The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-21
UNLIMITED COINAGE.


1T is a financial axiom that with un-
limited free coinage, it is impossible 10
have both metals circulate simulta-
neously, eoncurrently and indiscrim-
! inately, unless the market value of the
| two metals is the same ratio as the
coinage"
Let US examine into this matter. The
parity between the silver dollar and
the gold dollar has been maintained
when the parity between the metals has
not been. A silver dollar buys as much
as gold dollar. The stamp of the
government has maintained that par
ity, and the plan OF bimetallism regu-
lates the parity between the two metals.
When both are used for money and
the market price of one falls below that
OF the other, the cheaper metal will be
loaned to the borrower, the borrower
viii pay his creditors in the cheaper
metal making the demand greater for
it, and a very slight shade of difference
will throw the demand one way or the
other The increased demand will al
ways raise the price, and this will bring
the cheaper metal up to the other.
1t is natural for the demand TO fall
upon the cheaper metal; it is also nat
thus, through all the ages, the parity
has been maintained by throwing the
demand upon the cheaper metal. 1t is
an automatic regulation, as it We're;
the most natural and honest possible
Between 1900 and 1871 there was three
times as much silver as gold produced
in the world; between 1850 and 1878
| there was three times as much gold as
silver produced in the world. Still the
variation between the market price of
both silver and gold did not exceed, at
any time, the difference between the
coinage ratio OF the various nations
France having held her minis open to
the free and unlimited coinage of sill
yer and gold,
The Enquirer cannot see how any
civilized nation of commercial stand
ing" can maintain the double standard
with free coinage of silver
France has demonstrated the posi-
bility of this very simple undertaking.
Germany maintained the silver stand
ard for ages In 1857 silver was recog
nized the world over as the best money
metal In that year Germany demone-
tized gold absolutely and coined silver
freely and indiscriminately. When the
auriferous fields of California and Aus
tralia were pouring their glittering
sands into the outstretched palms of
a greedy world, Chevalier and all the
advocates of gold decentralization were
able to demonstrate to a nicely the
fiuctuating disposition of gold and the
honest stability Of silver"
They were able to do this because
statistics showed that the production
of silver had been more regular and
they wanted ito go to the silver basis
as a matter of philosophy" And, while
The Herald is not a believer in mono
metaIlism, either silver or gold, it has
been proven that where one standard
is used countries on a silver basis have
been most prosperous.
The German empire prespered with
silver money. It Sas with silver that
she fought her greatest war, for gold
was not a legal tender in Germany I'M
til 1871 It was about this time that
the money powers began to take things
into their own hands Two years later
silver was demonetized in the United
States An effort was made to put
most of the weather. nations on gold
basis. Only the richer ones could stand
up under such a system The bankers
and bond-buyers of the world who hold
mortgages upon many thrones and quit
claim deeds to others, began to do
business on a big scale. Productive
countries ike this have been able to
keep the interest paid, and to stand
the Shylocks off. Less favored nations
have succumbed TO the gold standard.
Japan is on the eve of a revolution, ard
will be obliged to return to bimetallism
tc maintain her credit. Chile has been
made a bankrupt by the gold standard.
India has reached the jumping off place
and her condition, as a result of the
gold standard. has convinced some of
the leading oddities of Great Britain
and Of the world that nothing has in
jured her like the single standard, and
that nothing will restore prosperity but
the opening of the Indian inints to the
free and unlimited coinage of both
gold and silver.
Spain is a financial wreck; Turkey
is national beggar; both are gold
standard countries. And Mexico, in
spite of the. inferior character of her
population, in spite of the turbulent
and indolent disposition of her people.
is prospecting, with her minis open to
the coinage of both metals, her ma
tional debt decreasing rapidly, and her
revenues increasing.
The United States constitute strong
republic; the wealth of gradually open
ing resources and that which comes
from the ingenuity and enterprise of
the people make it possible for us to
exist under the gold standard for sew
eral years yet: but it is only a ques-
ton of time when this country must go
the way of every other debtor nation.
unless the people can be convinced that
they ought to save themselves from an
impending doom.
We may be rich and able to afford
this folly. but it is one that fastens it
self upon a land like an old man of the
sea. The longer it remains the weaker
those grow who bear the burden, and |
the weaker they grow the easier it is
for the monster to stick.
MAJORITIES AND NOMINEES.
According to the Tribune's conten- !
ticn it is not permissible for members of |