Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1895-07-31
Hoks Smith Speaks.

GAINESVILLE. GA, July 23-Secretary
of the Interior Huke Smith spoke on the
financial question to day to large audience.
He said that at Chicago in 1892, the Demo
cratic party, by its representatives from the
entire Union, voted down overwhelmingly
the proposition Of a delegate from Colorado
to insert in the platform the word "free'"
which would have made the platform de
clare for free coinage of silver. He would
support the national Democratic platform
and oppose the national platform Of the
Populists.
Ia discussing the details Of the matter he
said the claim that the value Of cotton de-
pended upon the rise or fall Of silver has
been shown to be without foundation, this
wear. Cotton in the last four months has
risen 80 per cent; silver 5 per cent. Prior
20 1878. the price of cotton varied from 4 to
40 cents. Silver never fell below 81 % -
Ia 1915 cotton sold for 4 cents. Silver was
;heu 81 81 an ounce.
The value Of silver bullion has fallen,
since 1878. Ga 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 ele-
meuts entered into and helped to 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 It's value. Conceded
Tor the sake OF argument that the action OF
the United STATES was one of those causes,
10 is illogical to claim that the removal OF
this one is to remove the effect of all the
others.
Tn addition to this, if the silver mines
can afford to continue increasing their pro-
duction "a they have, from sSl 100000 in
| 1873 To S2I44S1 900 in 1894, on a mark
which has fallen so per cent, what would
they produce on a marke, which has risen
100 per cent? The volume 10 be raised in
value extends to the earth deposits, as well
AS 90 that heretofore mined.
The immediate effect of the election OF a
President committed to such a policy would
be separation Of the gold and silver dollar.
the gold dollar going to a premium OF about
two Tor one.
We would lose at once S67S. 0O0, 900 oil
gold now In circulation and in the treasury.
The rreeuback, and treasury notes, $50
600 600. which would still remain out-taud-
ing. would be boarded in the hope that q
| tree silver bill, il passed az all, wound be soon
| repealed Ibis would take place immedi
ate.y after the election of "a President ia
| November. 1896, and, probably, even after
/ the nomination by either of the great parties
I OF "a free silver candid ate. The new Presi
dent could uo, be inauguraied until March
(, 1897. During the six months or more
I before It would be possible 20 pass free silver
| legislation. the contraction of the currency
iu,, described would precipitate the most
| serious consequences. Those owning gold
obligations would put a strain upon the re-
manning silver currency aud bank notes To-
buy gold 20 meet their gold Obligations -
The currency, consisting OF checks aud o'Is
of exchange amounting 70 70 per cent Of
our entire currency would go out OF Use j"
consequence OF loss OF confluence ana c'eu''
anu The result would oe '"e "''"u'a"H' OF
e'-
paralysis o' 0'''e>, "'U'u "''''''
'''''"' D'nA' "ou'u oe '"'1e' oS '"'i'
uePos''orS' l"ueo'eune'S not p"!"o'e j"
S''d WOMB oe c'.ec'eu al once OF '"e prop
rI'y owned oy debtors TAKE" l''" them
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American people can be- relied upon to over
10 pay O' F''F