The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-12-04
SILVER AS SHEKELS A SNARE.
HOKE SMITH SPEAKS BEFORE THE
LEGISLATURE.
The Bona Eide Dollars sure TO BE
Driven Out of Circulation If specu-
lators Could Buy Them Up with
5O-Cent DOlIars-Therefore the Ad-
vOcntes of Free silver Coinage at
I6 10 Are NouometaIfsts.

VOcates of Free silver Coinage at
IG 10 1 Are MonOmetaIists.
Atlanta, Ga. Dec. S.-Hon. Hoke Smith.
Secretary Of the Interior, addressed the
Georgia legislature tonight on the finan-
clai question.
Two weeks ago ex-speaker Crisp spoke
before the general assembly of the state
in response to an invitation. Judge Crisp
and Secretary Smith are recognized as
opposing candidates for the United States
Senate. A successor to Senator John E.
Gordon will be elected next November.
Judge Crisp will make his race as the
free silver candidate and Secretary smith
VIII run as the exponent of the Cleve-
land financial policy. There are other
candidates, but they are dark horses. The
real fight is between Crisp and Smith,
or between the double and the single stan
dard.
The galleries and the floor Of the han
of the House OF Representatives We're nll-
ed with spectators when Secretary smith
entered tonight at o'clock He was in
troduced by Senator Osborne Of savan-
nah.
The secretary, in opening. said the ques-
ton upon which he intended to speak Is
of vital interest to the democratic party.
That democrats differ honestly, he con-
tessed. For those who differed from him
he had profound respect he said. He OBJ
Jeeted to calling the present discussion in
the democratic party a family quarrel
Call II rather said he, "a family con
suitauon But whatever may happen in
the next national convention of the party,
he trusted that all democrats would abide
By the result as expressed in the platform
lie proposed TO explain, the speaker an
hounced, why he personally was opposed
TO the free coinage of silver at 16 TO l.
lie then proceeded to discuss the origin
OF coinage.
Coming to the currency now In circula-
tion in the United States, hir. Smith said
he wished it distinctly understood that the
$4to,UQ0UO OF silver coined since 1873 is
legal tender for all debts, for any claim,
made so by act of congress.
The free coinage Of silver at l6 to /
would be unjust to gold Mr.. Smith de-
clared, because there would be only 20
cents worth of silver in thesilver dollar
while there would be 100 cents worth of
gold in the gold dollar
Il am not opposing silver / want to
see every silver dollar circulate that can
DC Kept worth gold dollar. And want
to see every paper dollar circulate that
can be kept at the value of the gold and
the silver dollar
The advocates of free silver coinage
call themselves bimetallists, but they are
really monometallists, declared the Sec
cretary for gold would be driven out of
circulation and only silver would remain.
Mr.. Smith discussed the first ratio es-
tablished by the United States. saying
that jefferson and Alexander Hamilton
agreed upon the ratio of Is to /, believing
that TO be the proXimate commercial ra-
ito.
I'm that, stand with Thomas Jeffer-
SON. the Secretary declared. Mr.. Smith
quoted Benton and the congressional de-
bates Of 1884 on the change of ratio.
IN 1853, we had lost all our silver and
Were on gold standard, the Secretary
continued. In the act providing for the
coinage of subsidiary silver il was de-
be paid out for gold. The silver dollar
was not mentoned--it was not even coin
ed. After the change of ratio TO i6 to 1
in 1884 we went to the gold standard. Free
coinage then did not add per cent. TO
| the value of the silver dollar How alb
surd it would be TO imagine that If we
We're TO open the mints to silver now IL
would add 80 per cent. TO the value of
the silver dollar"
consume the time of his audience by dis
cussing the manner in which the act de-
monetizing silver was passed. He had
letter from Secretary Carlisle declaring
that the legislation Of 1873 was intentional.
Senators Benjamin Hill and l.. Q. c. La
mar, Bayard Of Delaware and Beck of
Kentucky were quoted as opposing the
reconciliation Of silver, repeating the act
of 1873 Between 1878 and 1880 property in
Georgia increased from S259,000,O00 to $4i5,-
OO0,000 between 1880 and 1890 taxable prop
critics in the southern states increased 20
per cent. This, the secretary commented,
showed the prosperity of the country
treasury fun. In 1895 we found the treas
ury bankrupt We found that the Nc
Kinley bill had passed and the Sherman
Dill was burdening the treasury. In ad-
dition we had an expenditure to meet in
excess Of $9OO0O,OO0 Of the revenues pro-
vided. There was outstanding $780, 900
in greenbacks. They were so many de-
mand notes and when they We're presented
the administration had TO raise the money
and pay them. If it had not there would
have been a financial crash which would
have paralyzed the business of this coun-
The audience did not respond to the sec
retary's raps at the free slyerites and
COINS Financial School"
If free coinage at l6 TO ] would carry
the silver dollar up TO par intrinsically, /
would not oppose 1t. But we know 1t would
not. 1t pays to mine silver at 80 cents an
ounce, and no power on earth can keep 1t
selling at Sl.Z9 an ounce. Modern railroad
facilities have cheapened the cost of min
ing silver. If the silver mine owners got
S1.9 per ounce, they would make profit
of 80 per cent.
1.-The cost Of mining gold averages about
95c for the amount which goes into the
dollar. II would be impossible to maintain
the two metals in circulation with such
difference in their intrinsic values 1t
would be stupidity for this country to un-
dertake free coinage by itself Fifteen
countries have ceased coming silver the
last Y years"
Alluding to Mr. Crisps' speech. seere-
tary Smith declared that the ex-sDeaker's
policy would degrade the country's dollar
rency
A distinguished statesman said IN his
presence recently that sixty times as much
business is done between the people of
this country as between the people Of this
country and foreign countries Then let
foreign countries alone But he did not
prove that his policy would be better than
the one we have. His plan would he iniu-
rious in this country because il would re-
suit in silver mOnOmetallism
Il warn you cotton planters against
cutting loose from foreign countries
They bay 80 per cent Of your cotton.
Then how could you get along IL you
cut loose from your best markets? They
talk about more bonds. Nobody wants
to issue more bonds. but with demand
notes out what are We going to do wncn
they are presented? Shall we pay them
or shall we refuse them and discrcdit
our government? We have not the silver
TO pay them with. but II we had and
were to pay IN silver. we would 10 to
"a silver standard. That IS an uncertain
measure of values.
The secretary predicted a panic as the
result OF "A silver basis.
'If you were TO elect a President and
"a congress committed to the policy OF
the free coinage Of silver Il woull De-
six months before silver legislation could
De enacted la the meantime. the credit