OCR Text |
Show THE ARGUS. 4 THE FREE COINAGE OF SILVER. The presumption of Republicans that the present administration will do something in behalf of silver does not seem to be founded upon reason. Whether the financial issue raised in the last campaign embodying as the distinguishing feature a demand for a greater circulating medium, is founded on economic wisdom, is a subject that need not be discussed at this time. The fact is that the Democratic platform unequivocally pledged itself to an independent bimetalism, while the Republican platform promised an earnest effort to - secure bimetalism with the aid and assent of other great commercial powers. Both platforms recognized the necessity of a return to the bimetallic condition formerly existing in this nation, the difference being only as to the means by which the result could best be accomplished. It may or may not be true that the President is individually friendly- to the cause of silver. Until his nomination at St. Louis there can be no doubt that his record gave ample ground for such a contention. His more recent utterances during the campaign and in his inaugural address are not calculated to beget such profound confidence in his desire to bring about the rehabilitation of silver, and certainly no comfort may be had by the advocates of the restoration of silver from the cabinet appointments of the President, and especially not from his selection of Mr. Gage for treasurer. Again, his convening Congress in extra session for the purpose of increasing tariff duties does not argue on his part a desire to deal with the financial problem first. In this respect he is as great a disappointment to the friends of silver who supported him as Mr. Cleveland was to those tariff reformers whose labors honored him with the Presidency a second time. Elected on a tariff reform issue Mr. Cleveland called Congress in extra session to strike a final blow at silver. Major McKinley, no matter how much he and his kind may seek to evade it, was chosen to execute a financial reform, the character of which was not fully detailed, and he convenes Congress in extra session to readjust tariff duties. It does not require much of a prophet to foresee that the fate of the one in ignoring the demands of the people will be the doom of the other. But it is a reasonable presumption that Mr. McKinley will seek to promote a convention among the nations for the purpose of discussing the wisdom of once again utilizing silver as a primary money and so increase the quantity of money of ultimate redemption throughout the world. Whether his efforts will be perfunctory or with an earnest desire to accomplish the end so ardently desired by so many of his supporters is a debatable matter, with the probabilities strongly against a fith in the sincerity of his motives. But granting that every act shall be in the sincere desire to accomplish a greater use of silver conceding that his efforts are to be honestly devoted to a return to bimetalism at the ratio obtaining in this country before the demonetization in 1873 what will the result be? It will be absolutely without avail, and for the reasons given here. International assent to the remonetization of of Engsilver can be obtained by the land, France and Germany only. These are the creditor nations. They are also the nations that own the gold of the world, because of the promise of debtor nations to pay the obligations due by them in gold. It necessarily follows that the creditor nations have a vital interest in any question affecting the money standard of the nations which are their debtors. England, the chief over-sanguin- e - co-operati- creditor of the world, has done more to bring about a gold standard than any other nation. It must be apparent that her efforts to limit the quantity of money of ultimate redemption and to make gold the standard of values have been prompted by the knowledge that she would profit by such a condition prevailing. To ask her to consent to a change is equivalent to asking her to forego an advantage she now holds. Either this or it must be shown that her policy has been one of error and that to her the advantage lies in reversing a policy pursued for years and to a palpable profit. In view of this fact the proposition of seeking the assent of the creditor nations to a change which would involve them in a clear loss as compared with the advantage now gained is nothing if not absurd. Certainly this nation will not promote a monetary conference for the purpose of giving to other nations advantages they do not already enjoy ; yet the suggestion that such is the spirit and intent of the Republican platform promising an effort to promote the restoration of silver is no more ridiculous than the assumption that the powers which are to assent to an alteration in the money standard will do so for the purpose of giving up part of the profits they now enjoy as creditors in order that the debts due them may the more easily be paid. Economists agree that an increase in the volume of money in circulation is followed by a higher purchasing price for all articles measured by money. The desire for a restoration of silver as one