Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-23
The per capita now is between $50 and s24.

The per capita now is between $23 and s24.
I'VE were unable to keep the value Of
silver up to gold under the free coinage act
! Of 1892. We were unable to keep gold up to
silver under the free coinage act Of 1884.
France and her associates in the Latin
uEton found themselves unable to keep
silver up to gold in 1874. The failure Of
these practical tests, under far more favor
able circumstances than those Of the pres
EFT. demonstrated how ridiculous is the
claim OF the silver advocates.
Inese facts, fairly considered. one by
one. Will bring the conclusion that free
out silver; means new standard of meas
ure equal In value to the present COM
merctal value of the bullion now put into a
silver dollar means new dollar worth only
dollar, and the measure of all values by
this new standard.
What WOuld Happen.
1.-THE immediate effect of the election of a
PRESIDENT committed to such a policy
would be the separation of the gold and
silver dollar, the gold dollar going to
premium of about two for one. We would
lose at once S67S, 900 600 Of gold now in cir
culatlcn and in the treasury. The green
BACKS and the treasury notes, $375,OOO. 900,
which would still remain outstanding would
be boarded in the hope that a free silver
bill. II passed at all, would soon be re-
peaied This would take place Immediately
after the election of a President in No
vember. 1896. and probably even after the
nomination by either Of the great parties
OF free silver candidate. The new Presi-
dent could not be inaugurated until March
:. 1877. During the six months or more
before 1t would be possible to pass free
silver legislation the contracting of the
currency just described would precipitate
the most serious consequences. Those
owning gold obligations would put a strain
upon the remaining silver currency and
pank notes, to buy gold to meet their
gold obligations. The currency, consisting
OF checks and bills of exchange, amount
would go out Of use In consequence of loss
or confidence and credit, and the result
would be the withdrawal of 971a per cent
of cur entire currency and the paralysis
of business would Immediately follow
Banks would be raided by their depositors.
Panic Conditions.
Creditors would seek to enforce their
debts before the reduction of the standard
to the silver basis. No extension of debts
would be given to anybody, except where
made payable in gold at increased rates of
interest. longtime debts are in gold
The amount TO be paid on them would not
be reduced. Indebtedness not payable in
gold would be collected at once or the
property owned by debtors taken from
them. Merchants would fail, manufac-
tories close. workmen be idle, farm pro-
ducts without market. and poverty and
distress be found on all sides.
Il do not believe that President would
ever approve such legislation, If elected
upon a platform with Congress pledged
to pass it. The calamtous effects follow
ing such an election would bring to them
the prayers of the very men who elected
them. appealing for the defeat of such
legislation But if such law should pass
1t would not be until the latter part of
1897. Then a general adjustment to the
new standard would be necessary. Prices
being temporarily reduced on account of
the actual effect could be told and the
real value of 4l2la grains of silver deter
mined. During this time business would
stagnate on account of the uncertainty
as to what was the real size of the new
meas ure-the new standard of value. This
trouble would more less affect business
permanently because the commercial value
of silver bullion has become uncertain
has ceased to be stationary. account of
the few countries low using it standard
money, and en- account of the uncertainty
as to the volume of its probable produc- |
ton.
As Bad n High Tariff.
mo practical benefits can be pointed out |
as consequence of the legislation. 1t |
would interfere with our exchanges in for |
eign trade, and prove burden upon the |
producers of our great staples cotton, corn |
and other grain. By hindering interna ton |
al commerce it would burden the agricul-
tural products CT this country like a high |
protective tariff. Not only would the men |
who work for salaries be deprived. at least |
for while, of employment, but when en- |
abied to return to " orf they would find the |
dollar paid them as wages deprecated in |
value q consequence of a change of |
The orly possible benefit would |
be from a limited increase in the value of |
silver bullion, which would go into the |
pockets Of the great silver mine owners
the men who really are BAG king all this
agitation and furnishing to it it's sinews of |
war;"
In concluding Mr.. Smith said: THE pic
ture is not overdrawn. When 1 contem-
plate it there is but one source of comfort;
months of full, free discussion the Amer
whelmingfy defeat any party which pro-
poses to bring such disasters upon
"It is source of qualification to demo-
Gratis to know the troubles Of 1893 were
brought upon the country by the unwise
legislation of the previous administration.
Your representatives at Washington were
confr onted with many difficulties. No civil
crisis has been more serious Let the re-
turn of prosperity: let the daily news that !
factories are again at work, and that one
million wage earners have had their wages
increased; let the rise in value Of farm
products, tell how they have succeeded.
The Mckinley bill has been repealed; the
credit of the government has been pre-
served money has been kept sound; and
We will go to the country in 1896 with the
party fighting further high tar
If legislation. opposing bad money and
assured of success"