The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-08-23

10 ne. instead of l6 to l. 1t would have
been impossible to maintain the parity
between gold and silver at that ratio.
because other nations offered a more
favorable ratio TO gold. But when we
establish the ratio OF 16 to 1. we give
gold a more favorable ratio than now
exists in European nations, and. there
fore. there would be no reason for gold
leaving us.
Question s. If the act of 1873 had
provided, as suggested in question
seven, would our silver mines hay%
been worth twice as much and would
silver mining have been corresponding
II more profitable?
Answer. While the establishment of
the ratio of eight TO one, suggested in
question seven, would not have main
tanned the parity between gold and sill
yer. it would have continued the de-
mand for silver as money, and to that
extent it would have protected the sill
yer miners from the loss which hostile
legislation has entailed upon them.
Question 8. Would the silver dollar
permit of yet further impairment as to
its weight and fineness and yet eff
GENTLY fulfill the errand and function
of a dollar?
Answer. Congress has a right to
coin money and regulate the value
thereof and this power was exercised
in the beginning when the ratio of 10
to 1 was established. 1t was again ex-
ercised in 1884 when the gold dollar was.
reduced in size, and the ratio changed
TO 16 to 1. There is no desire upon the
part of bimetallists- to lessen the
weight of the silver dollar, or to change
the ratio now existing between gold,
and silver coins. Bimetallists simply
desire to restore a system which once
existed and to give back to silver the
coinage privileges once enjoyed by it,
but now monopolized by gold.
Question 10. Could our gold and sill
yer coins be CORRESPONDENCE reduced
in weight and fineness simultaneously
and their existing value and efficiency
as money be maintained by statute?
Answer. The fineness of the gold dol
lar, the f1neness of the silver dollar and
the weight of the gold dollar have all
been changed since 1892 without injur-
ing their efficiency, but of course these
changes affected their value. The
amount of pure silver in the silver dol
lar has never been changed since the
first dollar was coined. But the ques-
tion then is irrevelant because bimetal-
lists do not desire to change either the
weight or ffneness of the gold and silver
coins. They desire the free and unlim-
tied coinage of gold and silver into
coins of the present weight and fine
ness, without waiting for the aid or
consent of any other nation
Question II. Is unity of the CONNER
cial value of the raw material in 1oins
essential if those coins are to fulfill the
same monetary function in the COM
mercial WorldI
Answer. Concurrent circulation of
the two metals is not essential to BIZ
metallism. 1t has already been shown
that the bimetalic system existing in
the United States from 1892 down to
1873, although the metals did not cir
culate concurrently, the reason being
that France maintained a ratio of 1542
to 1. The French ratio was more ia
Vorable to gold than ours up to 1884,
and more favorable to silver after
wards. The legal ratio of France con-
trolIed the commercial ratio in the
United States and raised gold to a
premium prior to 1884, and silver to a
premium after 1884. There being now
no such influence at work TO destroy
the parity, bimetallists contend that
the parity can be maintained between
gold and silver at the ratio of 16 to /.
] may add that during the entire ex-
United States no political party ever
condemned it in national convention.
but it is a significant fact that after
the abandonment of bimetallism and
the adoption of the gold standard, no
political party ever commended the
gold standard prior to 1896, and in 1896
the gold Democrats, who did commend
the gold standard, only mustered 132. 900
votes in the entire country. Thes Re-
J,11 c7crad c11f 70
mote international bimetallism, and the
administration has already sent a COM
mission abroad to petition the nations
of Europe to cooperate with the Unit
ed States in getting rid of the gold
standard.
Question u. Would changing the
vignette, legend or milling on any one
of our coins, change its efficiency OF
value in the commercial world?
Answer. The changing of the inscTip-
ton upon our coins would not affect the
value of the coins in the commercial
world. but if the stamp of the English
sovereign were substituted for the God
dess of Liberty and the American eagle,
our American coins might be more
pleasing to those who think that our
financial policy should be determined
for US by the f1nanciers of London.
Question 49, Is that good money Of
ultimate redemption which needs to be
insured against loss by damage OF
fire?
Answer The 18th question overlooks
/ the fact THAT gold can be melted with
out loss. because. and orly because, ii
can be coined without charge. If the
government charged 8 cents for con-
verting 70 $40 grains of standard gold
into dollar. that dollar would lose
| cents by melting. In other words. the
fact that gold can be melted without
loss is due to law, not to nature. The
same will be true of silver when silver
is given equal privileges with gold
Question IA. Would the manufacture
and issuance cf a cheaper coined dol
lar increase the value of the property in
the United States. or redistribute that
property more nearly equal?
| Answer. IF the weight of the dollar,
whether gold or silver, were lessened.
| the nominal value of property would be
increased, but the purchasing power OF
a dollar can be increased or diminished
without changing the weight OF the dol
| lar. President Mckinley, in a speech,
/ made in 1891 criticised Mr. Cleveland
| for discriminating against silver and
declared that Mr.. Cleveland was trying
| to make dollars dearer by maEng them
scarcer, and even intimated that this
was equivalent to making money the
master and all things else the servant. y
The gold standard has raised the puy-
chasing power of money, and caused &
| general fall in prices. The restoration
of bimetallism would undo what gold
nlonometallism mas done. To lessen
the weight of the dollar after contract
was made would injure the creditor just
as an increase in the weight OF the dol
/ l., ;,aft cir,