The times. [volume] (Richmond, Va.) 1890-1903, 1895-07-24
Mr.. SMITH DEFENDS GOLD.
He Nets With a Splendid Reception IN
His Own state.
STUBBORN FACTS WITHOUT RHETORIC.
PopuIistic Faliacies Disposed OF In clear
and Logical Manner, ana Many MIS-
statements Corrected The
Result of Free silver
shown.

a splendid reception this morning. Inc
uressuce OF hundreds of covered WAGONS
surrounding the public square denoted
the interest that the farmers feel IN the
financial discussion now going on. Eaily
In became apparent that the large county
courthouse. which seats more IMAM one
fnousaud would be unable to hold ali
tne country people who mad come from
a distance. Inc committee requested, III
view OF this fact, That ladies' ana clS
people would not attend The bdidihS
was crowded TO sunoca-on, ana many
were unable 10 obtain ADMISSION. \ pun
lie reception will be given the secretary
at his hotel tom gnt. The secretary
spoke partially as follows.
| am mere, IN response 10 your lhFiAa-
ton. 10 discuss the nnanc al problem.
shall support the National democratic
platform ana oppose the National pia'-
ioIm of the Popuilsts. .,....
At Chicago. I'm lssZ. the democratic
party by ms representatives tor the en-
tire Union. voted down. Overwhelmingly
the prou0s.ti ton OF a delegate from Coo
RADIO TO insert in the platform tAe NYi''
free" (Which would have made the pat
form declare for free coinage OF silver.
The platform adopted, when honestly
construed. condemned the free coinage
of silver at 10 10 J. and the Delegates OH
the first ballot, nominated Dy W." ~
thirds vote, as the standard bearer OF lhe
party. one who. IN ln53. ny mcssa ~
Congress. hau oup0sel uotn the free Gun
age of silver and the Bland-Alhsoh i a.
and who later. on February ~, 1851
AS a private citizen. in a public letter
declared the experiment OF Tree, uli-
Limited. and independent coinage oi sii-
yer" 10 be dangerous ana iechiv9,a,.
This nomination emphasized the Iepudla-
ZION bv the ronyentiol, lot the free
coinage of silver.
oNE RESULT or PASfcs.
1--WE have been through a panic. Farm
ers have improved. Without stopping 10
account for the panic 4 should be boihe
in mind that panics nave 0ccuIIeu @Dou,
every twenty years usually accom- 4''''i.'
with gisfrusf - the Kind or money unfl.
Every panic has developed party I'D
favo. OF bad money, but with rrtAilllt
prosperity the party mas diet' I.,i-,t
from panics has always come through
restoration of cOnld nee, not through DaH
"The gold coins OF the Confederacy are
perfectly good. STILL although the Coy
eminent has ceased.
"Paper money is good when the Govern
ment is able. on presentation, % carry
out its promises 10 redeem IL I'D some
thing OF actual value equal 20 IT'S iace.
The STAMP of a Government on coin Is
good IL lhc stamp tells the truth ABOUT the
value Of the bullion colned
"Tne free-suvcr advocates claim
first that tho act of lSi8. was sur
reptitiously passed. and robbed the peo-
ole OF One-half the money OF nnal pay
ment: second. that for this reason there
is not sufficient money Of nnal payment
and the appreciation Of gold has deire-
ciated everything else. Upon these TWO
propositions their entire arguments are
based"
rrpLY To IOpuL.sr CLAIMS.
The Secretary met these propositions by
claiming first. that the alleged contrac-
zion of money OF final payment had not
taken place: second. that the proposed
remedy would. in reality drive one-nali
OF the money now in use out or chcuia-
ton. and produce contraction iuAilou9
in its results.
He said 10 was .mmltcrill, 90 Ter as 'n'
proposed legislation was concerned no"
the act OF 1873 was passed.
The act OF 1873. be showed, did not re-
move one-half the money of final pay
ment. The per capita of circulation IN
1873 was between sis and Sl3.. lne per
caf,ita now is between 50 and S-t.
OR PER cArIrA or sILvKr.
The per capita of silver alone In the
United states. which is fun legal tender,
an present is $9N. This is a larger per
capita of silver than that Of any oaie
during the period when free and unilmt-
ed coinage of silver was provided FOR py
law.
II is more than twice as large as the
per capita of silver coinage found IN any
free-silver country to-day
"The claim. therefore" he said, that
the money OF final payment has been re-
duced one-half. thereby deprlvns tne
public OF "A sufficient volume. is simply
groundless. .
%. ID
value of gold. as shown 20 DE lalse uy
the enormous output of gold last year
it was the largest in the worlds history
and amounted 20 Sl6l. .0.wo.
"Thc worlds stock I'm ran legal tender
gold and silver to-day. IS. by the latest
statistics. 1895 $1,000 gold and S'i'D'p''O"
silver.
WY a SILVER rOLLAR pAssrs
The bullion in a silver dollar Is worth
Caly ffty-twO cents. People exchange pro-
ducts as readily for a.sllver 1ollaf as TOT
q gold dollar. because the eoNernlhtN. I,
having started stamping ~ II grams OF
silver one dollar and having put them
into commerce as worth q hundred cents,
has felt responsible 10 Keep the coined
dollar at an eXchangeablc value clual
10 the stamp put on ito kse zen. IL up 10
Without government support az IL
grains Of silver and the new silver dollar
would be of the same eNchaneeable value.
The question therefore Is. What eHeci
would. free coinage have on silver PAL
lion, Would ~ - grains of silver be-
come worth as much as 2.S grains or
gOil2 Would free coinage give IL an eN
changcahlc value equal 20 our pfescA'
dollar. in the markets or the world n thf
value OF silver is not doubled by Tres
.oinage. then the cXchangeaDle value OF
our new silver dollar must drop 90 tnt
actual value of the silver pat into H.
ulfr SOS tsD HAMILTON.
When the act of 1892 was passed. Jofsor
son and HaUiltGH recognized the iac'
that the cxchangcablc value of a coined
dollar must be controlled by the conner
ciai value of the bullion put into IL. They
decided that 10 required fifteen times as
many, and multiplying q 81 by o. placed
81 Ia grains OF silver IN a dollar This
underyaiued gold For the FIRST few years
owing largely 20 the lack Of quick inter
national communication. IL circulated 10
a limited extent and then. long before
lEi went entirely out OF circulation
and we were on the silver standard. ID
1884 Jackson sought 10 restore blmetallism
but be was unwilling 10 change the stand
ard upon which business was then Deine
done. He recognized the danger 20 com
merce Of changing the standard. IL
therefore reduced the amount OF gold pu'
INTO dollar, so tina, under The new coin
age the bullion value Of both dollar
would be Just equal 10 the dollar then ff
use. ana Ar his instance new ratio OF
10 20 j was passed 10 was soon found
that this new ratio underyaiued silver
and shortly after 1854 this country wen
90 the gold stanlard-25.S gains II geld
20 the dOllar-and has been on IL ever
since. with the exception Of the time
incident 10 the war.
Under the new ratio. after 1891 even
fractional currency was worth more wher
melted than It's coinage value and there,