bug organ known as the Wall Stree
Reporter views the appalling disaster
that has come to silver:
THE decline in silver during the las
two months has been almost unprece
dented in its violence, and it is all the
more noteworthy a movement because
it does not Immediately follow any sin.
gle conspicuous event unfavorabIe Il
the silver market. In the first two
months of 1892, silver declined in Lon
don AID per ounce; but this was caused
Immediately by the disagreement O
the Brussels conference. During June
1S93 it fell SID in London and 211at
in New York; but the obvious reason
was the stopping of Indian free coin
age at the moment when a speculative
| foreign pool guided by false informa