The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1894-09-08
Has Always Been In Favor OF II, Is
In Favor OF II at the
Present
Ringing Declaration OF tho Speaker
at Great Democratic
Gathering.
On the othsr Hand, speech in opposl'
tlon Il Made by secretary
smith.

againet the free coinage Of silver. Speaker
Cfisp declared his personal preference for
the free coinsge OF silver. Mach enthusl-
hsm was displayed. Speaker Crisp said;
when congress met last year II was con-
fronted with difficulties which seemed al
most insurmountable. Trade was parni-
yzed, manufacturing had almost ceased,
labor was Idle, banking Institutions
we're failing. and confidence, the life and
soul Of commerce. was utterly destroyed.
In SO far as this dspiorAbls condition was
attributable 10 legislation. the republloSn
party was responsible. For moro than
thirty years sha, party had msds our nnan.
DIAL and economic laws. In 1873 the FREQ
eoinsgs OF silver had bsen discontinued
and gold became the standard. In 1873
partial coinage was resumed. In 1899 this
law was repealed, and soon thereafter the
coinage Of silver practically oeassd. These
acts Of the republican party resulted In so
lessening the volume OF money OF final re-
demption as 10 cause the price Of all
commodities TO increase shs burdens OF all
debtors. and impair the confidence of tho
people in tho power Of the government TO
redeem outstanding obligations. A law
and practice which allows a citizen TO pay
his obligations 10 the government in silver,
or at tho same time permits him 10 demand
OF tho government gold In the redemption
OF Its obligation. Ia manifsstly unressona-
bio md unjust. and In the nature OF the
case must impair confidence and tend 10
produce panic. While not protesting 90 un.
dsrstund the question fully In all its bear
inRs. have Always been In favor OF the
free coinage OF silver-I am in favor OF II
now"
In his remarks Secretary Smith 70.
viewed the financial troubles of the past
eighteen months and cong fatulAtsd the
south upon the excellent showing made by
the cotton states. and said the intsrnational
exposition would prove OF great assistance
In the development and prosperity OF the
south. In the coming election the people
OF Georgia should show the world that the
Wild theo les Of the populists had no foot
hold amongst them. Calling attention to
the recent experience OF tho great states of
kansas and Colorado. under popalisiic
Tule. ths secretary asked who would wish 10
see Georgia follow the leadership of a
Lewelling or Waite. Bad az was the record
of the third party In the west. the orsry
theories OF their leadsrs In congress were
enough TO stuQgsr compr The nsion and
shock thouahtful men. They sought dis
bursements amounting In the aggregate 10
over $25. 010. .0000O0 The people o Geo -eia
could not aiford TO en- iorse such parts.
The state would bs disorRGnizsd locally
and disoredited before the world II II APP
pearsd to have even listened TO their i'm
practicable theories.
He referred to the fee aud unlimited
coinage of silvof at the ratio Of sixteen 10
one by ths Uaited States alone. and de.
clAred II to bo a plan utterly al vArianos
With sound business principles and frauaht
with inoAlculable evil. Hs did mol wish his
position misunderstood. He was a thorough
bimetaliist strong In his faith. and no one
could be more unalterhbly opposed 20 the
adoption of q single gold standard. The
injury inflicted by q single standard cur
rencJ had been recently demonstrated
abroad aud the evil effects had bssn felt
here upon the products OF this county
raised for foreign consumption.
CuuenoY in tho United states hai not
been contracted, but, on the contrary, tho
per oapitn to-day wna $24. 10, As against an
average OF SASS from 1850 10 1860.
The secretary then described the eish,
different kinds OF money now ussd in this
country. aud maintained that the instant
any one Of there went TO n premium II
would become q commodity for private
sale and contraction would follow. but BY
preserving them upon an equality, and by
Increase eqnal to the growth of business
aud population, contraction would be pre-
vented. This could be accomp .i.hsd, frs.
by changing the bullion in the silver dollar
40 az TO require 100 cents worth Of silver
in any dollar; second, by international
agreement. which. IL secured. would pre-
ven, the necessity OF changing the ratio;
or, third, by calling In all money OF small
denominations, say $40 and less. not con-
sisting OF silver. and giving silver The right
Of way.
After sketchiuR the history OF silver de-
monetization by Germany in 1871, And sub
sequently by Norway Sweden, Denmark.
Holland, Russia aud the nation, COM
pTising the Latin union, Secretary Smith
said: "ln the meantime. tho United states
had changed from a coinage OF onlv ss,-
3Sl. 360 In silver dollars In oighty yeas up
to 1873 10 a coinage of Sil9. 23G 900 In stan
dard silver dollars. and to the purohass OF
silver upon which trsRauy notes were
Issued. making a total coinage yAlus OF
$3.50. 900. 900 OF silver used la this ooahtry
during the lAat twenty yeeTa
From An average OF 81, 900 900 year ths
United Siatoa has changed 10 tho use OF
nearly $50, ,0010)0 a year. rhe ANIMAL pro-
duotlon OF silver in the meantime had
changed from $50 900 O01 a. the coinage
ratio OF 1873 TO $500. 900 00) at the oonage
ratio OF iS9A, aud dsprociatod In VA no
about 90 per cent
People Of the Unltsd States have The
aa0 OF seventy times as much silver No
monsy, OF full legal tender, al preasn, az
they had before 1873. Tho depreciation In
the value " silver was due 10 causes othof
than In its treatment In tho United States.
II Ia, the efore evident that ailveT at The
ratio OF sixteen 10 one, N unlimited coinage
was attempted In this country. nust either
food our m!n,s With enormous quantities
of silver, which woald 40 onoe deprcoiAte
tho valuo OF all our money OF 10 would be
coined onlv In reasonable quantities, an 4
thia could not substantially affect the
mei camille vAlus OF bullion th ouahou, the
world.
Receipts during the Cleveland admin.
isiration we're SG2 100000 leaa than during
ths Harriaoa administration, while the
total exreadltures were over flal, OOOO OOO
sai. Twenty-Five million dollars la Ro,d
Wefo imported into this cOuutrg IN excess
Of tbs amount expo ted dnflng Clsvelaud's q
lgfm, while Harriaon retired from ofllee
with net gold balance agaius, us OF nearly
tl6SOOO,000 These ngnrea are startling.
Tho nst exports OF gold during the lAat
thfes months OF Harriaon'a AdminlslfAtion
amounted 20 $50. O0O.O .O01. while tho not eE-
ports OF gold daring the nseal rear snding
June H), 1894 amounted 10 bot $3.50 600.
During the republican administration sx-
pau dltores increased al tho rats OF aGl,-
oMOOO q year. while tho revenues de-
creased more than $ls,0OO0OO annually.
oVeland retired leaving surplus