The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-11-23
UTAH TO URGE
SILVER COINAGE
ON BIG SCALE
Gov, Cutler Endorses Proposed
Meeting Under Auspices of
Commercial Club.
MOVEMENT STARTED BY
GUGGENHEIM SUGGESTION
TIME HAS ARRIVED TO DO
SOMETHING FOR WHITE MET
AL, DECLARES HALLoRAN.

:: .::........:az
- Denver. Colo. Nov. 22-The :.
= Denver mint which has coined =
: about S15,000,000 gold during the =
= past two months, will resume COIN -
= ing silver on Dec. 1, working to =
= its full capacity. Silver coins to =
= the value of about $4,000 daily =
= will be produced, and they will be =
= Immediately put into circulation. =
= The supply of gold bullion on hand =
:: ready for coinage win be nearly =
:: exhausted by the end of this =
= month. =
-:
Utah within the next week win take
a decisive step in the settlement of the
financial difficulties of the nation. A
meeting of the most prominent men OF
the state is to be held at the CONNER
ciaI club to discuss the proposed pur-
chase by the general government of
$50. O0O,O worth of silver bullion and
the coinage of that silver into standard
dollars. It is reasonably certain that Il
memorial to President Roosevelt on the
subject will be the result of this meet
ing. The board of governors of the
Commercial club has the matter of the
1t has been decided that the meeting
be held-the time and details will be
announced in a day or two Governor
John G. Cutler will cooperate with the
Commercial club in every way in mis-
power. as he is heartily in favor of the
movement.
This movement on the part of the
Commercial club and officials was Civ
en- direction and stimulus by the sug-
Sestion of Solomon r. GUggenheim, as
published in The Herald yesterday
morning. This suggestion was that the
national treasury buy $50, 1000 600 worth
Of silver bullion and have it coined
at once into silver dollars.
Meets With Hearty Response.
The suggestion meets with a hearty
response in this community il is es-
timated that this amount of silver. in
Guiding the seniorage, would make up
ward of S0.00O.000 silver dollars. ard
this amount Of real money put into
circulation al this time would work
wonders in settling the financial trou-
/ bles. In the first place. the govern
ment would pay out $50, 900, 600 in gold
or its equivalent for the silver bullion.
Then when the bullion was coined into
dollars it would add 1000 900 move,
and this $3.50, 600 put into circulation
would go far toward the permanent
solution of the money stringency Of the
country.
Locally, the benefit would be direct
and immediate, because anything that
creates a demand for silver bullion is
certain to help the west And the pur-
chase of the bullion would out money
| into circulation in the west where the
| stringency is now keenIy felt
Governor Cutler Is in Line.
1T is splendid idea. A meeting Of
| business men should be called 10 con-
slider this suggestion of Mr. Guggen-
/ helms. I shall call at the Commercial
club in the morning and suggest to the
board of governors that prompt action
be taken. ! shall be glad to cooperate
in the matter"
/ In these words Governor John c. Cut
| Ter expressed himself last evening on
| his return from duck hunting excur-
| sion to the mouth of the Jordan river
Yes" he continued, 4 read 5Ir
! Guggenheim's statement in The Her
aid. His idea struck me very favor
ably. 1t should be discussed by the
/ leading men of the state in connection
/ with some others. Then if action is
deemed wise, we will be in a position to
act intelligently and effectively. The
purchase of S5O,OOOO00 worth of silver
! bullion by the government and its
coinage into silver dollars is a good
/ idea, very good one. I am NOT in
/ favor of the free coinage of silver hut
/ 1 do not understand that this is con-
| templated in Mr.. Guggenheim's plan.
| Another good suggestion I have seen
/ lately is that the government guaran-
tee the national bank circulation.
Anything that will tend to restore
| confidence viii do great good. I hold
/ that the whole trouble is due to a less
/ Of confidence on the part of investors
and deDOsitors in banks. Timid souls
who do not understand are drawing
| their money out Of the banks and hid.
/ ing it. This is Gripping business"
W. ]. HallOran, president of the
| Commercial club, has his coat off in
favor of concerted action on the part
OF the influential men of the COM
munity.
/