Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1908-01-17
SILVER LETTER
ISSUED At LAST
Commercial Club Sends it to
Utah's Congressional Dele
cation and Others.
WOULD CURE THE PANIC.
That Is II the Panic Weren't Deceased
Before the Method OF Curing
1t Was Evolved.

The long expected and long delayed
silver letter Is out at last. Called in
to existence suddenly. when certain Salt
1.akers thought to cure the country Of
its financial ills while they were most
severe. the Commercial clubs mass
meetings. silver committee now comes
forward with the suggested cure sew
eral weeks after the patient has been
dismissed from medical custody.
And this Is how 1t happened. There
was disagreement OF doctors. The
longer they talked the more they dis
agreed. After that there was trouble
getting quorum for one who had
one idea and knew IL was minority
opinion hated to vote for the other
fellows idea. and so the days passed
while the country got well, and the
panic went down into history with the
close cf 1907 The address. however
deals with the silver question in a
broad way, and not az specifically re-
lated to the late and unlamcnted panic.
The committee consisted of John
Dern, Thomas Kearns, Judge William
H. King. Judge G. c. Goodwin. Hon.
3. II. Love- Mayor John $. Bransford.
Charles A. Quigley and NJ. II. Walker.
The committee after due dellbera-
ton brought In yesterday the following
address which has been sent to the
Utah congressional delegation, and TO
western commercial bodies;
SOME RECOMMENDATIONS.
1. A law amending the present law
governing greenbacks, to authorize the
government expenses for the succeed
ing four months. amounting to per-
11t,r MOI IN he maid
IN new issue OF greenbacks. $50 paid.
the money would at once be distributed
to every portion of the republic, II the
present greenbacks We're q safe money,
when issued. To double their amount
would be good. inasmuch as the popu
lation has doubled since then and prop
erty values have increased tenfold)
2. A law authorizing national depos-
itories and national banks to purchase
of or loan money to individuals, firms
or corporations upon the bonds of the
United States. when presented and de-
posted for such sale or loan; the
United States treasury to supply such
repositories and banks with special
treasury notes for that purpose.
I he object being, OF course, TO help
individuals, Arms or corporations In a
stress like the present one; our un-
derstanding being that something over
s2A0 000,o0O of such bonds are now in
private ndlluS, ana uIldNdlldDle LOT use
in the country Such a law ought to
go far toward relieving the present
strain.
SILVER PURCHASES.
3. A law requiring the purchase and
immediate use in subsidiary coin and
silver certificates of 60.o00,000 ounces Of
silver annually In quarterly purchases;
TO reinforce the much needed small
coins and silver certificates.
A tn oh ipu l,ut +
body to authorize and indorse the call
ing Of an International conference by
the president. to consider. and IL possi-
BILE to agree upon, the recommendation
of silver. on fair ratio with gold, the
appointment of a commission favorable
to reconciliation, and authorizing such
RECOMMENDATION. when u majority OF
the leading powers consent
The reasons for this are manifold
OF the many we name a few, as
follows:
al)-Silver is basic money and is so
declared IN the Constitution of the
United States.
tD-Every reason supplied for Its
decentralization was a fallacy, as events
have since demonstrated.
f3)--The decision by the people
against silver in 1896 no more settled
the question than 1t did the tariff ques-
ton.
a lMMENSE In i.sSiM EMS.
(4)-The immense sums invested in
permanent property In the past seven
years the inlmeasurabe sums needed
for future investment (Mr j. ]. Hill
says five thousand millions are needed
by railroads In the coming 1--WE
yaars) are notices that the struggle OF
the lInitde States should be like that
OF the great powers beyond the sea,
to hoard all the gold possible.
"a. -. . -. IL
need to be strengthened IN every pos
siblc, legitimate way TO support the
Immense invested pyramid OF credit.
t6)-The product OF gold in the world
now and for many years TO come Is.
aud must, be from two to two and a
half times the product. I'm value. of that
OF silver. while quite two-thirds OF
the Inhabitants OF the earth know no
basic money except silver
o. Remonetizaton of silver would
avoid the necessity of sending gold to
the orient or Spanish America.
DEMAND FOR SILVER.
lS-The demand for silver, even as a
commodity. Is satlable. and, restored
1t would be as Il always was, before II
was dethroned, steadier measure OF
value than gold, because its use would
be so much more general and Ii was
always the money boarded by the poor
(9)-SilVer made resumption Of specie
payments possible. and. had II not beer
disturbed, the present distress would
have been avoided, FOR. with II re-
stored. every bank would be greatly
strengthened, and no combine OF capt
tai could precipitatc a panic.
u0) Silver restoration would settle
all difficulties with exchanges IN deal.
Ing with silver-uslng countries. It would
make possible a stable currency for the
Philippines 1t would greatly magnify