of the basic metals of the world finds neither its chief supporters nor its most ardent exponents among silver miners. Those sufficiently7 conversant with the problem to be possessed of a fundamental knowledge recognize s is inthat the interests of silver finitesimal compared with those of producers of all commodities the world over. If an increase in the quantity of money in circulation is, as conceded, possible only with an increase in the purchasing power of all that money measures, that producers and not then it is are those really affected by the determination of the problem. Xo creditor is paid in money because no debtor pays his debts in money. All debts are paid in the products of human toil in that which the earth yields to the labor of man. The value of these products are measured by money, and as money is scarce or abundant the value of the things produced is greater or smaller. Being a debtor nation the United States pays its debts in the products of its labor in wheat, corn, cotton, wool, iron, lead, silver, manufactures, and so on. The only object it can have in desiring a restoration of silver to the position occupied by it before 1873, therefore, is that it will take less wheat, corn, cotton, wool, iron, lead, silver and manufactured articles to pay what it owes than it does with gold alone as the standard or measure of values. As creditor nations England, France and Germany desire that they shall receive as much of our products as they can for what we owe them. They want our products cheap ; we want them dear. Therefore the proposition of the Republican platform is that we shall get the creditor nations to pay a higher price for our products than they are now paying. This is what is meant by endeavoring to secure the consent of European nations to a remonetization of silver. The plank relative to this subject in the national Republican platform was supported by those who knew nothing about the subject or was designed to deceive. Certainly a more ridiculous not to say idiotic proposition ever emanated from a great body of men in sincerity and earnestness. To know what the creditor nations will do the voter needs only to put himself in the position of a creditor nation. mine-owner- self-evide- mine-owne- rs How many men are prepared to consent to pay high prices for what they can now obtain at low prices. President McKinley is to appoint a commission whose duty it will be to convince European nations that they should allow us more for our products than they do now. Any fool can understand how they will jump at such a chance, and still there are those earnestly favoring the restoration of silver who profess to expect great things from a conference of the European nations with the representatives of our government in behalf of the remonitization of silver. POLITICAL POINTERS. Provo Enquirer: Congressman King has at last set out for the national capital, and though his eloquent voice may be not heard in the tariff discussion, he will probably arrive in time to cast his vote on the Dingley bill. Park Record : The reception tendered Arthur Brown in Salt Lake last Tuesday ex-Sen-at- or was a brilliant social affair, some 800 people being in attendance. Many people consider that Arthur is politically dead, but we are afraid that he will prove an extremely lively corpse. Tintic Miner : Congressman King is not at his post in Washington, where he should be guarding the interests of Utah in Congress. We fear that Utah will be disappointed in her choice. So far Mr. King seems to place his personal interests as paramount to the interests of his constituents. Ogden Press (Rep.) : Hon. C. C. Richards of this city has been honored by being appointed a member of the national executive committee of Democratic clubs. From a Democratic party standpoint the selection is a good one. Xo one questions his right to the leadership of the Utah Democracy. nt It is an interesting struggle for supremacy among Utah Republicans now. One crowd claims to be as uncompromisingly for gold as McKinley is, while others claim that McKinley is as friendly to silver as they are. Whieh plan is the best will never be known until the federal offices are distributed. Durrant is threatening to sue the newspapers with which they, for the unbridled license have handled his case. Many a rascal employs that method of trying to appear innocent. Your1' iQ Is every deed or other instrument perfect form? Are all the signa-T,tle- ? tures and acknowledgments exactly what they should be? Has there been no deed or other necessary paper in the chain of title lost before it was recorded? Has there been no mortgage given by, or judgment rendered against any of the many prior owners of the land? Have all prior liens been carefully removed? These are simply a few of the suggestions that might be made. We take pleasure in answering questions. Call and see E. W. Genter, Abstracter of Titles, 150 Main Street, (Jones Bank), about your title. Ordinary information will not cost you a cent, and the cost of the abstract is lower now than it ever will be again. D. H. PEERY, JR. DEWITTB.LOWB STOCK BROKERS io West Second South St., Salt Lake City, Utah, - |