The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-07-15

| democrat ever Endorsed.
Secretary Smith was willing, in 1890.
TO use cotton and other non-rerishable
agricultural products as basis Of cur
rency, but he is not willing now TO re-
store silver as n part of the standard
money OF the country and as basis of
currency Secretary Smith, in 1890, was
in favor OF the free coinage of silver,
but he has now seen n new light, and
although the conditions and prospects of
the people are infinitely worse in 1895
than they We're in 1890, he is now, il
we are 10 Judge by his newspaper, In
favor OF no plan of relief that flies in
] the face OF the British gold standard,
and has repudIated even the most plaus-
ible OF the suggestions made by himself
a few years ago.
The Constitution has never favored the
subtreasury plan, nor any plan TO upset
r. rational currency system. We are in
favor of q restoration of prices TO some
thing like the prosperous level that pre-
vailed ia 1873. before the minis were
closed to silver; but TO this simple and
feasible plan of relief Secretary Smith,
since he has become a member OF the
cabinet. is wholly opposed. He has taken
hold of and espOused the Wall street
theory that To restore prices--to restore
value TO cotton and other staple COM
mOdities of the country-would be TO
depreciste the gold dollar. This theory
| asserts ,hat If prices rise. the dollar is
not an honest dollar. The prices which
the people receive for their products
may be dishonest and ruinOus, but the
lower and the more ruinous they are
10 the farmers and the people who de-
pend ON them. the "sounder" and the
''hOnester" is the dollar in which Shy
lock deals
In 1870 Secretary Smith was uncquiv-
ocally in favor OF the free coinage of
silver. and was anxious 10 subscribe To
a curious modification of the subireas-
! ury plan-was anxious in fact TO issue pa
Per notes on nOn-perishable agricultural
products. But in 1895 he is certain that
the free coinage of silyeT-the restora-
iion Of the white metal TO its old place
in our currency system-will be a very
bad thing In 1870 he had series of
remedies for the evils that were even then
affecting the people; but now that these
evils have been doubled and trebled,
he has no remedy whatever, but l. con-
tent 10 say 10 the people that the Brit
i>h gold standard is the thing. and that.
although they may suffer under its OPP
eratiOns. il j. better 10 have ruinOusly
low prices and honest" money than
profitable prices and dishonest" money;
that * to say. money that doesn't put
as large a profit in the pockets Of the
boudholders and money lenders As that
which they are now reaping.
Secretary Smith in his letter says that
H. j. in favor of issuing noninterest-
bearing treasury notes with which To
Redeem the interest bearing bonds. but
be saws now that If these interest bear
ing bonds are not redeemed in gold The
credit Of the nation viii be- dishouurcd
AMI. in the face Of his declarations in
l>ssO. d.. indorSas the issue of SIG1ou0uuO
~ interest bearing bonds. including the
S'iJ.WUVIU issued TO the Rothschilds. ON
which WAS paid 4 bonus Of SioOp0Oo0,
Not counting the interest.
In 1S.l0 Secretary Smith was not only
in favor Of issuing currency ON non-por-
iShable agricultural products. but be
svowedly favored the free coinage of
silver and was in favor Of redeeminc
the Understanding bonds ia treasury
notes. lie urged these things in the
name Of harmony
In 1875, when the leading democrats
Of the state are trying 10 harmonic and
Solidify the party in favor Of the free
coinage Of silver. Is pledged 10y the par
~. Secretary Smiths newspaper sets ND
a loud protest and says that il * an If
fort to pandcr 10 populiSm.
For the present We leave the secretary
10 explain his letter 10 Colonel W. l..
Feek the best way be can.