The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-02-23
(From the Commoner.l

we're seven hundred guests, among
them many New York bankers and cap
ltaiists.S Mr.. Bryan was one of the
speakers. Victor MoraWetZ. Andrew
Carnegie and Lyman ]. Gage, former
secretary of the treasury, preceded Mr..
Bryan on the program. Mr. Baker who
took par in the dialogue, is president of
the First National bank of New York.
The Commoner presents a steno=
graphic report of the proceedings be-
1x4nning with Toastmaster Stetsons in
trSduction.
Following is the stenographic report;
Mr.. Stetson: / think that Mr.. Gage
underestimate his power as a pulpit
orator, yet l do not think he can hold
A rushlight in that capacity to the next
gentleman, whom l regard as the great
est pulpit orator of our day, Mr.. Bryan.
(Great and continuous applause)
Mr.. Bryan: Mr. Chairman and gem
tlemen, l have had a number of de-
lusions shattered here tonight. 1 had
understood that for the last forty-seven
years our financial affairs had been in
the hands of men VINO possessed all the
qualities that Mr.. Gage has suggested
a commission should possess. And now
TO learn from excellent American and
Scottish authority that we not only
have the worst system in the world,
but worse than ne, with his fruitful inn
II, L
say TO my people when | go back homeR
How shall l explain that three conspic-
uous financiers who have given this
subject great thought, and who know
all the intricacies of finance, should be
agreed upon but one proposition, and
that is, that they do not know what
ought to be done. applause a Rd laugh
teri s2~ -" r. .tr
4 Bankers Statement Net Fair. u
am assured by one of them that that
Els not a, fair statement. will with
draw any statement that is considered
unfair, although it seems TO me that af-
ter / have Travelled l,500 miles 10 drink
in wisdom from authoritative sources,
il is a breach of promise, at least,
daughter not to give me some infor-
nation. And yet, as each one APP
preached the important part Of the
subject, he concluded that we ought TO
have a commission to consider the
natter Is it not strange that the
commission is always resorted TO by
those who do not care to elaborate be
fore an election a plan that might not
be popular at the election? -(Great APP
plause) Is II not strange that all ii
cur great financial programs are
brought out just after the election,
when the people can not sit in JudS-
ment upon the subject? (Applause)
The time allotted to me is not suf-.
ficient to answer all of the financial
fallacies that have been advanced to-
night /. the champion of sound mon
ey great laughteT) have not time 20
defend the honest dollar from the at
tacks that have been made upon il.
6aughter.) And as | listened to those
from whom l expected some clear.
specific remedy, / was reminded of the
words of the great apostle. and | do not
Know but that / might paraphrase
Nose words and say, THAT sound fl
na5ce which We ignorantly worship,
that come to declare upto you
Great laughter and applause)
Why the Discrimination?
When defend anything that we
have in finance. you will not accuse
me of defending anything with which
have had any connection. Those
s greenbacks that have been described
Z in uncomplimentary language were not
issued by me or by my party. Laugh-
teri But it seems to me that il is
straining point to denounce the gov
ernment for issuing $40 millions of
promises to pay. bearing no interest
when he (ex-SecTetary Cage does not
denounCe the issue of 700 millions of
bank promises to pay, that bear no in
terest If a banks promise TO pay,
bearing no interest, is fit to serve as
money. why should not government s
promise to pay, bearing no interest, be
fit TO serve as money?
| understand that the subject to-
night is the currency question as it
presents itself at this time, and, there
fore. ii is not necessary to discuss our
whole financial system / do not want
TO enter into the discussion of a sub /
iect as large as our financial system.
But | remind you that if we follow the
suggestion that nothing but gold be
considered good for reserves, then we
will either have to stop making depos-
its in the banks, or increase our gold
so that we can keep in the banks re-
serve large enough to protect the banks
in the doing of their business. (Ap-
plause) We have not the gold in this
country and we can not get il without
drawing gold from countries that need
1T. If we draw the gold from other
countries, and discard the use of non
ey that serves today in the place CT
gold, then the effect must be to Gi-
minisk prices in foreign countries and
.lessen their ability to trade with Us.
How to Get More Gold.
Today We hold in our reserves not
only gold, but silver and silver certifi- |
Gates and greenbacks. And the silver
ana silver cerllIlcdleS ana BfeenDdckS |
amount TO GAG millions. 900 millions of
silver and 34S millions Of greenbacks.
We have about 1900 millions of gold
in the country; that is the best esti-
mate that l have been able to get. !
Now if we are going to discard. as
has been suggested. the use of silver |
and greenbaclks, we must go some |
where and get 946 millions of dollars Of |
g0I9, and il win not be an easy mat |
steN How can we get il / will tell |
You one way to get it; make the farm
GER sell his foreign export for less, and |
lay upon him the burden of getting the /
money to substitute for silver and the /
greenback. That may please some. but
/ am not surprised that it is not adj 1
vanced seriously pending a campaign. |
for it would not please the producing |
masses of this country. (Applause)
II is not my business TO explain this |
panic. / have not felt as much of it as
some of you have. In fact, my con-
nection with it has not been embar-
RAISING. (Laughter) And politically |
my connection with ii has been any
thing but embarrassing. for il has at
least robbed the country Of the argu-