Show IN BEHALF OF SILVER A largely attended meeting of representative miners HELD AT THE CHAMBER OF COMMERCE resolutions in favor of senator stewarts bit bil unanimously adopted A large gathering of gentlemen in te rested in the mining industries of this territory assembled in chamber of commerce halt hall last evening at 8 president mccornick called the meeting to order anil and introduced to the present ivan 0 michels of washington who is here on a mission from the united states senate to ascertain the amount of foreign capital invested in mines and mining mr michels Mic bels addressing the meet iw ing dwelt especially upon i the he injury inflicted on miners of that precious white metal by the unjust discrimination by statute laws ia 19 favor of the gold fold standard he purposely and very esely avoided to recapitulate the oft told story as to the unjust and discriminating working of the alien law in the territories to dwell on a subject so well understood among our people and to tire his intelligent hearers with a subject far better known here than in washington he be justly avoided his main object was to 10 ex plain to te his friends frieada the senate bill in produced trod by the HOB W WM M stewart of nevada which he be fully and in a masterly manner handled during II 11 his I 1 address mr michels in his exhaustive address maintained that the gold standard countries of europe great britain and germany have for the past sixteen years used all means fair md 0 otherwise ther vise to crush the silver inte interests rots 0 of t this ili c country on he read a letter addressed to him by mr P F may chief cashier of the bank of england which aich was news to many of his hearers that to protect the gold standard of great britain the bank of england was compelled to purchase all the gold offered at a fixed rate we give this important document in full fall BANK or OF ENGLAND ENGLAN 1 lo 10 x E C feb 18 1880 lean ivan C michels esq sir 1 I beg to acknowledge the receipt of your letter of the gh instant and have much pleasure in enclosing a copy of the section of the act of df parliament 7 and 8 vie vic cap 30 which compels the bank of 0 england to purchase sold gold bullion at ca ad per oz standard I 1 am sir your obedient servant F MAY chief cashier germany enacted a similar law in 1870 and compelled the imperial bank of germany to purchase all the gold offered at 1392 marks for each pound of gold ot grammes fine sweden and Deni denmark nark in idt 1877 adopting the gold standard also forced the royal banks to purchase all the gold offered at the fixed rate of 2474 kroner all these afore aforementioned niem banks aro arc allowed to pay tor for the gold offered them in paper cur car ot their respective countries and upon such a paper foundation as mr michels truly stated rests reata this ibis much lauded sold gold standard stardard dard ot of europe FALSE statements AS TO THE OP OF SILVER to injure the silver interest of america mr michels continued robt giffen of london and adolph boet beer of Goeth Gmt hingen ingen germany both otherwise able statistic aas pur purposely purposed spread through europe and ther their r false statements were larye large reproduced il ii i i l this country the following 4 that during the period of from 1881 1811 to 1880 the production prod action of gold bad so rapidly decreased and the production of silver so enormously increased that the precious metal was no longer safe to use as a money metal mr michels by his bis carefully prepared statistics and which have been used by several senators in the united states senate chamber stated stared the period mentioned by giffen and beer 1881 1861 to 1880 was w a s actually I 1 ay the reverse for we brodu produced ce d during those twenty years forty percent per cent more sold ald aiato did during toe pieced fait years 1841 to 1860 which buciu t enormous enort outputs of call nning with 1849 and austin 1852 achels stated that when the th e i and an bolivian mines poured ir fir in the eighteenth during durl the period of twenty hen en t best returns were aft ced in avoirdupois ight alfrom 0 1760 gold lbs ibs silver lbs ibs arod from 1861 to 1880 the period of the alleged falling off of th the production of gold and the increase of the production of silver the returns are gold 7 and silver 4 lbs ibs thus aus it will be seen that instead at 61 a decrease of the production ot of gold the returns show an increase from lbs ibs to over lb sand silver from too ibs to lbs ibs or a production ro of nearly eight times that of gd and only three times that of silver thus were perverted facts to urge the adoption of the go sold id standard which actually rests upon a forced and fictitious value of a paper apayer currency NO STOCK OF SILVER IX IN tills THIS COUNTRY OR on EUROPE today there is not a stock of five million ounces of silver in europe or america which is not already disposed of the immense productions of the lode in 1859 and up to 1883 the heaviest output of silver allover all over the world amounted to tons of which china and india absorbed during that period tons in 1850 and after that period including the outputs of california Cali tornia nevada and australia the worlds world supply of gold andl andi silver coined and bullion ilion was gold silver per cent 1850 tons