Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1895-10-10
SECRETARY HERBERT SPEAKS
A Good Audience of Representa-
tive Citizens Hear Him,
BUT He MAKES N0C0NVERTS
The Best Speech That Could Be Made From a
Goldbug Standpoint
BlMETALLISM REMAINS ALL STATU QUO
In Alabama, While Our Able Secretary
Passes on toWashington-It Is "Con-
dition, Not Theory" the Peo-
pie Are Interested In.
BUT He MAKES NOCONVERTS
BlmETALLlSM REMAINS ALL STATU QUO

Col. Hilary A. Herbert, secretary of the
navy, spoke at O Briens opera house last
night in opposition to the free and I'M
limited coinage of silver.
Almost every seat in the parquet and
dress circle was occupied, and few peo-
pie had seats in the gallery.
Seated on the stage were Gen. Rufus
N. Rhodes B. Steiner. S. D. Weakley,
Railroad Commissioner Ross C. Smith,
Gen. Fred s. Ferguson, Secretary N. F.
Thompson of the Commercial club, F. v.
Evans, Capt. w. A. Walker, B. F. Moore,
Maj. w. J. Miner Maj. w. w. Screws
General Rhodes introduced Secretary
Herbert in a few well chosen words,
after which Colonel Herbert said:
Ladies and Gentlemen and Fellow Citi-
zens: Three years ago L appeared be-
fore Birmingham audience pleading for
the unity OF our party. The question
then was money.
Tonight L appear before you again
pleading for party unity. Again it is a
money question. Three years ago it was
the sub-treasury. That proposition was
so untenable that it has already passed
into history. This time it is a question
OF an increase of money. 1t is a greater
question, and the people of Alabama and
the south are much more divided on the
question l said it was serious ques-
tion. 1t is one on which the pros and
cons are much more evenly divided than
they could have possibly have been on
the question three years ago.
think when the people have thorough
ly considered this question they will
come to practically unanimous opin-
ion This question that we are now con-
sidering is whether the United States
n ri xa in av-1n
larger currency, the unlimited coinage of
silver.
The first thing to do Is to get rid of
some of the prejudice that exists in the
minds of the people. We must decide this
question as practical business men, We
must not lose sight of the good common
sense. The idea that the silver dollar
played very important part in this gov
ernment down to the civil war has gem
orally obtained. That is not correct
Whatever prosperity this country may
have enjoyed down to about 1870 was
attained without the aid of the silver dol
lar
From the beginning of the government
down to the passage of the Bland Allison
act in 1878 only about 100000 of silver
dollars had been coined. Alexander Ham
llton one Of the wisest financiers of our
country, said Is to l was about the mar
ket ratio. Thomas Jefferson recommend
ed the same. They represented different
parties. and the recommendation was
adopted.
The silver orators and papers are saw
Ing we should act independently of any
other government in establishing the
ratio. Jefferson and Hamilton did not
make any such recommendations. Prior
to 1884 less than $2000000 of silver had
been coined. In 1906 Jefferson, then pres
ident, ordered the suspension of the coin
age of the silver dollar, as it was driving
out the gold money. You who were here
during the war remember the Confed-
crate money drove gold from the south
and greenbacks drove gold from the
north.
1t is we'll known law that men will
always pay their debts in the cheapest
money and retain the more valuable. 1t
was this fact that impelled President
Jefferson to stop the coinage of silver dol
lars in 1906. The people were holding
back gold and paying in silver.
We come now to 1884. The cheap silver
had not only driven gold from this coun-
try. but we had no silver. 1t was in 1884
Thomas Benton, that great democrat, in
troduced the act that fixed the ratio at
16 to l. The market ratio was fraction
less than 16 to 1. But as Benton de-
clared, they wanted to make silver the
cheaper money. 1t is true they still had
free coinage of both coins. But thew
thought gold the better money. Andrew
Jackson was president at that time and
IL. H.
vorite Alabama democrat, was chair
man of the ways and means committee
which recommended It, That committee
recommended the adoption of a single
standard for money. and recommended
that that standard be gold
Secretary Herbert here read the re-
port of the committee, made at the time
Continuing he said: If there can be anv
doubt of the position of both wings and
democrats at that time all doubt will be
removed when 1t is known that the met
ais were coined at the rate of s15 OO0 Of
silver to about 81, 100000 of gold. -
President jackson said in his second
message, when the gold standard law
had been in operation seven months.
that gold was seeking our mints and that
SILVER was seeking them only in small
quantities.
During the administrations of the dem.
ocratic and whig presidents from 1924
to 1861 the law under which 1862 times az
much gold as silver was coined was an
proved. The law enacted in 1853 made
the silver coins more valuable than the
gold. and our silver coin was being ex.
ported or melted up in order to get this
little profit of from 3 to cents on the dol
lar The law of 1853 changed the amount
of silver in dollar from 4121s to 3s4
grains. Still they did not change the
latio.
The State Herald yesterday morning
said that had stated in my MONTGOMERY
speech that from 1884 to 1851 there was
coined and in circulation in this country
s2,800.000 in silver. In my statement /
excluded fractional silver which had
been coined all along. This amounted
TO about s500000OO Its coinage covered
a period of sixty-three years We now
have $76.000O00 fractional currency in cir
culation.
The legal tender capacity of fractional
silver was taken away because 1t was not
practicable to handle it. The trainers OF
that law wisely said it should be legal
tender only to the amount of $5
The $3,S00,000 coined from 1853 to 1861
was not in circulation. There were only
$4,000, 900 of silver in circulation for nine
ty years. and our ancestors in the Ian
guage of some of our friends. were gold
bugs.