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


From the discovery of America until
1910 1t has been estimated by the most
competent statlsticians lPixley and Hayg
that The precious metals had increased
until their quantity was six times greater
than al the beginning OF that period;
that during the same time the level or
confirming the principle heTeinbefore al
luded to- After 1910. while the supply OF
the precious metals was greatly IN
creased, prices remained uniform, thus
showing that the Increase Of population
business, and wealth was sufficient TO
absorb the entire supply OF money.
At the beginning of this century the
Standardization revolutions led to tho
neglect OF the mines in Mexico and Peru.
The result coupled with the demonetiza-
ton Of silver by England in 1916, is OF
great significance.
Effect of Contraction.
In 1922. Mr. Atwood in a speech in
parliament declared that there had been
an average fail in the prices Of the great
articles Of commerce Of IS per cent; that
the fan was universal, embracing every
article Of industry, every branch OF com
merce-
In the work Of Sismondi, published in
l6Zl, II was declared that a cry OF 01S-
tress is raised from all the manufactur-
ing towns or the old world and all the
fields OF the new world re-echo IT,
In $50 Earl StanhOpe said that the de-
preston had been continuous and unt-
Versal since 1915; that in ten years gen
era1 prices had fallen s. per cent.
In 1924 Mr.. Clay wildly portrayed the
distress in this country, saying that the
values had fallen more than 50 per cent.
In 1913 Miss Martineau said the de-
precision had 50 deepened that many
must ole and multitude lowered TO
state OF sickness and irritability from
want Of food
the elimination Of distress was reach
ed in l849, In that one year the persons
in receipt OF public charity in the British
Isles were 10000 in number. Every
i seventh person was pauper and a public
Prsoes had by this time. according to
c, Z. Bastable, professor of political
economy in Trinity college, fallen two
and one-half times
But a new epoch was at hand. The
gold discoveries in California and Aus
traha constituted the bow Of promise,
which had its fufnllment in advancing
prices and renewed activity in every line
of industry, trade and commerce
Chevalier predicted that on account of
/ the enormous output of gold prices would
advance 80 per cent, TO the ruin or
| creditors. and advised the demonstration
of that metal.
WolOwsd predicted that the rise would
not exceed 10 per cent, as the added IN
orements Of money supply would create
new fields for its operation and be large
~ absorbed by the Increasing population
and the expansion OF trade and Industry.
WOiOWsA was right
The course Of general prices Of growing
or languiShtng tradS and Industry since
prior to lS49 has been carefully observed
and noted under the system OF index
/ numbers IN all the leading commercial IA
lions, all OF which tends strongly to con-
/ firm the truth OF this statement or Alex
auder Hamilton, that:
To annul the use Of either Of these
metals Is to abridge the quantity Cf the
circulating medium and is liable 70 all
the objections which arise from the COM
{ parisOn Of the benefits of a fall with the
[ evils of a scanty circulation.
During the years 1898 there was q tenn
{ pOrary advance in prices and increased
activity in business directly tracea Die TO
a wholly adventitiOuS increase Of the cir
I culation. part of this increase came
/ from coinage of silver bullion in the
( treasury But the greater portion was
due to the draft Of gold from abroad by
enlarged exports or food products az
/ higher prices by reason Of crop failures
/ in Europe and Asia, the gold discoveries
] in the klOnCilte, and the Increased OUT
/ put Of gold in the United States and South
/ Africa.
The last three are the main sources Of
B gold production, while the first was the
means Of unequal distribution 10 the
: United States The secretary OF the treas
/ Ury reports that there was in circulation
in the United States in 1891 81, $40 29, 5l9. in
1898 81, S5l. $50 $50, and in 1899 Il, 0f0n,8 ll
{ The Increase from 1897 to 1898 was about
( $203 900 COO. and from 1898 to 1899 the in
/ crease was about So, 000, 600. in round
numbers. With the latter had to be met
I the demands of an Increasing population
and the great drain and loss Of Puerto
Rico, Cuba. and the Philippines.
The money sent 10 these islands has
more than exhausted tho increment Of
increase for the past year.
The gold supply from South Africa IS
and viii be for an indefinite period abso-
( luteiy cut off 1t is automatically stated
that the gold output in the Klondike has
reached its maximum and is now OF the
/ decline. There viii inevitably result
great failing off in general production.
tn HrG- nil . an n
stead Of being toward our shores, is set
ting strongly IN the other direction at
the rate Of 100000 each day.
Striugency Of money and panic and
financial wreckage come in natural. in
evitabe and fatal sequence. Here the
demand for money IS augmented for use
and loss outside our borders in far dis
tant Islands and among hordes OF alien
and baFbaFOUs peoples from whose bourne
IL viii never return. The financial fabric
Of the commercial world is lettering For
gold alone is an insufficient and made
qUate base 70 sustain IT, The financial
bed cannot be covered with the golden
blanket
For a short time we have been warmed
by pulling 10 our side the lions share,
while others suffered the exposure Now
il is being taken from US, and We viii
be made 10 suffer the chilling blast of
poverty which must result. Already
prices are falling and the wall Of distress
will soon again be heard throughout the
land
Hence. as has been seen. as the prOduc-
( ton of the precious metals has increased
or fallen off. as the volume Of money has
expanded or contracted Just so has civil
izatiOn and ths welfare Of the human
race waxed OF waned-
Tell me the history Of the discovery and
development Of the mines Of gold and
silver when these mstals nave been free
for use as money and I will reveal 10 YOU
the secret in the annals Of human prog
TesS OF retrogreSsion.
Both Metals Needed.
The imperative necessity Of the use of
both gold and silver for purposes Of
money throughout the world is generally
The use Of both is essential to the vel
fare and happiness Of mankind The re-
establishment Of such use is Of such
transcenQant importance that no Ordi-
nary difficulty should be permitted 10
stand in the way Of its achievement
This il generally Acknowledged. With
out both gold and silver the people must
sink N the scale C1 happiness and Of
civilization; they must anguish in pow
erty, they must continue to struggle in
vain TO better their condition; they must
toll on without even the hope of ad-
equate reward.
Yet it is said that while there is a
great an all-pervading. all-destrOying
wrong. there is and can be no remedy
or at best no remedy except with the aid
Of those who are and will remain deaf
TO all appeals for relief
The maxlms of our race have proven
false the times. indeed. are out Of Joint,
If at this day-this forlorn and unhaDpv
day, this precise point Of time out Of all
eternity-there is a right which cannot
be made to prevail, a wrong for which
there is no remedy
A Plain Remedy.
But in spite of all dismal predictions to
the contrary, il is not 50. There is a
remedy, plain. natural and effectual.
rfr ha
by the congress Of these United States
Of America providing for the free and
unlimited coinage Of both gold and silver
such coin to be a lawful tender in pay