The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-29
AS GUGGENHE|M
VIEWS SILVER
Would Have Simple Law for
Purchase and Coinage of
Silver Into Dollars.
BUT SHES AT FREE COINAGE
LIMIT OF 100000 OUNCES PER
ANNUM WOULD DO.

"A bill should be framed giving the
secretary of the treasury in his discre-
ton, the right to buy any amount up to
50,VO0OO0 ounces of silver per annum. 1t
should provide that the silver so DUR
chased should at once be coined into dol
lars and placed in circulation, so that
there would be no accumulation of silver
bullion TO stand as menace to the mar
ket for that metal.
Il think il would be mistake to ask
for anything of a complicated nature as
that would call for much explanation and
invite great deal of discussion. Secre-
tary Cortelycu, in the present financial
crisis. has shown a great deal of ability
and far-sightedness in handling the sub
Ject and it is fair to assume that were
he given the privilege to buy silver in the
manner suggested, he would do the right
thing
In practically these words Solomon r.
Guggenheim, just previous to his depart
ure for the east yesterday noon, told what
he thought ought to be done to help out
the money situation and incidentally slim
ulate the mining industry of the country
He expressed satisfaction that a move
had been started to have something done
at the approaching session of congress
and urged that there be no let-up in we'll
directed effort to get the subject before
the nations lawmakers. He believes it
would be simply suicidal to petition for
free coinage measure and states that such
a scheme could only result in much time
being wasted and nothing accomplished
Guggenheim, ''is practically controlled by
three or four brokers in London. When
ever they realize that the market is being
invaded for silver to be used in India or
elsewhere they Immediately begin to
''shortf the metal we'll knowing that if
will be an easy matter to knock the price
and make large. though illegitimate, prof
its. If these brokers knew that the Unit
ed States government was free to buy sill
yer up to the limit of 90. 100000 ounces per
annum. these brokers would hardly dare
to work their favOrite schemes. they
would be in constant danger Of losing.
Mr. Guggenheim called attention to the
fact that year or so ago. when the rail-
roads of the country wanted money with
which to make improvements they found
that the bankers of the country were un-
able to handle their bonds. This was be-
cause the needs of the country had grown
so rapidly that there was not enough real
money to do business with. In order to
supply immediate and pressing needs the
railroads were compelled to negotiate
short time loans and they had to pay
heavy IA ties of interest to get it. When
these notes began to fall due there was
still not enough money to go round and
of industry after another had to suffer
1.-THE railroads., said Mr.. Guggenhelm,
ARE really the backbone of the country
and if they could get money to carry on
the campaign of Improvement that the
growth of the nation demands it would
not be long till business generally would
be booming again. A more liberal use of
silver would help out wonderfully"
McCoy's. livery carriages and light
livery Roth phones 81