Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-07-24

Gainesville. Ca, July 2S.-Secretary
Of the Interior Hoke Smith spoke on
the financial question to-day 10 a large
audience. He said that al Chicago in
1892 the Democratic party, by its rep
resentaHves from the entire Union
voted down overwhelmingly the propo-
sition of a delegate from Colorado TO
insert in the platform the word free,
which would have made the platform
declare for free coinage of silver lie
would support the national Democratic
platform and oppose the national plat
form of the POpuhssts
In discussing the details OF the mGt-
ter he said the claim that the value OF
cotton depended upon the rise or fall
of silver has 0een shown to be without
foundation. this year Cotton IN the
last four months has risen 80 per cent;
silver per cent, Prior to $50 the
nric, of cotton varied from 10 4O'cents.
Silver never fell below $l.29. In 1870
cotton sold for { cents. Silver was then
S1.32 an ounce.
The value Of silver bullion has fallen,
since 1873. On account of the lessened
cost of production; on account OF the
enormous increase in production, and
on account of the decreased demand.
/ All of these elements entered into and
helped 10 cause the reduction OF the
value of silver.
To restore the price of silver to its
value in 1873 YOU must remove all the
causes which have reduced its value.
/ Conceded for! the saks of argument thar
the action of the United States was onS
of those causes. II is illogical TO claim
that the removal of this one is to re
move the effect of all the others.
In addition to this, if the silver mines
can afford to continue increasing their
production as they have from $Sl, 0O0,
GOO in 1873 to $214,4S1,0 600 in 1894
on a market which has fallen 90 per
cent, what would they produce ON a
market which has risen 100 per cent?
The volume to be raised in value eX-
tends the earth deposits, as well as to
that heretofore mined.
The immediate effect of the election
of q President committed to such pol
icy would be separation of the gold
and silver dollar, the gold dollar going
to q premium of about two for one.
We would lose at once S678000 600 Of
gold now in circulation and in the
treasury. The greenbacks and treas
ury notes. 1913 600, 600, which would
still remain outstanding, would be
| boarded in the hope that free silver
BILL if passed at all, would be soon re-
pealed. This would take place imme-
diately after the election of a President
| in November, 1896, and probably even
after the nomination by either of the
great parties Of free silver candidate.
! The new President could not be inau
gurated until March 4. 1891 During
the six months or more before it woul&
be possible to pass free silver logisla-
| ton. the contraction Of currency just
/ described would precipitate the most
serious consequences. Those owning
/ gold obligations would put a strain up
| ON the remaining silver currency and
bank notes. to buy gold to meet their
gold obligations. The currency. con-
! sisting of checks and bills Of exchange,
amounting to 50 per cent. of our entire
currency. would go out Of use in con-
/ ScQutuCc vi IDS9 vi NOAtlu1HN0 anu
credit. and the result would be the
withdrawal Of 9712 per cent. Of our en-
tire currency and the paralysis Of bust
ness would Immediately follow. Banks
would be raided by their depositors.
| Indebtedness not payable in gold would
be collected 81 once Cr the property
owned by debtors taken from them.
| Merchants would fail manufactures
close, workmen be idle, farm products
without a market and poverty and dis
! tress to be found on all sides.
Concluding he said:
The picture is not overdrawn. When
l contemplate it there is but one source
of comfort-it is an abiding confidence
that with - months of full, free dis
! cnssion. the american people can be