The morning call., 1894-09-08

vor of it now"
The speaker then rehearsed the contest
in both branches of Congress over the
tariff bill and compared the Mckinley and
wilson bills. Speaking of tie Senate bill
he said that wi lie it did not give all he
expected it was the best that could be OBJ
tained under the circumstances.
st strikes at trusts and nonOpolies," he
said. at reduces the cost OF the neces-
saries of life. II to some extent opens our
markets at home and enlarges our markets
abroad. 1t promotes agriculture, it en-
courages manuf lcturing and it will add
to the comfort Of NIL ions of our fellow
citizens"
Here Mr.. Crisp turned to State matters
and spoke of the coming contest
Opening his remarks, the Secretary re-
viewed the financial troubles of the past
eighteen months, and congratulated the
South, as well as Georgia, on the excel
lent showing made. The attention of the
commercial world had been attracted, and
he predicted for that section a period of
development and marked prosperity such
as never before experienced. The Cot
ton States aud Internaii nal Exposition
would prove CT great assistance in this
secured, its confidence must also be won,
and it was therefore of the utmost i'm
portance to the future welfare of the
Stale that in tie coming election the
people of Georgia should show the world
that the wild theories of the Populists had
no foOthold among them.
Calling attention to the recent expert
ence of the great States of Kansas and
Colorado under Populistic rule, the Secre-
tary asked who would wish to see Georgia
follow the leadership of a LewellIng or
Waite. Bad as was the record of the
third party in the West. the crazy theories
of their leaders in Congress were enough
TO Stagger compre heDsion ana shock
thoughtful men. They sought disburse-
meDts amounting in the aggregate TO over
S25 600, 000, 900. The people Of Georgia
could not afford to indorse sucn party.
The State would be disorganized locally
and diScTedued before the world if il ap-
peared 10 have even listened to their
impracticable theories. Few of their
beliefs were worthy OF discussion, but
there was one which seemed to have ap-
peared attractive, although when carefully
investigated it must be classified with
their other theories as almost equally
wild and impracticable. lie referred to
the free and unlimited coinage of silver at
the ratio of 16 to by the United States
alone, and declared it 10 be plan utterly
al variance with sound business principles
and fraught with incalculable evil.
lie did not wish his position msunder-
stood. he was a thorough bimetallst-
strong in his fsith-and no one could be
more unalteTably opposed to the adoption
of a single gold standard. Such a course
would bring about a contraction of the
currency, calculated to cripple the indus
tries and TO lessen the demand for sup
plies. The injury inflicted by a single
standard currency had been recently
demonstrated abroad. and the evil effects
had been felt upon the products of this
country raised for foreign consumption.
He believed the evil effects would by les
sened by preserving the present per capita
of currency here; but where three-fourths
of our great cotton product goes abroad,
thrse-fonrths of the injury could not be
reached except by the success OF bimetal-
lism 10 the places of consumption.
Currency in the United States had not
been contracted, but, on the contrary, the
per capita io-day was S24 10, as against an
average Of S14 IS from 1850 10 1860 The
Sec cretary then described the eight differ
eDt kinds of money now used in this
country, and maintained that the instant
any one Of these went to q premium it
would become a commodity for private
sale, and contraction would follow; but by
preserving them upon an equality, and by
an increase equal TO the growth of busi-
ho
prevented. This could be accomplished,
frs, by changing the bullion in silver
dollar so as to require 100 cents worth OF
silver in any dollar; second, by inter-
national agreement, which, if secured,
would prevent the necessity of changing
the ratio, or, third, by calling in all money
of small denominations, say SO and less,
not consisting of silver, and giving silver
the right of way. He especially urged the
repeal of the 10 per cent Law on State
banks as a remedy within the control of
the United States and of great value.
After sketching the history Of silver de-
mOnetzation by Germany in 1871, and
subsequently, by Norway, Sweden, Dem
mark, Holland, Russia and nations COM
prising the Latin union, Secretary Smith
said: SIN the meantime the United States
had changed from the coinage of only
1881. 800 silver dollars in eighty years up
to 1873, to the coinage of 419, 256, 900 stand
ard silver dollars, and to the purchase of sill
YER upon which treasury notes were issued,
making total coinage value of $50, ,00O.-
600 OF silver used in this country during
the last twenty years. From an average
OF S1,000.C0 year, the Un ted States had
changed to the use of nearly 10000, 600 a
year. The annual production of silver, in
the meantime. had changed from S80,OO0,-
0O0 at the coinage ratio of 1873 to $500, ,00O,-
GOO at the coinage ratio of 1892, and de-
preeiated in value about 30 percent. From
these facts several conclusions are irresti-
.ple. First-The people of the United
States have the use of seventy times as
much silver as money of full legal tender
at present as they had before 1873 Sec
ond-The depreciation in the value of
silver was due to causes other than its
treatment in the United States.
"It is therefore evident that silver. at a
ratio Of 16 to 1, if unlimited coinage was
atten pied in this country. must either
food our mints with enormous quantities
of silver, which would at once depreciate
the value OF our money, or 1t would be
coined only Ia reasonable quantities, and
this could not substantially affect the mer
camille value of the bullion throughout the
world. Iu either event we would be
forced to the exclusive use Of dollar.
worth only a little more than half the
present dollar. 1t would cause the settle