The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-08-01

tary HOke Smiths Speeches and Say:
the Secretary Failed to Satisfy Him
That "There is any Redeemins
Quality in the Gold MonometaIism
Which Has Made the Rich, Richer,
and the Poor, PoOrer.'
TURKEY, N. O., July 81.
To the Editor of the News and Observer
read last evening the NEWS AND Or
SERVERS report of tie speech of Hon.
Hoke Smith at Gainesville, Georgia, on
the 23d instant, and / must give him
credit for a respectfully strong presenta-
ton of the administrations views on the
silver question, but unless the reporter
misunderstood Mr. Smith or unscon-
sciously favored the speech with bis own
opinions, Mr.. Smith allowed his zeal to
becloud his memory, and in few in
stances to plunge him into inconsistent
cies.
His history of free coinage is not sus-
tanned by the evidence in his easy reach.
He says that in 1892 Jefferson and Ham
ilton determined to make the new gold
and silver dollars equal in value to the
then standard of measurement, which
was dollar equal to "a "a grains of
gold, = = and they undertook to find
how many grains of silver uncoined were
commercially eqnal to "a "a grains of
gold. They decided that it required fif-
teen times as many, and multiplying
"a "a by Is placed 371 Ia grains of sill
yer in dollar"
The STANDARD of measurement" at
that time was not a ''dollar equal to
244 grains of gold''; it was the Spanish
milled dollar, the standard recognized in
the Continental currency and the acts of
the Congress of the Confederation. And
IN determining the ratio of gold and
silver IN the coins proposed to be minted
the first step was to ascertain the amount
of pure silver in Snanisb ~"
Inc act says: DOLLARS or units sc each to
be of the value of Spanish milled dol
lar as the same is now current"-not
equal to so much gold. The gold dollar
was never coined until 1S49.
This adjustment of ratio, continues
Mr.. Smith, ''undervalued gold. For the
first few years, owing largely to the
ton, it circulated to a limited extent,
and then long before 1884 went entirely
ont of circulation, and We were on the
silver standard"
This is no new statement, since it is
considered by the gold mono metallists
one the strongest points in their favor;
but it is none the less remarkable, being
inconsistent with the records of the
Treasury, which report that, except dur
ing the two years following the war of
1912, gold was coined every year from
1892 till 1884, the total being nearly
$11 900, 000-more than eight times all
the silver dollars. This gold was not
coined for the convenience of manutac-
turers. 1t was coined for circulation as
money, and paid debts and taxes. If
not, what became of it,
We were ION the silver standard,
says Mr.. Smith; and yet less than one
million and a half ($1, 400, O00) of silver
dollars were coined in all the years up to
1884. Of minor silver coins only "about
ST., 900, 900" could be found in the
country as late as 1878. But ''the Span
ish milIed dollar, says Mr. Smith, twas
still in circulation, but the highest
amount Of foreign silver by the esti-
mates of the Treasury Department in
circulation at any time was $50, 600, 000
So then, in all the years from 1892 till
1884. the maximum of primary money
could not have exceeded sos, 600, 900, or
about 81 so per capita in 1884.
This proves, if it is true and proves
anything, that We now have a super
abundance of primary money $678,-
900, 900 of gold, or about SO per capita.
And yet he tells us in another part of
his speech that our silver money relieves
the ''pressure upon gold" What press
pre can there be-
Attempting to unhorse those who con-
tend that the money of final payment"
has been reduced one half, he asserts
that the contention is 'grcundless" be
cause 1--WE still use gold and silver both,
and have more than we ever had prior
to the passage of the act of 1872. Why
such an assertion as this should be
listened to and applauded by an intelli-
gent audience is past finding out; the
silver coins are no more "money of final
payment" than the greenbacks are, and
pass at their face value for substantially
the same reason.
This misrepresentation occurs in an
other place, accompanied by the admis
sion-inconsistent with his argument
that there is pressure upon gold"
And the bimetaIist would like to know
why Mr.. Carlisle does not borrow from
the New York and London fnanciers
some of this silver which relieves the
pressure upon gold'.
Mr.. Smith makes what he considers an
admission that "the average decrease of
the price of commodities since 1873 he's
been about 20 per cent u bat kaw docs
he determine whether there has been
decrease of prices or an increase of the
purchasing power of gold In this way:
There was an enormous output of gold
last year; it was tne largest in the worlds
a;story, and amounted to $181 SOC, 900. !"
This is why the prices of commodities
have been going down since 1873.
Closing his argument he urged the
necessity for sound currency consist
Ill. INIT