The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1894-09-13

PROVISIONS WHlCu Iuo uOuSe Dy sep
arate bill Immediately repealed, and
yet, taken as whole, it goes further
in the direction of relief to a tax rid
den people than any bill that has
been considered in any congress since
the war. Its reduction OF rates i;
greater than those proposed in either
the Morrison or Mills bill. While we
have not done all we hoped to do, we
have done more for their relief than
was ever done by any patty in the
same length of time in any country
under the sun. These are bold words
yet l hold myself at all times ready to
defend them.
Coming into power at a time Of
panic, when business was at a stand.
still, when labor was unemployed,
when our treasury was empty, with
courage and fidelity we entered upon
struggle with the enemies of the
people; we emerged from that strug-
gle victorious in the end.
1--WE have repealed the Mckinley
law.
"We have made living cheaper.
1--WE have made all money taxable.
1--WE have taxed surplus incomes.
1--WE have restored freedom of cleo
tons.
"We have reduced public expendi.
lures and we have declared undying
hostility to all trusts and mOnopoiies
organized for the oppression VI the
leople. On these foundations we
build our house.; on these issues we
go before the people. For them we
have fought the good fight; to them
we have kept the faith, anu of them
We have no fear"
HOKE SMITHS SPEECH.
Upon the conclusion Of speaker
Grips speech, Secretay Hoke smith
was introduced,
In opening his remarks, the secre,
tary reviewed the financial trou oles
of the past Is months and congratula-
ted the South as we'll as Georgia upon
the show made. The attention OF the
commercial world had been attracted
and he predicted for the section PEI
rioG of development and marked pros
perity such as it had never before ex.
perienced. The Cotton Sta es Inter-
national exposition would have proved
the attention of capital once secured,
its confidence must also be won and
it was, therefore, of the utmost i'm
portance to the future welfare of the
state that in the coming election the
people Of Georgia should show the
world that the wild theories of P0pu
lists have no foothold amongst them.
Calling attention to the recent ex-
perience in the great states of Kansas
and Colorado under Populist rule, the
secretary asked, "Who would wish
to see Georgia follow the leadership
OF Lewelling or a Wait?" Bad as
was the record of the Third Larty in
the West, the crazy theories of their
leaders in congress were enough to
stagger comprehension and shock
thoughtful men. They sought dis
bursements amounting in the &ggre-
gate to over $50 100000, 600 The peo-
pie of Georgia could not afford 10
endorse such party. The state
would be disorganized locally and
discl edited before the world if it ap
peared to have ever listened to their
empractiCable theories. Few OF their
beliefs were worthy of discussion but
there was one which seemed to have
appeared aGtr ctive, although when
careful investigation was made it
must be classified with their other
theories as almost equally wild and
impracticable.
He referred to the free and uulim"
tied coinage OF silver at the ratio otl6
to by the United States alone, and
declared it to be a plan utterly ia Va
rance with sound money principles
and traught with lnca)culable evils,
He did not wish his position mtsun-
derstood. He was a thorough bi.
metallist, strong in his faith, and no
one could be more unaIterably op.
posed to the adoption of d single gold
standard. Such course would bring,
about contraction of the currency
calcu lated to cripple industries and to
lessen the demand tor supplies.
The injury inflicted by q single
standard currency had been recently
de mOustrated abroad, aud the evil eff
feots had been felt here upon products
of this country raised for foreign con
sumption. He believed these evil 81
fects would be lessened by preserving
ne present. per capita Of currency
mere, but where the three tOurths OF
our great cotton product goes abroad
three. tourths of the injury could not
ba reached except by the success OF
bimetalism in the places OF consump-
ton. Currency in the United States
had not besn contraG ed, but on The
contrary the per capita today was
S24. 10 as against All average OF Sl4 80
from 1850 to 1860.
The secretary then described the
eight different kinds OF money Low
used in this country and maintained
that the instant any one of these went
to premium it would become com
modify for private sale and conirac-
ton would follow, but by preserving
them on an equality ana by an in
crease equal to the growth OF business
and population, contraction would be
prevented.
This could be accomplished, first,
by exchanging the bullion in "a silver
dollar so as 10 require hundred cents
worth of silver in every dollar; sec
ond, by international agreement,
which, il secured would prevent the
necessity OF changing the ratio; or,
third, ny calling in all money OF small
denominations, say $40 and less, not
consisting of silver. and giving silver
the rjuht of Uay. He urged the rr-