The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-07-12
SILVER AND A CURRENCY COM.
MISSION.


MT E. " Smalley has addressed a
long letter 10 the Denver Republican
On the question of the creation of a
monetary commission. He saws that
about a month ago he talked with the
president on the subject and he ex-
pressed himself as being favorable to
the appointment of a representative
SILVER man on it. if congress authorized
the commission. Nothing less than this
could be expected should the appoint
ment of a monetary commission be
authorized.
After some remarks as 10 what is
meant by the money power" which
Mr.. Smalley says the people of the east
do not exactly understand or where it
is 10 be found. he proceeds:
What harm could there possibly be in
the deliberations of a government COM
mission. comprising representations of
DOTH sides of the much discussed ques-
ton Of the gold standard or the double
standard?
May l add that to a gold standard
man, like myself, the strong opposition
OF the silver men 10 an investigation of
the money question by commission ap-
pears 10 arise from an apprehension
that some facts may be brought out
which would be detrimental TO their
SIDE of the controversy? For example,
such commission might show first, as
an historic fact that coinage legislation
never yet determined the commercial
value OF the precious metals; and,
secondly, that all attempts at maintain
ing double standard in the past have
rallied TO long equaliZe these values at
any legal ratio, and have always result
ed in driving out of circula ton the
dearer metal. If this should be shown
10 be the uniform history of money it
certainly would be highly prejudicial
TO the success of current efforts TO try
again in the United States the theory
of a double standard.
We gold standard men observe that
outside of the silver producing states.
where there is unquestionably a
genuine bimetallic sentiment. the silver
movement means a bitter hostility to
gold as money and a strong desire TO
obtain a cheaper form of money as the
standard of values in which TO make
legal tender payment of debts. We find
also that large number of the silver
men regard silver money as only a
temporary eXpedient; in fact as merely
a hating place on the road TO an If
redeemable paper currency. This feel
ing cropped out strongly in the late
Ohio Democratic convention, which
resolved in favor of the immediate re-
firing of bank notes and putting green
backs in their place. l believe that Mr..
Bryan is himself, at heart. a paper
money man, and that the time not
far distant when there will be 9 new
division of political forces in the United
States, and when the people who are in
favor of the precious metals as a lasis
of all our credit currency will have to
stand together to fight the Populists
and other paper money inhationists.
One point more in relation to a none
tary commission. We have now seven
kinds of paper money in this country.
Some are legal and some are not. Do I
you not think il would be well to do
by legislation towards |
this complex system? And |
what harm, in your judgment, could 1
come from the work of a good commits /
sion, representing both gold and silver /
men, in this direction?
It is not probable that any harm I
would come from the appointment of |
4 monetary commission, and it is not /
that some good light /
result If the members of such 3m-
mission should approach the ect /
without prejudice, determined TO
ascertain what was best, anG )nly |
such should be appointed, their dis
,ussion of il would be almost certain
% result in throwing a light on the
subject: at least it would do very
much to cause people to consider it
rom an unprejudiced point of view.
So far as we are aware, there is no
particular opposition among silver men
o an investigation of the currency
question. Certain il is that the silver
,ause has nothing TO fear from such an
investigation.
Mr.. Smalley says he finds a great
many silver men who regard silver
money as only a temporary eXpedient;
n fact as merely hating place on the
Dad to an irredeemable paper cur
ency. Such silver men are not genuine
silver men for they merely seek TO at
ain their end 10y using a popular and
demand to further their
Ultimate design. Every cause has just
uch men attached to it.
We repeat: the silver cause has
lothing 10 lose by the appointment of
currency commission whether or not
t mas anything TO gain, and the better
.nown the merits of that cause the
more strongly entrenched it viii be-
ONE.