tons 1 I 1 to 32 1860 1 to 1870 1 to 20 1 1880 ho 19 5 1888 1025 1 to recapitulation in 1850 gold 4 tors silver tons tone in 1888 tons tono silver long increase in III supply of gold per cent increase in supply of silver 41 i per cent increase of supply of gold over overall oil ver 1 percent per cent PRICES OF sijer SILVER BULLION COMPARED in the sixteenth century silver wab worth as high as 87 pence per ounce fine in london equal to per ounce fine in this country yet the he production during that century was wap pounds of gold and pounds of silver or in proportion as 1 to 32 the largest proportion of the production of silver to gold was in the seventeenth century v when it deac reached hed pounds in weight in silver and pounds in weight in 10 gold or as 1 to 42 yet the average price during that period of yea years Is was 80 pence peace per ounce oun e equal to 1 l la 18 per er knope line fine i during the present century from 1801 to january 1888 the production of gold includes pounds and 1 MG pounds of 8 silver ver or in n p proportion po 0 tion as 1 to 12 yet et today t the e price rice of silver is about 94 cents per ounce here bere and nd about 43 pence per ounce in london this his as mr r michels very justly stated was as 1 to 22 yet our production was only tor for 87 years as I 1 to co 12 h hence en e he argued that it if the apply governs verns as pretended by the gold standard advocates the price tor for oil ail ver bullion ought to be 1721 s per ounce fine here the quantity of silver today produced in tile the world is only eighteen times that of the gold production whereas in 1850 the quantity of silver produced was thirty two times that of the gold production in weight and I 1 strange samu 0 as it may appear silver bullion aup has s fallen in price it the price of the precious metals te depended on the relative value of the existing sup u ply coined oy or in bullion silver should be worth per ounce or 77 per cent more than in 1850 in fact considering si the now ruling rate of ot 94 cents per ounce and comparing the present conditions with 1850 our present stock of silver ought to to be over tons instead tons thus as mr krichels kli michels chels cheny clearly stated and proved toe the I 1 tall fall it in the price of silver is the oz result of statute laws and awe due to natural causes TUE THE COTTON QUESTION mr michels who hag ha visited the southern cotton states gave fads facts to to show that the now ruling I 1 low w price of cotton was due to the low price of silver bullion ile he stated that in 1873 the price to io india was alc per pound and today it was 11 uc c per pound also while the price of cotton in the united states ruled in 1873 at 15 cents per pound prior to the of silver and during 1887 the average price for cotton was down to 10 cents that fust the difference between the exchange in india council bills issued by the england on the Es exchequer Esc bequer chequer of india and covered by our silver at from 83 33 to 31 per cent discount THE WHEAT QUESTION As 80 soon on as th the 0 ac act to of f 1 1873 8 7 3 was passed by congress great britain demone sized gold cold in india and passed a law which reads gold hereafter shall not be a legal tender throughout the indian empire riot not valid even in payment on account v the duty on export of wheat from india was simultaneously abolished and thus was the export of wheat from india in 1874 from bushels increased to over forty million buti bubbels liels last year or actually over bushels to every dushel bushel exported in lai while the price of in this country has declined from 1 42 per bushel in 1873 to 96 cents per 1 in 1887 it the price of wheat in india I 1 has as only c changed from LOO per bushel in 1873 to in 1887 mr michels also very ably showed the detriment to interests in this country by the discrimination of he real rupee of 48 cents and the now fictitiously factitiously quoted rupee of 34 cents THE SM SMUGGLING OP OF LEAP ORE ORB he also vividly and fearlessly exposed e i the pernicious practice of smuggling mug gling lead ore under disguise of silver ore which comes in free under the present ruling tariff thousands upon thousands of tons have thus been smuggled over the frontier of mexico into el 1 paso texas and the est establishment ablis h of lead smelting smelling sm elting works in laredo texas and nogales No gaies arizona are the natural outcrop of that dishonest practice the government is thus deprived of 30 on every ton of lead thus smuggled he suggests as a remedy a mandamus proceeding ding against the collector of customs and a punishment as well as the collection of d duty uty thua wrongly withheld irom from the govern ment mr michels closed with heartfelt thanks to the people of utah tor for the courtesy and facility extended him in th the ae put pursuit sail ot of bis duties as directed by tt the united states senate and extended especial thanks to mr W F james the president of the ore producers association of utah Uta band and its secretary W gran G van morn horn esq mr van horn upon the request of mr mccornack McCorn alck lck the president of tho chamber of commerce then introduced the following rion rions s which were unanimously adopted we believe that the highest financial wisdom was exercised by the founders of our republic when they