The weekly tribune. [volume] (Great Falls, Mont.) 1891-1894, 1893-07-21
H WEEKLY TRIBUNE.
HOKE SMITH On SILVER.
ID JULY IL. 1893.

day, he talked freely to a TRIBUNE man
and finally gave this paper permission to
print the views he expressed.
As a broad proposition he said that he
is a bi-metallist. but he does not believe
that a bi-metallic basis at the present
ratio can be maintained by the United
States alone. On this point Mr. smith
said:
II am a "fervent advocate of Il low
tariff and sound money. | am inter
ested. for instance, in some iron proper
ties in the south. If | cannot work
these iron mines at a profit ! am not
going to ask the government to help me
by taxing my neighbors for my benefit
IN order that l may make a profit. |
believe in every tub standing on its W
bottom. When a gold miner delves la
the earth for the yellow metal he knows
that he can get a dollar for his dust only
when be produces a dollars worth. Now
| cannot see why silver should enjoy a
greater privilege, or why the silver miner
should be enabled to get IA dollar for 10
cents worth of the metal. should be
willing to have ali the silver in the treas.
ury vaults coined. or even to see the free
coinage of silver, if the legal tender value
of this currency was limited to,say, SO
But | strongly object to any proposition
which will enable the borrower to prof
fer in payment of his debt a money that
is inferior to hat which he borrowed.
When metals are coined they are not
like bank notes. a promise to pay, but a
declaration of the value of the metal
contained in them, and it is, therefore,
essential that a coin should be exactly
what it pretends to be or it can not hold
its own beside coin which is always and
everywhere what it pretends to be.
1T is my opinion that we must have
an international agreement touching on
silver. because | do not believe that we
can maintain it alone"
Mr.. smith remarked that he was Civ
ing bis own views only, and would real
~ prefer not TO be quoted.
The above are not the exact words of
the secretary of the interior, but the
views are those he expressed. They un-
doubtedly convey a frank and honest re-
ply to the question put by The TRIBUNE
reporter What do you think Of the sill
yer question:
Mr.. Smiths views are similar to those
Of the financial classes Of the east. and
il is clear from the fact that such views
are prevalent in the most densely peo-
pied sections of the country that SILVER
will have a terrible struggle during the
coming grsriuu Of consrccc. But We
etlil boIieJe that il will come out the
victor. The people are alive as never
before to the enormities that have re-
suited from foreign domination in our
financial affairs, and it is probable that
Mr.. Smith himself will 20 back to Wash
ington after his tour Of the west, a bet
ter friend to the white metal than he
has ever been,
In the meantime We desire to point
out for the benefit Of all who think DIS
Mr.. Smith now does, and for those who
are wayering in their opinions, a few
facts that are suggested by Mr.. Smiths
remarks. As to the metal in the dollar
we fear that Mr.. Smith Is laboring un-
der a mIsappreheusicn. Webster's def
milton Of a dollar Is as follows; ~ silver
coin Of the United States. weighing
about il2l5 grains Of standard silver;
also a gold coin Of the United States,
weighing 2j.s grains Of standard gold
Such was the dollar. and sucn it
would have remained forever. in all
human PROF ability but for the chicanery
which led t its characterization in this
country at the behest Of English schem-
ers in 1873. But let is go further back
and ascertain the origin of the dollar:
The measure Of our money at 3IlI
grains of pure silver to the dollar, or its
value in gold, was established by resolu
tion of congress-, May Q, 111G, nearly two
months before the declaration of indie
pendence. All the paper money issued
by authority of the Continental con-
gress bore on its face a promise to pay
one Spanish milled dollar 31l14 grains
of pure silver or its equivalent in gold,
for every dollar of the face value of bills.
The Spanish milled dollar weighed ilG
grains, 3714 being pure silver.
Our present standard silver dollar
weighs ll2l! grains; 3711l being pure
silver.
In 1894, gold having appreciated in
value, our gold pieces were all recoined
and cut down in weight Lob grains TO
the dollar to bring them to the value Of
silver.
IL 1854, gold becoming so plentiful as
to alarm many financiers, MIR. James
Ross S~nowden, director Of the mint,
under date January, 1874, in an evident
effort to aIlay the fears Of timid persons,
said: