The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1912-12-23
ANOTHER GOLD PROBLEM.

ANOTHER GOLD PROBLEM.
We notice that the same old problem
Of using silver concurrcntly with gold
has sprung mp again in Europe. There
is. il appears, difficulty in obtaining
free supplies of gold in France, because
the Bank OF France checks gold raids
by the very simple expcdient of pay
ing ont silver at its option. This,
however, is held by the special golditcS
Of Europe 10 stimplatc the boarding
OF gold by small French capitalists
and by French farmers. The Bank of
France, as explained sells no gold
abroad, and in its daily transactions
and operation pays out two-fifths and
even thycc-fifths silver 10 demands for
specie, thus practically imposing the
same. policy on all French banks. -
Commercial houses arc Obliged to fol-
low suit: and, of course, all public
paving offices must do the same. IT.
is rcciicd u correspondence from Paris
that cit is curious experience TO re-
one has been accustomed TO having
one gold twcnty.franc piece or two
tens at choice.
But the Bank Of Spain docs even
worse from the gold standpoint than
docs the Bank Of France. This bank
it is explained has been actually for.
hidden By the Finance Minister of
Spain to give out gold freely either
through its wickcts or in the market.
The gold men claim that this plays di-
rcctly into the hands ot spectators,
and they cite the fact that the French
exchange on Spain has fallen to I65
from 470.50 month ago, and 414 ST
the beginning OF September. These
citations OF falling exchange arc noted
as occurring throughout the Latin
Union. But as a rule, the falling eX
change is very small; IN fact, very
much less than is frequently dccreed
arbitrarily by the Bank of England,
There is reported to be pressing de-
mand for French gold pieces, with
the underground campaign for it
coming both from Austria and from
the Balkans.
We note this fresh quarrel between
the goIdites and slvcrites in Europe
to point 30 the fact that the Bank Of
France keeps up yet, as it has kept
all the time, its option of paying out
silver to check gold raids. And yet,
when it was proposed that the United
States should do precisely that thing,
there was n howl of disapproval from
the goldites all over the world. that
was enough to deafeu every ear.
1t was held that the United States
would be guilty OF repudiation,
of bad faith and of dishonorable con-
duct il il should pay out its proper and
full-weight silver coin on demand for
specie. aud our Secretaries Of the
Treasury. both Republican and Demo
cratic, were weak enough TO hold to
that plea, and use gold only. Under
Cleveland the ''chdle5s chain. > where.
to use the greenbacks to drain the
treasury of gold and keep draining it,
was used by the gold men as the reason
why il was absolutely necessary to
obtain gold loans; the first Of these
being Il private arrangement with the
Morgan interests, in which the United
States was beautifully fleeced, The
second where open bids were received
for gold, was success from the
treasury standpoint far in excess Of
the first or privately negotiated gold
loan.
There is little doubt but that the
United States, in conjunction with
Great Britain and France, could have
maintained the coinage ratio of gold
and silver By the simple measure OF
admitting silver 10 full coinage and
issuing it freely in the payment OF
obligations. Germany would have been
glad to acquiesce il that arrangement.
But the great creditor nation, Great
Britain, threw the chief obstacle In the
way, and silver could not be so used
then, in the opinion Of orr official.
dom and ii is very likely that Great
Britain would be the clamorous oppo.
ncDt of such policy even now.
But it is curious. indeed, that the
United States is held TO higher stand
ard of honor and obligation in this
and other matters than is any other
country on earth, France has always
retained It's liberty OF paying silver or
gold at its own option, and there has
been no ferocious condemnation Of
France as repudiating nation, as dis
honest, as breaking faith, aud as a con.
repudiator simply because it
retained that option. But all these
dire things were imputed TO the United
States on the mere suggestion that the
United States could preserve its gold
and its integrity as well as the value
of its silver by doing precisely what
France has always done
1t appears very much as though
part OF Europe, at least. is getting very
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