The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1895-08-07
FOR SOUND MONEY
HON HOKE SMITH SPEAKS at
GAINESVILLE, GA.
He Makes a Strong Argument Against
Free CeSnaSe-Explains Why the
Price of Silver Has Fallen and


Tells Of Some OF the Inevitable
Effects of Free Coinage at I 6 to
The following is part Of Secretary
Hoke Smiths speech st Gainesville,
Ga. on July %:
The value of silver bullion has fallen
since 1873, on account Of the lessened
cost CT production, on account Of the
enormous inc1easc in production, and
on account Of the decreased demand.
All of tlese elements entered into and
helped TO cause the reduction OF the
va!uc; of silver
TO restore the price of silver to It's
value in 1878 you must remove all the
causes which have reduced its value. :.
Concede for the sake Of argument that
the action of the United States was
one of those causes, it is illogical to
claim that the removal Of this one is
to remove the effect of all the others.
But it is urged that the United
States should try the experiment, and,
if it failed, then abandon it, or change
the ratio. The facts stated show con-
clusively ir advance that it must fail.
To lift tnc value Of 412! grains os sill
yer in the United States from 50 to
100 cents it would be necessary to lift
gre ,aiue OF al 'ne sit,et ~ 'ne WIZ.
10 the same eAtea,' ieSs $50, :ne eos. U.s.. ~
That volume to-day, coined, is ST.
O51, 100000. If the burden were emily
60 raise the commercial value OF
She coined SILVER, IN ,hoSe co"n- %,
sSles where 1t was cropped 20 ootilon
value, the undertaking would stlll De
clearly impossible: tndla mas asSsoo'Voo'-
o00; Chlns, sloo, ,oOO,o oOO Japan, So
ooo, Oo0; Mexico sou, oou,Voos ooutn
american States, Soo'ooo'VVv. a TO-
tai OF S, ,So2, OOO,OOo is USED Dy 1hese
countries alone. Ibis silver, though
coined. clreulates only at Its bullion
value. In addition TO thls' can Inc
silver mines afford to continue IN
creasinS their productlon' as 'ney
have, from SSl, 900, 0co IN 1915 TO
S2A4, 4S1 900 IN IS9O on a market
which has risen lO0 per cent: Inc
volume to be raised IN value e1tenos
to the earth deposits as well as 10 that
heretofore mined.
We were unable to keep the value
OF silver up to gold under the Free
Coinage act OF 1872. we were un-
able to keep gold up to silver under
the Free Coinage act OF 1881. France
and her associates IN the Latin Union
found themselves unable to Keep Sill
yer up to gold IN 1919. Ihe 1aiiure
OF these praes!cal tests under Tar
more favorable circumstances thsa
those OF the present, demonstrated DOW
now RIDICULOUS is the CAIN OF tEe Sill
ver advocates.
these facts, larry considered oy
any one, Will brlns the conci1slon 'hat
tree coinage at 10 to means the use
OF no com but silver; means ne"
standard OF measure equal IN Vasue 10
the present commercial vasoe 0, 'ne
oo'iloH no" put ,n'o sll'eE to.ial
means ne" oosiSr "oiSh o.t' ap
pioAil1a'eiS naii aS inueu as sNe t T
ens o'ilaf, a1" 'ne messoio - S'i
@1Me' 1n' Wy eniS ne" ss@nuss', 81
Ane immediate enece OF the elecslon
OF President committed to such
policy would be the separation OF the
goit and silver dollar, the gold dollar
gong topremlum OF about two tor one.
We would lose at once 6fS,OOV,0OO
OF gold now IN circulation and now IN
the Treasury. The greenbacks and
Treasury notes-S375, 600, O0O-which
would still remain outstanding, would
be boarded, IN the hope that free
silver bill, II passed at al, would be
soon repealed. This would take place
immediately after the election OF a
President IN November, 1896, aad
probably even after the nomination
by either OF the great parties OF free
silver candidate The new president
could not be lnausuratea until Mafcn
&, 1897. During the SIX months or
more before it would be possible to
pass free silver legislation the con:
traction Of the currency Just described
would prcclpitase the moss Serious
consequences. Those owing gold
obligations would pat strain upon
the remaining silver currency and
bank notes. to ouy soid 10 meea~'heir
gold Obligations.
Inc currency consisting OF caecSs
ana oilis OF eSchanse' a'no'o"es 70
% per cent OF Our entire currency,
"oulo go ouS OF use III consequence "