The times. [volume] (Richmond, Va.) 1890-1903, 1894-09-08

from 1t several conclusions, which he
held TO be Irresistible.
First the people OF the United States
nave the use Of seventy times as much
silver as money of full legal tender at
present as they had before 1873
Second the depreciation in the value
OF silver as due 10 causes other than its
treatment I'm the United states. II rs
therefore evident that silver. at ratio
Of l6 20 /. II unlimited coinage was
attempted I'm this country. must either
flood our mints with enormous quantities
OF silver. which would, at once. de-
preciate the value Of our money. or A.
would be coined only in reasonable quan-
titles. and then could not substantially
affect the mercantile value Of the bullion
throughout the world. In either event
wc would be forced 10 the excu i've use
Of a dollar worth only little more
than half the present dollar. 1t would
cause the settlement Of all contracts at
the rate OF fifty cents on the do lar. II
would require the REORGANIZATION Of AN
prices 90 be- adapted 10 the neT dcpra-
ciatci currency. It would compel
chauee Of all legislation in liking salaries
II would nccessitateI the entire re-a dust
mtrt OF The prlvat, and Government hu-i-
ucs- of the United States to meet condl-
uors caused by degraded dollar. The
confusion incident 10 such change could
scarcely Doe described. Commercial dsOr-
der. business wreck ard ruin must al
once De prec'pitated.
IflE 'F The PANIC
40 panic from which our country ever
suffered has been comparable 20 the one
which would bc inflicted upon the indus
trial interests by such action. The fear
that the Government of the United states
would not Doe able 10 maintain its various
moneys upon parity, but that we were
upon the point OF being forced 90 the
silver standard with results similar 10
those iust described. materially cpntrlbu-
ted 10 the panic of last year. For the
consideration OF the Treasury. winch led
iu mart TO this fear, the Secretary held
the Republican administration respontl-
BILE The whole administration or MI.
Harrison with the action OF the HINl
year (Which received It's Impetus from lhe
excellent financial CONDITIONS t"la''"E az
the close OF Mr. Cleveland termr was
one OF falling revenues, lncreaSlhs ~
uendfturcs. and a heavy cNportatlon OF
gold Mr.. Cleveland retired, leaFlnS
surplus in the Treasury or S-N'fo'O'V.
Four years of itepubicStnl, IN, ,nlsl liis, LII
duced the surplus To- snz'f1'"'J' Win
charges fixed for the eHsuihE year,
amounting in round numbers u R''V"'VJl
in excess Of the revenue. lHai S'Ht' "-
facts 0ccasi0ned alarm, lhlcnSli''u ~ %
conclusion universally redchcH tla' 'iIf
Government could not continue lhe pun
chase of silver under the sherman a'0
and maintain its silver currency AZ Pai,
The repeal OF the purchasing cl9u7e "a
tho sherman bill stopped the panic anu
,rh rhoro money could not be had al any
Me- I'm the summer Of 1893 st can now be
readily obtni1ed at low rates oi ilil.IsStg ~
And yet with the terrible eNpei -
LAST v.ar fresh in our minds. IL u pro.
n0eei to opcn the mints without hmit
10 the now of silver that would certainly
.,roiuce morometallism The fear OF sil-
..'.,. ,,.nornetalli lliem materially cOntriOutei
~ last wears panic. what would happen
Win free ana unlimited coinage ~ Sli-
yer which would absolutely produce such
NIr smith closed his speech with an
appeal 10 the voters OF the state 70 re-
main true TO the Democratic principles oi
snilnd money inaueuraed by jefferson,
.lTnrrted by Jackson and preserved by
'lcVcland