The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-12-05
SILVER DOLLAR
THE SHIBBOLETH
Prominent Citizens of Salt
Lake Discuss Financial Sit
uatiOn and Suggest Relief.
START GENERAL MOVEMENT
CONGRESS TO BE ASKED TO BUY
AND COIN WHITE METAL.

The spirit of 96 prevailed at a meet
ing of representative citizens held last
evening at the Commercial club to
consider the feasibility of making
some recommendation TO congress that
would alleviate the present financial
stringency. Everyone present favored
silver az the salvation of the financial
interests of the country.
AS the result of over five hours of
elaboration, during which a number
of eloquent addresses We're made, a
motion that the chair appoint COM
mittee of nine to draft an address to
congress and the nation urging the
purchase of $4,000. 900 ounces of silver
annually by the government and max
ing other recommendations for the re-
lief Of the stTingency in the money
market, this address to be ratified by
a mass meeting of Utah citizens and
then sent to every representative Of
every state in congress, to the gov
errors of every state, to the mayors of
the leading cities and TO the heads of
all of the commercial bodies of the
country.
Similar Action Expected.
This action was taken after the
gathering had expressed itself as not
faVoFing the calling of convention of
delegates from the intermOuntain
states at Salt Lake. The adoption of
the resolution, however, carried with il
the idea that the governors Of other
states and the persons to whom the
address will be sent, especially the
governors of the intermOuntain states
take some action on the cOmmunica-
ton. preferably the calling of a sim
liar mass meetings and the drafting of
similar addresses TO the nation and
10 congress.
Though much was said concerning
the views of the governors of other
states. those of Governor John c. Cut
Ter were productive only of mirth The
governor in a neatly worded commu-
nication regretted that he was unable
10 be present, and expressed briefly
his views on the question under dis
Cussion. He laid that ,he felt that to
overcome the present financial strin-
gency the circulating medium must be
increased. He favored the plan sug-
gested by Mr.. Guggenheim TO increase
the purchase of silver and to put it
INTO circulation.
I would be opposed to this plan.
however" said the governor, learned
", unless this silver money should
be worth intriasically its face value in
any country"
Almost everyone in the room smiled
as this portion of the communication
was read. and several Of the speakers
referred laughingly to it in their ad-
dresses.
RidicuIe Theory of Governor.
The view of Governor Cutler with
reference to the intrinsic value of sill
YER" said Judge w. II. King, "indi-
Gates that there is some diversity of
opinion. but | think that we can all
agree that whatever we do get we will
not get silver coinage that is worth in
trinsically its face value"
Henry W. Lawrence was more cruel.
A man who talks about intrinsic
value of money" said he, knows moth
ing about finance. Money has no in
trinsic value; it has an exchange value
Tt makes no difference what its intrin-
sic value is. If the government places
its stamp of authenticity upon it and
makes a silver dollar worth a hundred
cents i'm payment OF debts that is all
that is necessary
The governor speaks of intrinsic face
value of silver" said former Senator
Thomas Kearns. Il presume he means
that there must be a hundred cents
worth of silver in a dollar. If that is
true he would keep the minis hot at
work to keep pace with the silver mar
ket."
The governor also recommended that
no hasty action be taken lest the pen
dulum swing too far the other way and
the result would be an initiation of mon
ey values"
Communications were also read from
Judge W. II. Dickson. Judge A g Ell
lis and former Senator William A
Clark Of Montana, expressing the re-
grets Of these gentlemen at their inabil-
ity TO be present. The communication
of Senator Clark follows:
Salt Lake City, Utah. Dec. 4. 1907
William J. Halloran, President CONNER
cial Club. Salt Lake City.-Dear Sir: I