The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-05-08
a GOLD STANDARD VIEW,
SECRETARY SMITH FEARFUL OF SIl
YER MONOMETALLlsM.
The Result ofFree Coinage at Sixteen to
One by This Country Without lnterna-
tiOnal Agreement.

One by This Country without lnterna-
tional Agreement.
MACON, Ga, April 3O.-Secretary
Hoke Smith of the Interior Depart-
ment was interviewed here today bva
representative of the Telegraph on the
financial question and defined the diff
ferences of opinion on the currency
question existing in the country at
present. He thought that during the
next twelve months a thorough dis
cussion of the money question would
be presented all over the country. This
discussion will be limited, he thought.
to the proposition of the unlimited
coinage of silver at ratio of 16 to /.
The Secretary divided the people into
three classes: gold monometallists, sill
yer monometallists and bimetallists.
He did not think that the gold mono
metalllsts were enough to become a
factor IN the campaign, but that the
issue would be for and against mono
metallism. He thought that the free
and unlimited coinage of silver at the
present ratio by this country alone
would mean nothing more nor less
than silver monometallism, for if un-
der that system the price of silver bull
lion did not materially advance, no
other metal would be presented at the
mints for coinage.
The real question, the Secretary
thought, was whether or not the free.
and unlimited coinage of silver at
ratio of IL to 1 would advance the
price of silver bullion so that it would
bear the relative value to gold of 16 to
l, which is the proposed ratio.
The Secretary reviewed the history
of the country's currency and said
that both Jefferson and Hamilton rec
ognized the fact that the ratio of coin
age must be fixed upon the commercial
value of the metals in the market. In
1878, when free coinage was suspended
by the United States, the silver in
dollar was worth more than the gold
in dollar, but since that time the
demonetization ofsilver by other coun-
tries has allowed its value to drop to
the price which it will bring for man
ufacturing purposes. The value of an
article must be controlled by the de-
mand for its use and the supply to be
consumed. The facts show that the
demand has practically ceased while
the supply has almost trebled. This is
true in spite of the fact that since 1878
the United States has coined more sill
yer than in the eighty years prior to
that time.
'Can any one, asked the Secretary,
study these facts without concluding
that if this enormous issue by the
United States was asinsuficient to STEADY
the fall Of silver during the past twen-
ty years, unlimited coinage by the
United States alone would not be suf-
fcient to restore its bullion value now?
1T is therefore not offensive criti-
cism, but only statement of logical
conclusion, when I insist that unlim-
tied coinage of silver at the ratio of 16
to means silver monometallism. I'm
der such a law, all the silver product
of the world would turn to our mints,
and then would come the silver here
tofore manufactured into cheap wares.
Again, silver mining would increase
and the exhaustion of resources would
be threatened by the exchange of sill
yer dollars for bullion.
with free coinage, we would yir-
tually change our standard to one
worth only one half the present stand
ard and the commercial value of a dol
lar the world over would be only fifty
cents. While commodities might sell
for twice as many dollars their real
value would remain unchanged. The
entire county would be confused, un-
til by accurat test, the true value of
the new standard was ascertained.
The result would be a cessation of
trade and the cautious business man
would involve himself in no con-
tracts. This uncertainty would create
serious business troubles and the prac-
teal suspension Of all enterprises"
He could see no benefit from the
change and none especially to those
whc worked for wages, because they
were always the last to be recognized
in increased wages under ths,use of a
deprecated currency. The proprietor
of an enterprise would insist that en-
ployees take the risk. He did not be-
ieve the change would benefit the
debtor class because so many loans
have been made on the gold basis and
Ghe debtor would be obliged to 60 into
the market and purchase gold with
which to meet his obligations. As to
other debts, if there were any danger
of silver monometallism, there would
be no extensions possible.
Reasoning on these lines, he could
see no benefit even if the change were
broughtabout. One class insisted that
the benefit would be in the inability of
the employees to exact double wages.
To these selfish employees, some bene-
fit might come, but it would be found
that after the final adjustment to the
new conditions prices would be nomi-
nally increased all around with no
real benefit to anybody. He doubted
the proposition that other countries
would follow the action of this coun-
try. If that were true. the standard
woulC appreciate and debts contracted
during the depreciation would increase
as the value of silver increased and the
class sought to be benefited would
again be burdened.
The Secretary thought the agitation
of the question was checking the re-
turn of prosperity, but he hoped the
contidel-ce that the question would be
defeated would prevent serious injury.
In conclusion, Secretary Smith said:
I have no donbt that the next Presi-
dent of the United States viii be op-
posed to the unlimited coinage of sill
yer at 16 to l.
a De>pondent Suicides
CHICAGO, Ills, April 30.-A NJ.
Dickson, who was terribly beaten by
of the Market street gang