The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-02-07

do rot mean the best money at the
time of the passage Of the resolution
I IN 1878. They do not mean the best
money in circulation now. They mean
by that expression the best money
/ which may exist at the time of the
maturity of the obligation.
The policy which the bOndholders
/ would have adopted is, therefore, that
| of contraction. to make the money in
! which the bond is to be paid better and
better, in accordance with a sort Of
; geometric progression. They started
with lawful money of the United States
which they succeeded by their influ-
/ ence in changing into coin. then the
( best money. Later they stopped the
coinage of one of the metals. and
thereby virtually destroyed the option
by taking away one of the objects upon
/ which it might be exercised.
They propose now to take another
step and make it better money by con-
verting all forms of money other than
gold into bonded debts. these. too. to
be paid. in accordance with the amend
ment 10 the resolution offered by the
junior senator from Massachusetts
(Mr. Lodge) in the highest money"
The proposition is that the money can
not be too good; it must be better
next year than this year. and better
the following year than the previous
one Whereas now we can get so much
money for so many bushels of wheat,
or SO many pounds of cotton. or so
many acres of land. they would have
it multiplied indefinitely. if their logic
is sound, between now and the time
when the bonds mature. Instead of
paying them in money in accordance
with the terms of the contract. it is
to be paid in the very best money. that
money having the greatest possible
command of all commodities and prop
erty
But 1 want TO call the attention OF
the senate 10 the fact that the best
money for the bOndhOlders in that
sense means the worst possible indus
trial condition of the people. 1t can
not be that the people must be made
slaves to preserve their honor.
The issue presented by the amend
ment offered by the junior senator
from Massachusetts, and by the dec
ts-rst-lOH Oh the president of the United
States is. whether these bonds are to
be paid in the best money. the money
having the highest command over all
the property, over every effort of the
people 10 exist at the time the Obh-
cation natures. or whether we shall
perform our contracts in accordance
with the spirit and terms of them by
paying in a currency of the same pur-
were made.
1t is idle to attempt to confuse this
issue with any question of parity. Sem
atOrs speak of debased currency. De-
basement of the currency can only
have one meaning, the diminutiOn Of
purchasing power. An increased pur-
chasing power means better money in
their estimation.
But one other suggestion in this line.
The Republican party claims that it
is in favor of bimetallism and VIII do
everything in its power to promote it
by international agreement. Bimetal-
ism by international agreement means
in effect to double the primary money
OF the world. That means. other things
being equal-the demand for money
being the same-tO debase the money
to the extent OF One-half-
Payment in gold and silver, a del
based currency. under system Of in
ternational bimetallism. must logically
follow. They depreCate payment in
what they are pleased to call debased
except it is blessed with the
OF the governments of Eu-
rope.
The Vice President. The time of the
senator from Utah has expired