The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-10-04
GOLD AND DEPRESSION.

Distress invariably follows the adop-
ton OF the gold standard. There are
periods of comparative prosperity, but
the gradual trend of values is down.
ward. and the tightening of monopoly's
grasp is felt upon the throat of the
public Every panic spell is followed
by an interval of prosperity, for the
money that has been boarded many
months is very eager for investment
when liberated at last. Lenders make
easy terms, creditors are ingenious in
the inducements they offer, capital goes
begging for a chance to exercise its
power. Then there are wars which put
money into circulation, victories on
land or at sea to stimulate confidence,
for patriotic enthusiasm is able to
loosen the purse strings of avarice.
Gold discoveries are made, famines oc-
cur in foreign lands and crops are
bounteous at home. and the flow Of
prosperity sets in.
But there is always an ebb and gem
orally an undertow. People are drawn
beyond their depth, if they are
wholly absorbed by the rising tide. Ma
tions are sometimes caught when the
ebb begins. Whatever is good for the
people and the nation in adversely
should not be abandoned in times of
temporary prosperity. Principles en-
dure. The men who control the finances
of g. nation are full of whims. They
contract or expand the currency as they
see fit, as their interests require. If
a policy is honest and worth advocat-
ing in hard times, it is just as essential,
just as worthy in good times. The adj
vocacy of independent bimetallism is
not a calamity cry. 1t is a principle of
right and Justice.
When India was placed upon a gold
basis six years ago, financial depression
followed as promptly as the panic Of
1S7S-4-5 and the bread and butter riots
Of 1S7e-7-S followed the characterization
of silver in this country. When Japan,
Chill and Argentina adopted the gold
standard it was with the same dire re-
suits. Russia has been following Min
lister Whites financial policy, that of
the gold standard, for almost three
years. During this time the distress
among the poor people of Russia has
been greater than for many years past.
The government has made IAN effort TO
relieve it, charitable organizations have
exhausted their resources and appealed
to foreign lands for help, but all efforts
have been inadequate. Children are
dying by the hundreds. Thousands of
people are subsisting on roots and gar
bage. Whole townships are being fed
on a mixture Of chopped straw. bran
and water. The poverty of their sur
roundings renders the peasants more
susceptible than ever to scurvy and
typhus. There is a combination of adj
verse circumstances which makes their
case look hopeless. Goldites tell US that
all this is due 10 natural causes. Ger
tasnly crop failures have done a great
deal to bring this condition about. But
there have been other causes at work.
Count Toistoi ascribes the situation
chiefly to misgovernment. Taxation
has ground the spirit out of the peo-
pie. They are not permitted to retain
sufficient produce of their own raising
to sustain their families and provide
proper neurishment for those who toll.
The most diseouraging part of their I'M
happy condition is that they will be
unable 10 start again when the famine
passes and the plague subsidies. Money
is harder TO get than ever. The prices
Of their produce have fallen as the
value OF money increased. Hard as
their lot was before, the outlook is
hopeless now. The government is rich.
but the people are poor.
IN Russia those who manipulate the.
finances are the men at the head of af-
fairs. The Wall street of Russia is the
imperial palace. 1t is the power which
controls wealth there. 1t is wealth