| Show THE RIGHT RING A Correct Copy of the Silver Resolutions WHAT UTAH MEN DEMAND A Paper to be Presented at the Western Congress that Must Attract Wido Attention There were a number of vital errors in the type written copy of the silver address handed THE HERALD for publication in yesterdays yes-terdays issue At tho request of the committee com-mittee therefore we republish the article with the corrections 1 That wo regard the restoration of silver to its former equal rank with gold as perhaps tho most important subject to which the said congress can address itself And this in the interest of not especially es-pecially of tho silver mining states but of the producing classes of the whole union The loss to the silver mining states from the depreciation of silver bullion as valued in goldby reason of its dishonor and disuse as a money metal is a conceivable sum towit about 15000000 a year whereas the loss to all other producers whose output has been depreciated in price with silver is in an inconceivable sum and and must be reckoned in hundreds of millions mil-lions per year 2That we have not asked the government govern-ment to purchase more or less silver TO be coined into standard dollars This policy was the result of the determination of the advocates of tho single gold standard to be made merchandise of silver We are not in favor of the single gold standard or of the single silver standard but wo favor the double standard belioving the same from long experience to be practicableand better than either metal taken separately because less liable to fluctuation in value as measured against labor and the products of labor 3That our position has been and is I that Congress had no right to discredit silver by discriminative coinage and legal tender acts as was done in 187374 because such action deprived debtors of the option enjoyed by virtue of law from the establishment of the United States mint down to that time to discharge their indebtedness in either silver or gold as they choose and by dropping the silver dollar from our coinage about onehalf of the real money in which all balances have finally to be settled was rendered unavailable and the remaining onehalfj was so much oiucreased in value as measured by human labor or the products thereof and in consequence the weight of twelve thousand millions of indebtedness in-debtedness was increased by 30 per cent and inso far the labor profits and property prop-erty of debtors was transferred to their creditors without consideratiftn Confiscation Con-fiscation without due process of law is unconstitutional un-constitutional General consequences have been a steady decline in the value expressed ex-pressed in terms of Kold of all industrial output the discouragement of business and speculative enterprise the stagnation of trade and tbe confiscation of tho profits of labor 4That the bullion or commercial value of silver was depressed relatively to gold by the adoption of the gold standard by Germany the dropping of the silver dollar from our coinage and the cessation of the coinage of five franc pieces by the Latin Union and it is taking advantage of their own wrong or error for those who have done this to now assail the silver dollar asa as-a light weight a clipped a dishonest dollar and to assert that its substitution for the gold dollar would impair existing contracts and be essentially dishonest 5That this objection to the free coinage of even American silver which seems to have more weight with the general public than any or all others is more specious tnan valid Because the great bulk 01 existing time indebtedness was incurred prior to 1S73 when tho silver dollar was more valuable than tho gold dollar at the present ratio when in fact the greenback green-back dollar which averaged a discount between be-tween 1861 and 1873 of 37 per cent was the only dollar of account in use except on the Pacific coast And since that period most time contracts have stipulated payment pay-ment in gold and such is in fact the almost universal custom now in time transactions of importance We do not propose to substitute sub-stitute ono dollar for the other but that both shall be coined on equal terms so far at least as the product of our own mines is concerned and shall take their chances of circulating side by side That the addition addi-tion of one silver dollar per capita per year to our circulation portends the expulsion I of gold or any other disaster is too puerile a notion to merit notice GWc believe that to make the bullion I value of silver equal to its coin valqe and to make tho silver dollar equal to the gold dollar and with this appreciation to carry upward all values relatively to gold nothing is needed but the restoration of the law under which any owner of silver bullion formerly had the right to take it to the mint and have it there made into dollars dol-lars containing 37125 grains of silver each precisely as he may still do with gold at the bare cost of refining and alloying the metal This is our demand and short of its attainment we will never rest We do not strenuously object to the exclusion of silver not produced from our own mines but let thosewho think we are in danger of having too much real money and who fear a deluge of foreign silver apply that restriction 7That western and southern delegations in Congress be requested to exert themselves them-selves to secure the meeting of another international in-ternational monetary convention and that if Great Britain and Germany cannot be induced to join in fixing an international ratio between gold and silver the Latin union bo induced if possible to resume the coinage of five franc pieces It was the cessation of this coinage that sent silver down to 90 cents on the run Eng land sustained the price of gold by law during the deluge from the mines of California and Australia If the United States cannot do the same for silver now when there is no deluge of silver or likelihood of one certainly the free coinage of American silver and the resumption re-sumption of the coinage of five franc piece by the Latin union will sustain it at the rate of 1516 to one and thus open the way to an international agreemeat to which Great Britain and Germany will ultimately be forced to accede under steadily increas ing popularpressure in those countries in that directionS direction-S That the large shipments of gold abroad at the present time are not alarming inasmuch as our heaviest foreign balances are customarily settled in the spring but are significantas indicating the insufficIency of gold as the sole basis of the monetary system of Europe and the United States The draft of gold froth New York is largely duo to a panicky feeling in Europe and the consequent struggle on the part of the lead ing nations to strengthen their reserves against contingencies Were an international interna-tional agreement reached as to the ratio bo tween the two metals the available supply of real money would be almost doubled and this strife to gather and hoard gold would cease 0 J HOLLISTER C C GOODWIN L E HOLDER FiiHD SIMON Committee |
