The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1900-01-28


II Is true that congress alone has pow
er TO coin money. But when so coined
congress is absOlved from 81 response
blllty as 10 the value or parity Of the
money.
Demand Gives Value.
An act Of congress authorizing the free
coinage of gold and silver and making
them lawful legal tender for debts al
10 10 / will not strictly speaking give
value TO either
It is the demand for money which gives
value to money.
Congress alone can, by coinage. make
silver available to meet an already eN-
listing and unsatisfed demand for money.
When so made available IL Is this de-
mand for money which VIII give value 10
me silver coin, and not the act OF legis-
lation.
The. present silver dollar does not de-
rive its value beyond the bullion price
from any acts Of legislation OF any gov
eminent pledge.
without the demand for money. omni-
present and insatiate, which preceded as
we'll as attended and followed the enact
ment OF the law which authorized their
coinage, then such law would have been
utterly lmpotent 10 add a penny 20 tho
lars We're coined.
bimstalIic law passed by congress
Will not suffice, but such a law with the
concurring condition Of demand win
achieve the desired result. We have now
in this country One-Ealf billion silver dol
lars, lawful tenders for debt at the ratio
OF l6 to l with gold; as against these dol
lars We have 5000 10000 of debts. Tx
Guiding other kinds Of money for debit
paying purposes alone there are 10 units
OF demand for every dollar in silver
I Every such dollar is Prize for which
there are I'D competitors. There is s4-
0O worth OF silver IN the world
II under free coinage it were all brought
here and coined there would still be SIS
or Indebtedness for every dollar in silver
I VE7 frf7 has
lated as the result Of al the mining
which has been carried on since the world
began. How long must the world en-
uure before IL shall accumulate Sufff-
debts?
Europe Needs It.
And the demand in Europe will hold
q all their coined silver there at the ratio
or l55a 20 / We cannot get Il. Asia true
10 the practice Of all her past. viii re-
tain her present supply and competc for
the future product. No food Of silver
wiz ever be seen. Under free coinage.
SO long as silver is in the slightest de-
gree below par as compared with gold
the entire demand for money for nav
ment OF debts viii fall upon silver. When
at par the demand viii rest indiferently
upon both.
Thus. not OUT government. but our
people, in their demand for money will
MAINTAIN tho parity, and in this they will
! nave the cooperation and assistance. not
OF foreign governments, but Of the peO-
Pie or foreign governments with whom
they DO business and carry on trade II
ulls nation says that If there is a dis
parity between gold and silver its peO-
PIE shall have the privilege Of having in
the cheaper metal. the world viii know
that II is too great to be cOerCed and
potent. enough to fulfill. its promises.
pfsdSH cFSAuLOIS ana nations az once be
come interested in preventing disparity
ana thereby avoiding the loss which they
. would otherwise suffer
Blmeta14isIn is an automatic means OF
adyUstmGIlt by which increasing demand
fa1is upon diminishing value, and di-
min1shsng demand falls upon increasing
value. thus restoring equilibrium and
Supply and demand, the great centrip-
eLa4 anu centrifugal forces of commerce,
under bimetslnsn. will give value. main
tam panty, prevent the diVergency of the
commercial from the legal ratio as GER
Jalniy as the great. analogous. counter
yaiiing dorces in nature prevent the
pIaEets from flying from their orbits.
No One Wronged.
VIII the free use of silver as vel as
goId tor money cneai OF defraud any
The silver dollars under free coinage
VIII % issued from the mints on PIE
clS6lF the same terms. so far as their
use in business and for payment Of debts
IS concerned, as the silver coin now in
existence has been issued Two or three
million dollars per month coined under
existing law pass into circulation unpre-
ceived. The like amount, or any in
creased amount likely to be issued from
the minis under free coinage would be
similarly absorbed.
II these dollars were used for the pay
ment of debts. in the hands of the credi-
tor. they would have a value, a pUTChas-
Ing power. a command over all the neces-
saries, conYeniences, ana Injuries OF
life. over everything that tends TO the
comfort OF man or the elevation Of the
TaCe-far greater, on the average than
wac possessed by the dollars with which
he parted in the creation of the debt
70 complain. Such coinage would tend
to arrest the fall of prices and would
prove an iIestimable boon to those now
unable to carry on business without con-
tinual loss, upon falling market.
It would encourage investments in
property and productive industry. and af-
ford opportunity for employment 10 mil
lions who might otherwise be in enforced
iCleness- It would lure money boarded
from it's hiding place and set ii to work
honestly to perform the purposes for
which money was designsd-tO effect ex-
changes, to facilitate trade. vitalze com
merce. and stimulate TO a higher and
better civilization.
The money thus added by the use OF
silver would probably do no more than
stay the downward tendency Of prices
The added increment Of currency would
not compete with the existing money sup
ply, but would readily find new fields Of
duty. new channels for employment. such
fields being now unfruitul, lending no
aid 10 human sustenance for lack Of
money.
Yet who can estimate the value to our
people 20 mankind, OF the highest and
best sense of the word.
In view of the foregoing considerations
the provisions Of the proposed legislation
can be regarded with no milder emotion
than that OF establishment. tt is almost
iBcOnceivabie that at this crisis Of actual
and threatened financial crash and gen
eraf bankruptcy due to arrested money
supply, the evil consequences are by per
nicious legislation to be multiplied upon
the heads Of the people.
Section l. The standard until Of value
shall az now be the dollar. and shall
consist of 25S grains of gold, nine-tenths
fine, OF 232 grains Of pure gold, being
the oIe-tenth part Of the eagle.
IL such Is now the standard, why this
vain and idle deciaratiOn2
II gold is not now the sole standard
why this false pretense except TO mis-
lead and deceive the people as TO the eff
feet Of the legislation. to console them
with the false assurance that they Will
not be worse of after than before the
passage Of this law?
The effect Of the next provision is
''sec. ?. That al interest-bearing obi
cations Of the United States for the pay
msnt Of money. now existing or here
after to be entered into. and all United
states notes and treasury notes issued
under the Iaw Of July L. 1870. shall be
deemed and held to be payable in the gold
coin of the United States as defined in
cations public or private. FOR the paw
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