Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-09-08

lures some $4,000 900 for the current year.
THE DEMOCRACYs OPPONENTS.
With this record. who can assail ur
Our ancient adversary the KeeuUileais 10
party, though not strong IN tnls Sth.e, ,Np.f. %
the enemy we must meet W men behno,i,
racy suffers defeat Republicanism WI"
be triumphant. , g.. ,he
Here at home we are challenged oy M M
Peoples party, This orgahZ1a,tfto1 a,forr, '', of
principles or its candidates | snail say
nothing. They are presumed 10 pe % %
goOd-I hope they are better tnaI ,,,a ~
platform. That platform contains sSinh sSiih
planks which are new, ana some "ni, nrn
are old Those which are valuable aIe
not new, and those which are ne" al
not valuable our Populist friends Wall'
10 buy the railroads, the telegraph nne1' ,,,
and the telephones. The fact that thou-
sands of millions OF dollars would DE
necessary to do this does not stageer
them. The great army OF ofiice-hoIsseIss isess
necessary to manage ana protect tHSS-
| enterprises does not embarrass them;
The Populist leaders deal with mllnohS
| as ordinary people deal with dollars anu anu
as for offices. they want all OF them; ii,iS ~
party has about a dozen members ol
| Congress only. and yet the bills tnsy
| have introduced into Congress propose the
appropriation. or rather the printing anu
issuing of two or three times as muCh
money as there IS in the wide, wide
world.
| The Democratic party enters upon it's
| contest with Republicanism ana every
other temporary issue which may pre-
sent Itself with courage and confidence
While we have not done all we hoped TO
do. we have done more IN the past year
TO redress the wrongs Of the people, we
have done more for their relief, than was
ever done by amy party in the same
length OF time in any country under the
| sun. These are bold words. yet | hold
myself at all times ready 10 defend them.
THE DEMOCRATIC RECORD.
Coming into power at time Of panic
when business was at a standstill, when
| labor was unemployed, when our Trea-
| sury was empty. with courage and ndellty
We entered upon a struggle with the enc
| mics of the people. we emerged from that
struggle victorious IN this;
We have repealed The Mckinley law.
| We have greatly reduced taxation.
We have made living cheaper.
We have made all money taxable.
We have tax 4 surplus incomes.
| We have restored the freedom of elec-
| tiOns.
We have reduced public expenditures.
| and we have declared undying hostility
| 20 all trusts and m0nOpOlies organized
| for the oppression OF the people.
| on IN. - foundations we build our
| house. ON these issues we 20 before the
| people For them We have fought the
| good fight 10 them we have kept the
| faith, and Of them we have no FEAR
SMITH OK SILVER.
! Secretary Smith was the next speaker.
| Among other things. in referring to the
| Peoples party, he said the people OIL
Georgia could not afford % endorse such
a party. The State would be disorganized
| locally and dlscredited before the world
| II II appeared 10 have ever listened
to their inpracticable theories. Few 'ol
| their beliefs were worthy Of discussion.
| but there was one which seemed to have
| proved attractive. although, when care
| fully investigated. il must be classliled
| with their other theories as almost equally
| wild and impracticable. He referred 10
| the free ana unlimited coinage Of SILVER
| at the ratio Of 10 10 l. by the unteI
| States alone. and declared 1t 10 be a plil
| utterly at variance with SOUND puS.ils =
principles and fraught with incalcilabi'
| evil
lie did not wish his position msunder
stood. lie was "a thorough bimetallist
| stron, in his faith, and no one could be
more unalterably opposed 10 the adoption
Of a single gold standard. Such a cours
| would bring about "a contraction OF th'
currency calculated 10 cripple industries
| and 10 lessen the demand for supplies
, The injury inflicted by a singie-standar'
| currency had been recently demonstrate
| abroad and the evil effect had been fel
| here upon the products Of this country
| raised for foreign consumption. lie De
lieved these evil effects could be lessene'
| bv preserving the present per-capita o
| currency here; but when three fourths %
our great cotton product goes abroad
three fourths Of the injury could not b
reached. except by the success Of bimctal
Ism in the places Of consumption.
To PREVENT CONTRACTION.
Tho Secretary Described the eight differ
ont kinds OF money now used in this coun
try. and maintained that the instant an.
cne Of these went 10 a premium 1t woui'
| become q commodity for private SAFE and
| contraction would follow, but by pre-
| serving them upon an equality ana by a.
| increase equal 70 the growth OF bdSihes
and reputation. contraction WOulu pe pre-
| vented This could be accomplished. first
bv changing the bullion in silver dolla
| ca AS 10 REQUIRE 1oO cents worth OF sllVe
in every dollar: second. by internatlona
| agreement. which, If secured would pre-
| vept the necessity of changing the rato
or. third. by calling in all money OF sna
denominations, say 50 and less, not con
eistinc Of silver. and giving silver IN
riebt Of way. Tie especially urged the re
neal Of the l0-per-cent-taX on Sta'
banks. as a remedy within cohiiol "i III
United States OF great value.
He sketched the history of silver coinaG
in the United states. and deduced froi
il several conclusions when he He'P
be- Irresistible CO...
FIRST. the people Of the United state
have the use of seventy times as Huc
liver as money Of fan legal tender a
present as they had before lN5.
Second. the depreciation in the Value o
silver is due 10 cause other tnan us ue@'
mcnt in the United States
II is therefore evident that SILVER al
| ratio OF lG to /. If unlimited coinage wa
ottcropted in this country. must eithe
Hood our mints with enormous quaint
tjes Of silver. which would at once deprt
ciate the value Of our money, or 1t woul
ne coined only in reasonable quantities
and then could not substantially anec
the mercantile value Of the bullio
throughout the world. In either event W
would b. forced TO the exclusive use OF
dollar worth only a little more than hal
the present dollar.
THE FIFTY-CENT DOLLAR.
II would cause the settlement OF a
| contracts at the rate OF fifty cents on III
| dollar II would require the rcorganiza
ton Of all prices to be adapted to III
new deprecated currency. II would CON
pel Il change Of all legislation in fxin
s,laries. Ii would necessitate an entiI
readiustment Of the private and gOverr
| mental business Of the United states
meet the conditions caused by degrade
dollar. The confusion incident 10 sue
| changes could scarcely be described
| Commercial disorder. business wreck, an
| ruin must at once be precipitated.
Yet. with the terrible experience Of la
| year fresh in our minds. it is proposed
| open the mints without limit to flow {
| silver that would certainly produce 81
| Yer monomctallsm. The fear Of sily'
monOmctallism materially contributed
| last years panic. What would happe
. | with free and unlimited coinage Of silve
! | which would absolutely produce such a r.
| sult?
Mr. Smith closed his speech with a
z | appeal TO the voters OF the State TO r.
main true TO the Democratic principles .
| sound money inaugurated by jefferson
p supported by Jackson, and preserved /
J | Cleveland.