The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-01-17
SILVER URGED
As RELIEF FOR
MONEY Stress
Address Approved by Board of
Governors of Salt Lake
Commercial Club.
COPIES FORWARDED
TO UTAH DELEGATION
RECoMM ENDS PURCHASES OF
SILVER BY GOVERNMENT AND
JOINT RECONCILIATION.

An address on the silver question
which proposes congressional enact
ment having for its purpose relief of
financial stress, was approved by the
board Of governors OF ths Commercial
club yesterday AMI sentrto the Titan
delegation in congress. With the ad-
dress was a personal iette~ To each OF
Utah's representatives in congress,
asking shat he do al in his power to
support the Legislation suggested.
These suggestions are the OutgrOWtl
of recent discussl JrS Of the manner IN
| which the money market might be aid
| ed by increasing the government pur-
/ chases OF silver Other remedies we've
| suggested and nnaliy a committee.
/ having full power 20 act was appoint
| ed to draft eiI dress TO tile congress
and the Commercial! bodies Of the west,
urging the need IF congressional en-
/ actment and suggesting what APP
! peared to it to be the m0s- feasible
way to overcome the present cOndi-
| tons.
Personnel of Committee.
/ The committee appointed to frame
! the address consisted "a John bern,
! Former Senator Thomas Kearns, Judge
| William II. King Judge c. c. Gond-
win, 5. H. Love, Mayor John ) B-ans-
/ ford, Charles A. Quigiev and VI. II.
/ Walker The committee had several
meetings and finally approved of the
1 following address. This will be sent
not only to the Utah delegation in
| cOngpess, but also 10 the commercial
bodies of the west, asking for their CO..
| operation in bringing about the desired
result:
recommendation.
1. a law amending the present law gov
erning greenbacks, to authorize the gov
| eminent expenses for the succeeding four
| months, amounting to perhaps S7500OOG0
per month, to be paid in new issue Of
| greenbacks. $50 paid, the money would
| at once be distributed to every portion Of
the republic. If the present greenbacks
were safe money, when issued to dou-
Die their amount We3lld be good. mas
much as the population has doubled since
then ana property values have increased
/ tenfold)
, A law authorizing national deposition
les and national banks to purchase Of OF
loan money to individuals, firms or cor
pOTatiOns upon the bonds of the United
States, when presented and deposited for
such sale or loan; the United States
treasury to supply such repositories and
banks with special treasury notes for that
purpose.
The object being, of course. to help in
dividuals, firms or corporations in a stress q
/ like the present one; or understanding
being that something over $40 00,000 Of
such bonds are now in private hands and
unavailable for use in the country Such a
law ought to so far toward relieving the
present strain.
Purchases of Silver.
3. \ law requiring the purchase and
| immediate use in subsidiary coin and sill
Yer certificates Of 100000 ounces of sill
Yer annually in quarterly purchases; to
! reinforce the much needed small coins and
silver certificates.
4. petition to congress asking that
! body to authorize and indOrse the calling
| of an international conference by the pres
/ ident, to consider, and if possible to agree
upon, the reconciliation Of silver on a
fair ratio with gold. the appointment of
/ a commission favorable to reconciliation
and authorizing such commissioners to ne
gOtiate for such reconciliation. when a
majority of the leading powers consent
The reasons for this are manifold OF
the many we name few, as follows
! G)-Silver is basic money and is so de-
elared IN the constitution of the United
States.
(2)-Every reason supplied for its de-
monetization was fallacy. as events have
/ since demonstrated.
C3)-The decision by the people against
! silver in 1895 no more settled the question
/ than it did the tariff question.
Vast Sums Needed.
I CD-The immense sums invested I'm per-
maneut property in the past seven years,
/ the immeasureable sums needed for fu-
| ture investment (Mr J. J. Hill says five
| thousand millions are needed by the rail-
| roads in the coming five years. are notices
tnaE the Struggle OF the IulteQ states
should be like that of the great powers
beyond the sea- TO hoard all the gold pos
sible.
/ (5)-The gold reserves of the world need
to be strengthened in every possible. ie-
climate way to support the immense in
i vested pyramid of credit.
! (6)-The product of gold in the world
now and for many years to come IS and
must, be from two to two and a half
! times the product. in value, of that or
/ silver while quite tWO-thirds Of the inhab-
itants of the earth know no basic money
except silver.
! Decentralization of silver would
! avoid the necessity of sending gold to the
orient or Spanish America
Demand for Silver.
(s)-The demand for silver even as
commodity. is Unsuitable, and restOredg
! il would be as it always was before il
was dethrOned. a steadier measure OF
! value than gold. because its use would be
so much more general, and il was ALWAYS
the money boarded by the poor.
1 (9)-Siiver made resumption OF specie
I payments possible and. had it not been
disturbed. the present distress would
have been avoided for. with 1t restored
&. every bank would be greatly strengthened
and no combine of capital could precipi-
tate panic.
! G0)-Silver restoration would settle all