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

conformity with the standard established
TIE inferest-bearing obligations Of the
United States July J. 1879, we're y Ol6,-
e48559 all by the express terms Of the
contract and existing law now payable IN
gold or silver coin at the existing ratio
By "a MESSAGE Of PRESIDENT NlCFeland
5n February. 1885, we are told that the
difference ia the market value Of bonds
amounting 10 So, 3l5, 433, running thirty
years. if payable IN gold dione instead
Of coin, amounted 10 $40, 4if,ttU 1huS az
this ratio upon the entire dent Of the
federal taxpav5ng people Of the United
states have paid ample consideration Tor
the contract and legal rights while 1ui-
filling every Obligation OF honesty and
honor TO nav in either gold or silver.
This bill proposes 10 transfer this ad-
vantage of unssumated millions from the
people to the bCndholdeIs.
Next, this bill proposes TO convert the
United States notes or greenbacks tS3ih-
Gs3000l and the treasury notes iSlG O0. 600
expressly payable in coin tbOtn legal ten
DER for deDts ana clreulaung as money
sntO debts TO be paid in gold or TO be
turned into bonds bearing interest to be
paid in gold. Ali the Disadvantage ana
cost OF this to the people II would be
hard 10 calculate. Il curtaIlS the circula-
ton about Gae-third. leading TO a CORE
spending dcDressment of values aid en-
hancemeut Ce all Indebtedness bO-h pub
lie and private. The increase IN the bur
ben OF DEBT and interest is not D easant
10 contemplate by a taX-Tldden people.
The huai clause of section 2 is amazing
In the ruthless robbery OF the debtor for
the benefit OF the creditor winch X IS IT'S
object to bring about. 1t proposes the
violation Of the obligation of contracts
and OF very preCept Of constitutional and
moral ethics.
If the parties have stipulated to pay in
paper or silver or gold any or all II VIII
not avail Thus millions Of people are TO
be despOiled by this arbitrary edict Of
me proviso TO section ., that me legal
tender quality Of silver is not to be inter
fered with being In fiat contraction OF
the entire purpose and other express pro-
visions of the act both preceding ana
following If, would by the courts be de-
clared a nullity according 10 the maxim
ut res magiS ValebaL
subsequent provisions Of the bill. There
IS much VeTbiage. But 1t ali reduces TO
this: The secretary of the treasury Is
given an uncontrolled power to increase
the national debt by the sale Of bonds to
be pai6 in gold, and with the gold thus
or otherwise obtained redeem all out
standing greenbacKs, treasury notes, and
silver certificates, which July ] 1893,
aggregated sos, 005. 223.
When all this paper is thus covered into
the treasury 1t can only again be paid
out in exchange for gold and must there
after stand as nothing more than a GER
uficate that so much gold has been de-
posted IN the treasury. None OF this pa
per OF LuE SILVER GtilcIS fe.lua 55l .Uh1l VI
The national bank notes now cut or which
may be issued will. after the passage of
this Oil, be available for the payment of
debts if the creditor declines to receive
it. because the first section requires that
all debts. public and private, must be
paid in gold. Every obligation payable in
money IS to be deemed payable in gold.
This is not true of the senate substitute.
The senate substitute provides carefully,
a. the Expense of the people, that the
6ond- holders shall have their obligations
payable specifically in gold coin 1t takes
care OF the bOndhOlders. who are mainly
the banks. but il does not also take care
OF the great masses of the people. 1t pro-
Vides that the bank notes issued by these
people shall be payable in lawful money.
IN TINS sense the house Dill is more uni
Versal and impartial in its operation. TIE
senate substitute discriminates wholly
IN favor Of che class as against another.
Gold. in word. is TO be the only
money. Whereas the total money or cir
culatiOn in the United States July 1, 1899,
as given by the secretary of the treasury.
was S2,745.Sj0.j0S. if this bin passes il
or gold in the country according TO the
latest. though probably excessive esti-
mate Of the director Of the mint.
Thus the money which the debtor may
lawfully tender in payment of his obliga-
tons VIII be reduced to One-third its
present proportions.
me gold viii be quite exhausted for
use IN Jne arts. Tor foreign exchange and
TO supply the treasury and bank re-
serves. The substituted bank notes win
not be available for debt-paying DUR
poses without the consent of the creditor.
livery mar. every business. every in
uuStry in debt VIII thus be stricken down
ny this law and lie paralyZed and help
less at the feet Of the creditor
As under the proposed act the banks
may issue bank notes to the par value
OF the United States bonds which thew
acquire. and as the government is bound
by law to accept bank notes when ten
III n re
sued the bonds may be Obtained by banks
without cost TO them and upon which
theE may draw the interest as il accrueS
without q cents outlay on their part
Therefore the banks have every induce
ment TO turn into the treasury all out
Standing paper money ara demand re-
oemptlon IN gold and thus force the issue
oL DohoS. When the country is so re-
duced 10 The gold basis and flooded with
Idlh notes, II VIII in the hTst crisis be
found that the amount of gold is wholly
inadequate for their payment.
Specie payments Will accordingly be
suspended and the business Of the en-
Slre country viii be at the mercy Of the
bankers trust.
What will happen? What must bappenq
Is it possible for the ingenuity of man
TO devise and seriously undertake to con-
summate "a scheme so appalling in its
probable effects, so pregnant with in
finite mischief? Like the hungrv she
VOL there Is abroad the vOrdcious mon
Stcr Of greed. bOundlesS in rapacitv IFS
Suol4e 4iIueIlCe mas Denur.Ded the public
conscience. The high ideals and benign
example of those who with infinite eacTi
nee laid the foundation of the free instr
JuIlonS OF the republic ar. no longer DO
tent IN nigh places. but the objects of
Sneer and deriSion
-. If justice and right now held SWAY.
the forces here debating legislation i'm
these sacred halls would take refuge in
hight; IF principle were predominant. they
would turn tail. But as it is, mention
honesty 10 them and they but laugh AFT
You. Rolling centuries end with the cUj-
mlnauon Of their audacity. So this br,-
zen fraud viii be written upon the stat
mas Of the republic
L LII r.rr-r.-.r-