Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-04

Toe real fshi Is between Crisp ana Sm'tn'
or between the double and slng.e-stand-
ards
The galleries and the noos OF the Han
OF he representatives. were filled with
80 ctatofs when Secretary smith entered
tonight a, 9 O'Clock. lie was introduced
by Senator Osborne. Of Savannah.
The Secretary In opening. said the
subject on which he intended 10 speak IS
Of vital interest TO the Democratic party.
That Democrats differ honestly he con-
fcssed. For those who differed with him
he had profound respect. he said.
lie objected TO calling The present div-
sion i'm the Democratic party family
quarrel
ONLY A CONSULTATION
"CaA it rather" said he "a family con-
sultaton."
Bu. 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.
He proposed TO explain. the speaker an
rourced. why he personally was opposed
90 he free coinage Of silver at 10 20 l.
He then proceeded 20 discuss the origin
81 coinage. Coming 20 the currency now
In circulation I'm the United States, Mr..
Smith said he wished Il distinctly under
'N'N AAAhA ffN's'''''N VI -AANFA N'AAa'N
since 1873 IS legal tender for all debts.
for any claim, made so by act Of Con-
gress.
The free coinage OF silver az 10 TO !
would be unjust 20 gold. Mr.. Smith de-
clared. because there would be only 80
cents worth Of silver I'm the silver dol
lar. while there would be 100 cents worth
Of gold in the gold dollar
Il am no enemy OF silver. ] want 20
see every silver dollar circulate that can
be kept worth a gold dollar. and | want
to see every paper dollar circulate that
can be kept at the value Of the gold and
silver dollar.
THE advocates Of free-silver coinage
call themselves bimetallists, but they are
really monometallsts," declared the
Secretary. FOR gold would be driven out
of circulation and only silver would re-
main"
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 Approximate commercial
ratio
STANDS WITH JEFFERSON.
I'm that / stand with Thomas Jeffer-
son." the Secretary declared.
Abiding to Mr. Crisp's speech. Mr..
Smith declared that the ex-Sp aker's
policy would degrade the country's dollar.
and would not reform the nations cur
rency.
Il warn you cotton-planters against
cutting loose from for ign countries"
said Mr.. Smith. They buy so per cent.
of your cotton. Then, how could you get
along If you cut loose from your best
They talk about more bonds. No
body wants 70 issue more bonds. but,
with demand notes what are we going to
do? Shall we pay them, or shall we re-
fuse them and discredit our government
We have not the silver to pay them with.
but If we had. and were 10 pay In silver
we would go to a silver standard. That
Is an uncertain measure Of values"
The Secretary pictured a terrible panic
as the result OF going To a silver basis.
'lf you were 10 elect a President and
Congress committed to the policy Of the
free coinage of silver. IL would not be
six months before silver legislation would
be enacted. In the mean time creditors
everywhere would insist upon payment.
There would be no extensions OF credit,
and frghtful panic would ensue."
Mr.. Smith advocated the repeal of the
10 per cent. tax on State banks. He be-
lieved It unconstitutional. and stated that
many able lawyers with whom he is
associated in the administration also be-
lieve the law Is unconstitutional.
Il do not believe that up to 1879 | knew
how many grains OF gold or silver there
were in a dollar ] do not believe | knew
what the ratio was, but since that year
/ have studied the question. and now
believe firmly i'm "A gold standard. | be-
lieve tnat the next RsInocrauc Nauonai
Convention viii put In single gold
standard plank"
Mr. Smith closed with an appeal for
harmony i'm the Democratic party.