Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-09-14

ilAt the only way to bring back a par
Of exchange between gold and silver
Dr. hy restoring 90 silver the full z1ns
opportunities of which 10 has been a..
prlNcd by law by again authorizing
The coinage and use ~ silver as stand.
ard money coordinate with gold.
we contend that hy opening the
minis Of the United States To Inc free
coinage Of silver a. well aa Of gold al
IS To l the fail Of prices would be
stopped THIS l. admitted by our OPP
l9ncntn. Their fear " Of an alleged
MY cent dollar and o Nifty cent doll
Jar 10 only another name Tor hum
dren per cent rise OF average pf!~a1.
But the rise would not BE- 80 high, nor
anything like Il. The NIFTY cent dollar
cry IL only campaign catch phrase.
No economist would s1borly endorse II,
The Introduction Of silver Into COM
petition with sold would deprive the
Latter or IL monopoly OF measuring
values and registering prices The en-
duWmcnt " silver with an the dignity
ana power Of gold would greatly add
70 iiH demand. The eject would be
that gold would fall towards silver and
silver would rise toward Eold. the re-
suit being a gradual elevation Of aver
axe prices that would eventually
rrach compromise about half way
between their present level and that
from which they fell. or an advance OF
HNNAN 20 NNf CONT
"nut we are told that an the gold IN
thr country, estimated at over tGl0.)10.-
900 would be driven out OF the country
n the minis were opened 10 silver.
There " no more gtotcaque figure OF
speech In frequent use today than thla
NJ the gold advocates which represents
the plcFed expulsion Of gold II II as
" thf hfst few silver dollars that should
pcrcolatc through the mint were In
80 la IaI.alH .HaN So a
unrcsia,lns 5000 900. 900 " gold, seize Il
by the collar and physically elect Il
from the country. The proccaA IL not
that The gold could not 10 any faster
than u was displaced. Why has not
our gold gone already In fear OF tho
fsoo.p)0.0ol ~ silver we now havc1 The
answer u. because there IL a demand
for the gold here In addition 10 The Use
OF the silver. and our scale " prices
n ~ adjusted 10 the international range
of low prices as 10 enable "a 90 hold u.
A. prices began gradually Ia rise I'M
der the OPERATIONS Of our free coinage
law. the nrrt eject would be 10 make
this country. according 10 the familiar
Rlcardian formula. a poor place 20 buy
IN and good place to sell In our I'M
ports would tend 10 Increase AMI our
exports 10 decrease. Hy and by fhere
would be more demand In New York
for foreign exchange In payment of our
HhlNNNN'N AhFNAl hllu tNNll 10 oUNfk
by bills drawn against our export. En-
change would rise TO the specie point
and. unable longer TO pay In goods. we
should settle the balance In gold. This
process would continue until the Inter-
national level ~ prices was restored
and our money volume and prices were
In equilibrium. II would be- complete
long before the loss OF our present
stock Of Eold. unless therc II somewhere
silver that would be mlntcd here and
pass Into business sufficient In amount
20 replace the entire quantity OF yellow
metal In the country. That there 10
such an amount OF silver that could
and would BE- ava liable for the purpose.
deny. n there i an available silver
flood TO replace three or four hundred
millions Of dollars Of gold. certainly
our gold standard friends ought TO be
willing 10 show ~ where Il II and juat
how Il would get In lis deadly work.
until they do 30 We shall rest serenely
content In the confidence OF our great
country 60 restore and maintain ayH-
TEN OF bimetalliEm. Let her but take
the Initiative. and u will az once be-
come the Interest and object OF every
great state In Europe to support her
action,
"our cnuntry'a power IL rising. Tho
next great conquest OF commerce Il In
the Orient. The exploitation OF chlna 10
nv AANINHHAhNAAl NAtUnut inc tntADllnu-
ment OF stable par o. exchange be-
tween ourselves and that country. nor
can We make u profitable II her de-
veloping forces are 10 continue 20 re-
eelve the progressive stimulus afforded
by failing exchange"
Former senator Carey OF wyoming
replied 10 Mr, Towne. lie said In part:
our contention Ii that the beat
standard Of money for the extreme
west, or NE country. that IL most thor
ouEhly impreFnatcd and lmbued
with the Farmers Alliance and popu.
llstic theories, IL The best standard TOT
the extreme east. The best standard
for the agrlculturailHt OF Kansas and
Nebraska is the best standard for New
York city"
The speaker has believed that a
double standard might b. maintained
through International agreement but
such an agreement appears no longer
probable, The adoption of the gold
standard 4 rapidly being accepted by
elung 10 silver lie said;
That the displacement Of silver and
the supremacy OF gold a. a standard
has been brought about by conditions
not the result OF legislation or the ~
suit OF any effort on the part % tho
banks, banking institutions or lndlvd-
uhlh, hut from natural causes II rap-
ldly becoming fixed conviction, The
time has come when M sold standard
should be- accepted by all the people
and that the nation should De placed
on q sound financial basis. that its cur
roncy should Doe uniform and that tho
nation should 20 out ~ the banking
business and not be hereafter com-
PEELED 90 go into the market ana buy
gold 10 maintain rs established high
credit.
"rhe agitation, which has been kept
alive with reference 30 the free and
unlimited coinage uf silver. Tor quar-
ter OF a century In this country, has
done more damage than an OF the
failures ~ crops, plaques and pestll-
euce that could heflll the American
people in century. The greatest
hnrdfhips In this regard have fallen on
The people of the Western states.
"The West Is settled by q people gem
orally Young and mpressIonahle In
political campaigns they are easily led
20 the right OF left. but In the end they
go 10 the right side 81 great questions.
The people ~ a new country should
NOT be- Judged too harshly. They may
follow false teachers FOR time, but
thcy discover their errors and get 10
the right side OF every national ques-
lions before It's fnal settlement. A new
people take an advanced stand thev