established by law the free and unlimited coinage of gold and silver and whereas we deplore the repeal of that law in ia 1873 and in order arder to remedy the injury done to all the business basi interests teresta in of tills this country by such repeal we respectfully and earnestly request that congress reenact re enact laws for the free and unlimited use of sold gold and silver as money as provided in the united states senate bill introduced by the ron hon senator from nevada and knows know as the ille senate bill and printed herewith whereas the unjust discrimination against the precious white metal since 1873 has wrought almost incalculable injury to the wheat corn and cotton interests in this country thereby building up the prosperity of great britain in india to the detriment of the united states we protest against all such laws now in loice force and demand the repeal of the same whereas the general belief fostered and propagated by the enemies of silver in favor of the single gold standard rests upon false representations of actual supplies aud and production product lo n of silver and whereas this general belief that the supplies of silver exceed the demand deman d an and that the production of silver has increased beyond measure are based upon purposely made false statements we hereby present to the members of congress the true state of existing facts WORLDS production OP OF GOLD AND SILVER yew 1 mcw gold per CI t oliver pero dol to IWO 3 3 66 mol to 1700 tw 27 2 U i HOI I 1 le 1 to I 1 aft la 17 V 2 1 1800 aa to 15 9 abu 1 01 1 to 1887 SMI aj 4 awl and whereas in 1873 silver was de in the interest of f great britain and the free and unlimited coinage of silver abolished in this country thus by statue depriving silver er of its legitimate function which it had held since the formation of the I 1 government of the united states we citizens of the great mn mining c commonwealth 0 of utah aam assembled d jp a the chamber of commerce ot of salt lake city i resolve that the present limited I 1 coinage of silver money and the chase of silver bullion by the U 8 government at tile the london market price is detrimental to the interests of this country that the senate introduced by hatt ben win M St senator from ioro nevada va destroys this unjust discrimination in favor of england and restores the precious white metal to its true place as an equal with gold in the mon monetary elary system of the united states that we hereby cordially endorse that billand bill and urge upon congress the passage thereof il II that the whole prosperity of the great intermountain region rests upon the mines and mining interests wid arid any legislation tending to restore silver to its true place would add new life and prosperous growth to cue great mountain states and territories HI that the ownership of adnes by aliens has added its quota to the sa a I 1 in n eral production in this territory nd has neen benet iclal to the mining interests of utah THE STEWART BILL following followed is the bill S intro ducep by mr stewart siewart october 8 1883 it was read twice and referred to the committee on oil finance Abill A bill to provide for the issuance ot of coin certificates to circulate as rao money be it ena gnaster ted by the senate and house of of tile the united stales of iu assembled that any person pei KOB way may deposit at any mint or assay office of the united states stales either gold or silver bullion or both lir in quantities of not less than thad five ounces of gold or eighty ounces of silver and demand and receive coin certificates at the rate of one dollar in certificates for twenty five and eight grains troy weight standard gold nine tenths fine and at the rate of one dollar in certificates tor for abour hundred and twelve and one halt half grains troy weight of standard silver nine tenths fine the coin certificates issued under the provisions of this section sall be ot of such denominations as the tt secretary of the treasury shall prescribe provided that they shall not be of less denomination than one dollar or more abao one thousand dollars and that one half of the amount issued shall be in denominations less than fifty dollars and shall be redeemable dee mable in gold or silver coin af at the option of tile the united states and the be secretary of the treasury shall cause to bL coined from time to time such portions of the bullion deposited under the provisions of this section as may be necessary to enable him to furnish coin for the redemption of such certificates the coin certificates issued under the provisions of tois section shall be a legal tender at their nominal value for all al lues dues public and private except where otherwise expressly stipulated I 1 in contracts heretofore ma madland madea iid when such certificates shall be received for public dues they shall be reissued and a sufficient sum gum to carry out the foregoing provisions of this section to is hereby appropriated out ont ot of any money in the treasury not otherwise appropriated pria ted and the provision in section one of the act of february 1878 eu entitled titled an act to authorize the coinage of the standard dollar and to restore its legal tender character which re requires quites the secretary of 0 the treasury to 10 purchase at the market price thereof |