St. Paul daily globe., 1894-09-08
Secretary Hoke Smith at At
lanta Compares TWO Ad-
ministrations.
RESULTS ARE STARTLING.
Net Gold Imports. '84 to '88,
$4,000, 900; Exports, 'S8
. to '92, $i58,OOO,OOO.
HE OPPOSES FREE COINAGE
aAnd Lays Bare this Fallacy
81
Of Pet Populistic
Theories.

Theories.
IN
ATLANTA. Ga, Sept. 7.-At the mass
meeting of Georgia Democrats in this
city this evening Secretary Hoke Smith
spoke as follows: ta"
In opening his remarks the secretary
reviewed the financial troubles Of the
past eighteen months, and congratu-
lated the South. as we'll as Georgia,
upon the excellent showing made. The
attention of the commercial world had
been attracted. and he predicted for the
section period OF development and
marked prosperity such as was never
before experienced. The cotton states
and international exposition would
prove of great assistance in this work !;
but the attention of capital once Sc
cured, its confidence must also be won,
and it was therefore of tile 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 the Popnlists
had no foothold amongst them.
Calling attention to the recent eX-
perience of the great states Of Kansas
and Colorado under Populistic rule, the
Georgia follow the leadership of
Lewelling or Waite. Bad as was the
record of the third party i'll the West, the
crazy theories of their leaders in con-
gress were enough TO stagger compre-
tensions and shock thoughtful meE.
They sought disbursements amounting
III the aggregate to over $4,000. 600, 900.
The people of Georgia could not afford
to indOrse such party. The state
would be disorganized locally and dis
credited before the world 1t it appeared
to have even listened to their imprac-
ticable theories. Few of their beliefs
were worthy of discussions, but there
was one which seemed to nave appeared
attractive. although when carefully in
VestIgated it must De Classified with
their other theories as almost equally
wild and ImpractfcaDle.
He referred 10 the free and unlimited
coinage OF silver at the ratio Uf IL 10
by the United States alone. and declared
Z it to be plan utterly at variance with
sound business principles aud fraught
with incalculable evil. He did not
wish his position misunderstood. He
was thorough bimetallist, strong IN
his faith, and no one could be more
unalterably opposed to the adoption of
single gold standard. Such a course
would bring aDUut contraction OF the
currency calculated to cripple the in
5dustrieS and to lessen the demand for
supplies.
= The injury inflicted by single
standard currency had been recently
demonstrated abroad, and the evil eI.
fects had been felt here upon products
of this country raised for foreign con-
sumption. He believed these evil eff
fects would be lessened by preserving
the present per capita of currency here;
but where three-fourth5 OF our great
cotton product goes abroad, three
reached except by the success of bl-
metallism III the places Of consumption.
Currency III the United States had not
been contracted, but, Oh tue contrary,
the per capita today was S24.l9, as
against all average of $l4.S5 trom 1850
to 1860.
The secretary then described the eight
different kinds or money now used in
this country, and maintained that the
instant that any one OF these went to
premium it would become commodity
for private sale, and contraction would
follow; but by preserving them upon
all equality, and by all increase eQualto
the growth Of business and population,
contraction would be prevented. rhis
could be accomplished, first, by chang
ing the bullion in d silver dollar SO as
to require hundred cents worth CT
silver IN every dollar. Second, by i'll
ternatiOnal agreem ent, which, III secured,
would prevent tine necessity Ot changing
the ratio; or, third, by calling 10 all
money Of SMALL denominations. say $40
and less, not consisting Of silver, and
giving silver the right Of way. He
especially urged the
Repeal of the 10 Per Cent Tax
OIL state banks as remedy within con.
troll Of the United States, Uf great value.
After sketching the history of silver
decentralization by Germany in 1871, and
subsequently by Norway, Sweden, Dem
mark. Holland, Russia and the nations
comprising the Latin union. Secretary
Smith said:
I'm the meantime the United States
had changed frOm the coinage of only
SS,t3l $50 silver dollars in eighty years
up To 1878 to the coinage of S4l9 754, 900
standard silver dollars, and to the pur-
chase of silver upon which treasury
notes were issued, making
total coinage value Of S57O, ZOO, 900
Of silver used in this country
during the last twenty years. From an
average of SlUO.000 year the United
States had changed to tue use of nearly
s30.O00.OOO year. The ANIMAL product
ot silver, i'll the meantime had changed
from SS0.U00,000 at coinage ratio in 1873,
to SOU, ,0U0.000 at coinage ratio in 1892,
and deprecated in value about 50 per
cent. From these facts several cun-
clusious are irresistible. First. tile peo-
pie Of the United States have the use of
seventy times as Wucn silver as money,
or full legal tender. at present as they
had before 1878. Second, the depre-
citation i'll the value OF silver was due
10 causes other than its treat
ment in the United States. 1t is
therefore evident that silver at a ratio
OF l6 to l, if unlimited coinage was at
tempted i'll this country. must either
Hood our mlnts with enormous quaint.
ties OF silver. which would at once de-
preeiate the value of our money, or it
would be coined only in reasonable
quantities. and there could not substan-
TALLY effect the mercantile value of the
bullion throughout the world. In either
event we would bo forced to the ex.
elusive use of dollar worth only little
more than half the present dollar. 1t
would cause the settlement of all con.
tracts at the rate OF 80 cents on the dol
lar. Ii would require the reorganization
VI all prices 10 be adopted ~ tile new
Deprecated Currency.
1t would compel a change of all legiS-
latton in fixing salaries. 1t would