The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-13

Ihe most interesting and important
contribution to current political discus
sion IS a letter from William J. Bryan,
published by the San Francisco Exam
iner, as follows:
In answer to your inquiry. 1 submit
some of the reasons which lead me to
believe that the money question pre-
sents an issue which still is paramount
in Importance. In the platform adopt
&c az Chicago, the Democratic party
said:
Recognizing that the money ques-
ton is paramount 70 all others at this
time, we invite attention TO the fact
that the federal constitution named
silver and gold together as the money
metals of the United States. and that
The first coinage law passed by con-
gress under the constitution made the
silver dollar the monetary unit and ad-
nitted sold TO free coinage 1T a ratio
based upon the silver dollar unit
After thus elevating the question to
the place of supreme Importance, the
platform proceeded to point out the
effect of an appreciating dollar and de-
clared the unaiJerable opposition OF
the party TO the gold standard, charac-
teTizing it as both un-Amerlcan and
anti-Americai. The platform specially
demands:
First-The free and unlimited coinage
of both gold and silver at the present
legal ratio Of Is 20 1.
Second-That the standard silver dol
lar be made fun legal tender, equal
ly with gold, for all debts. public and
private.
Third-The enactment of such legis-
lation as will prevent for the future
the demonstration Of any kind of legal
tender money by private contract.
Fourth-That the United States shall
not surrender its right to redeem its
obliga tons in either gold or silver
Fifth-That the government shall not
issue interest bearing bonds in time of
peace.
Sixth-That the government shall not
surrender to national banks the right to
issue paper money.
EVENTS, NOT AGITATION.
While the declaration against national
bank notes is not d part OF the silver
plank, the division line between those
who favor Independent bimetalhsm and
those VINO oppose il is almost Identical
with the line which separates the ad-
vocates of government paper from the
supporters of national banks o. issue,
and the two questions will be settled
together. Nothing has happened since
the election to lessen the real or rela-
tive Importance of the money question
If the gold standard was bad in 1896
it is still bad; if our present financial
system was un-American and anti
American in 1886, 1t has not become
naturalized since that time.
In 1886 Independent bimetallism was
pointed out as the only remedy for the
gold standard, and the failure of our
monetary commission to secure inter
national bimetallism strengthens our
contention. The senate has recently
put itself upon record in favor of that
plank of our platform which declares
that the silver dollar shall have debt
paying power equal to the gold dollar,
and that the government shall not sur
render its right to redeem coin obliga-
lions in either gold or silver, and the
house has declared against the propo-
sition.
The effort of the secretary of the
treasury 10 secure authority to issue
more bonds. and his demand for the re
tirement of the greenbacks are in direct
opposition to the positions above stated.
Thus It viii be seen that events, not
free silver agitation, are keeping the
money question before the country.
The evil effects of the gold standard
are so apparent that the Republican
party refuses to become sponsor for
the system It is so indefensible that
even Secretary Gage, in his recent
speech at Philadelphia, took occasion
TO say that the president is in favor Ct
international bimetallism. and has the
support Of all his cabinet in his effort
to secure the cooperation of other ma
tons in getting rid of the gold stand
ard.
REPUBLICANS PECULIAR SITUA-
TION.
But while the Republican party,
through the CHIEF executive. still holds
out the hope Of international bimetal-
lism, none Of the party leaders say a
word in defense Of the double stand
ard, independent or International
Why not? Because international BIZ
metallism can be only defended on the
theory that the existing gold standard
is unsatisfactory. and the Republican
leaders know that the Republican
party has no real intention of aban-
doning the present gold standard, and
they cannot therefore, afford 10 say
anything which would make the people
dissatisfied with it. Neither do they,
as q rule say anything in favor of the
gold standard. because 10 do so would
at once raise the question, Why, then,
is international bimetallism desrable?'
Occasionally a speaker Will be found
who viii take both sides of the ques-
ton. as did Mr.. Gage at Philadelphia.
After trying to show that the gold
standard had been a great blessing to
the laboring man he declared il to be
the intention of the Republicans to
substitute another system. The ques-
ton at once arises If the gold stand
ard has been a blessing to the labor
inc man. why does not the Republican
party advocate its retention, rather
than its abandonment? International
bimetallism VIII have exactly the same
effect as independent bimetallism in
raising prices II a fall in prices is an
advantage, then a rise in prices cannot
be desira BILE: and if, on the other hand
q rise in prices, whether obtained
through independent bimetallism or
through an international agreement, is
good. then the fall in prices caused by
the gold standard must be admitted to
have worked an injury. The fall in
prices, extending over the last % years,
has. in fact, been disastrous TO the pro-
ducers of wealth in every gold stand
ard country Of the world
France now desires to abandon the
gold standard: the German rechstag
declared for international bimetailism
in 1926: the farmers and laboring men
of England are now protesting against
the gold standard. Can any Democrat
deny that relief from the gold stand
ard is imperatively needed? Should
the Democratic party abandon the po-
sition il has taken on the side Of the
masses in this worldwide contest?
REPUBLICAN FINANCIAL PLANK.
The stand taken by the Republicans
raises the most important question that
can confront a nation, namely, the