Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1898-09-14
Currency Question Further Discussed by Great Financial Lights
Assembled in Convention
Chairman owne Uphds the Cause Of the White Meaudge Craw-
ford and Senator Carey for the Gold Standard
Further Discussion Goes On.

VNlANAt sept lN-At AnH morning
session Of The monetary conference
Mr.. Crawford. who WAS to have spoken
yesterday. but aid not rcnch Omaha
In time. read his paper. In part. he
] raid.
THE free coinage " silver at 10 % 1
means not bimctaillsm but silver mo-
nomeialllsm; not double standard
but single silver standard. When the
government makes a certain weight N
one metal The law equivalent N de-
fined weight ~ another metal a. money.
the over valued metal II the cheaper
and drives the other out, and blmcttl-
Ism exists only on the statute books II
Il theory not a fact
"Thc coinage history Of our own and
every other nation demonstrates ita
truth.
~ you make dollar that u not
worth a gold dollar you dc-ange tho
currency. confuse all values and inlet
/ great injury upon the people of this
country. Lot vs. AK ourselves 70 thesc
Il now existing In this country a condi-
tion which would Justify Or excuse the
adoption OF monetary system and a
standard OF value az war with that
maintained by an the great Commercial
nations ~ the earth. More than nine
/ tuutha " our commerce IL with gold
standard countries. our exports eN-
coed our Imports. the balance OF trade
is In our favor. and TO settle 70 gold II
pouring IN upon us IN an almost IN
broken stream. our locomotives pull
the trains In siberia and Japan. our
rcapofs can be seen In the harvest
fields all over the world. Even Euro
pcan dudes ride the American wheel
We have entered the contest Tor ,ho
commercial supremacy Of the world. "
We would win We must have gold Tor
our standard and smokelcAf powder
FOR our guns. This country u not g1-
ing 10 ruin We arc better OF now than
ever before and conditions are lmprov-
ing all the time We pay hiThor wages
than any land on earth and our labor
Ing people enjoy more OF the comforts
and iuxurics Of life.
what country has made such progress
In 20 short timer We don't want 10
change our policy. We can't aford 70
risk an experiment. An We want the
government to do 10 to maintain a IMAM
clal system In harmony with the other
great nations of the world and give ~
a banking system that will oqualizs the
interest rates ana lOauable capital be-
tween an sections Of the country. Tie
good sense % the American people WIN
| do the rest"
when Crawford had finished. chair
/ man TnWne, OF the Silver Republican
| national committee. who was prcnld-
] Ing. called senator Allen TO the chair
aud delivered his address.
Mr.. Townr undivided his address
| into eleven propositions a. follows
Money ia purchasing power" sta.
/ hility Of value she test OF good money
/ Failing prices an evil" Approaching
money mother sound nor hoaesl.'
/ '"rhe gold standard uusound and dis
honest" There WIS ever reason 60
anticipate tho results OF domonctiza-
ton" THE effects Of decentralization
we're foreaeen and f0rctold." vain
/ efforts so brrak she force ~ conclu-
Sion" Present condition lnlolerable,'
| The restoration % silver the only al
tentative" "Tho United states alone
can maintain the parity a. 10 20 l."
He discussed these In detail. and
summed up as foliOWs;
al present the experiment of the
sold standard h Ia "A a.aie of incom-
plsteuess. To 20 on with u 90 the log
Teal conclusion of the gold valuation
system Is practical lmposslblliiy.
while Il II equally out - she question
for the world 10 remain In ~ present
monetary condition. The gold stand
ari ln ~ simplicity coniemplstts the
abolition n every 0sher kind of money
VI fun debt paying power except gold
alone, and che use u various forms Of
credit based on gold IN the ordinary
transactions Of business. We may see
an indication OF thls Intended Consum.
marion Ia the various schemes Of
monetary reform recently proposed
ami now pending In Congress, the so
called Gage plan. that OF the Indian
apolis Sound Money Convention and |
THAI embodied To the McClcary bin. an |
% which share the aim - distinctly
announced by the secretary % the |
treasury. go commit the country morf
thoroughly 90 me gold standard ana |
agree in their essential pfNVlalonh
They contemplate the retirement OF an |
forms OF government paper money. or |
grcenbarkH and treasury notes, and the |
reduction u our Standard silver dollar
into mere promise to pay In rlld. |
The lnsvlluble result OF such q course !
would snun be che absolute ulsuse of |
silver Cor money except as small |
change, the melilnR ana sale FOR uae |
In he arts OF about half a billion OF |
silver dollars, and the contraction of |
our circulation 90 such quantity aH'l
should be furnished by our dis,ribntive |
share of the worlds gold. plus such a |
paper circulation ~ she banks could |
keep actually redeemahlo In gold
THE par Of exchange among nations |
can be restored In only one 81 two I
ways either by the universal adop- '
ton ~ the gold standard So that an b
nations shall use common measure !
OF one metal, or by the restoration OF /
genuine blmetalllsm 80 that an ma /
lions may possess a common measure /
composed OF the Joint volume OF both |
gold and silver nut the universal |
adoption N the gold standard Is lm- I
possible No say nothing OF the folly 1
M attempting iiH extension 10 India. /
lts establishment ln all ltH Tlgor even I
In Europe, would produce such a
cataclysm ~ disaster and misery due
10 the enforced annlhilatlon OF hum
dreds 0f millions Of dollars Of silver /
and silver supported paper, with their
superimpnsed credit, that social
chaos would supervene compared TO l
which the dark ages would seem like
and Arcadinn era.
I'VE therefore reach the conclusion '