The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-22
LET GOVERNMENT
PURCHASE SILVER
Action Would Tend to Relieve
StringenCy, Says Solomon
R. Guggenheim.
SENTIMENT FAVORS PLAN
PREJUDICE AGAINST WHITE
METAL DISAPPEARING.


Solomon r Guggenheim yesterday made
the significant statement tisat he did not
believe the country was nearly as preju-
diced against silver at the present time as
it had been in years gone by.
Since coming west I have found a
strong sentiment in favor Of the govern
ments helping out the real money strin-
eency by the purchase of liberal quanti-
TIES OF the white metal and coming it into
dollars II IS believed that $50 900 GO worth
or II might be bought and so used TO the
pest interests of the entire country
around PR present prices that would provide
nearly NWOV.O0 of new, real money. and
the government would hardly miss the
amount of gold il would need to nav out
Tor the metal"
Now Is the Time to Act.
1t was suggested by Mr. Guggenheirn
that report had it that the Denver cham
per OF commerce had o. was about to take
up that very question with view of pre-
senung the matter to President Roose-
VET with suggestion that he recon-
mend something OF the kind in his forth
coming message Mr.. Guggenheim said
ne beieVed that was true and added that
II was not too late for commercial bodies
here and in any or all Of the larger cities
or the west 10 take action on similar lines
From the opinions that he had heard
since leaving New York he knew that the
president had host Of admirers I'm this
region and he, with all citizens who had
followed the expressions of the president
Knew that Mr.. Roosevelt was no less in
love with The west than western DeopIa
We're with him, and he felt that an appeal
rom this region for action on the lines
mentioned. primarily for the relief it
would AFFORD the mining industry at this
time and incidentally the good il would
do the country AT large. would be gladly
recognized and favorably considered.
Little Prejudice Against Silver.
Conditions are different today than they
were when there was so much prejudice
IN the country against the white metal
Nhen silver advocates were demanding
the coinage or silver with gold and on
a basis of sixteen to one, silver was
then being produced at a ratio of about
tWenty-three ounces to one of gold Since
then the production OF gold has Increased
al such rate that the ratio is now
only eight ounces of silver to one of
gold.
The population Of this country has
grown so fast and the requirements Of
trade have expanded to such degree
that more metallic money has come TO
be a necessity The west wants more of
Il and. judging from the sentiment now
finding expression in the east. there
would be little If any objection to the
government providing a largely increased
circulation Of the white metal
Asked what he thought might come Of
proposition TO have the government
tackle free coinage of the white metal.
Mr.. Gugsenheim stated that he doubted
the wisdom of demanding OF even sug-
costing such a thing at this time
Might Do AS France Does.
81 believe the country is ready for an
enlarged use OF silver as money!" said
he, but il is hardly likely that it would
take kindly 10 a free coinage proposition
1t would be more likely to agree to use
more OF the metal much in the same way
as France is doing and has done all
along That country is a frequent heavy
buyer Of silver for coinage purposes. A
great deal OF II Is used for its colonial
trade, and In times Of financial distress
or particular need it meets it's obga-
tons, or many of them, in gold or silver
at its option.
''rhe requirements of this country for
metallic money are increasing all the
time and great quantities of silver might
be coined and used in a way that would
be a blessing TO the whole people and
that without I'm the least disturbing the
functions Of gold as our money stand
ard"
Mr.. Guggenheim was averse to being
quoted on these matters. though he mod
estly admitted that the question was a
live one and that. IN his opinion, much
might be accomplished by the western
mining interests If the subject was
promptly and properly placed before the
executive head of this nation between
now and the time when congress meets.
early next month.