The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1895-07-25
HOKE SMITH OPENS HIS GEORGIA
CAMPAIGN AT THE CITY
OF GAINESVILLE.
SUPPORTS THE NATIONAL DEMO
CRATIC PLATFORM OF 1892.
Troubles of 1893 Were Brought About
by the Previous Administration.
Panics Occur About Every
Twenty Years, He Says.

Gainesville. GA, July 23.-Secretary
Hoke Smith of the interior department.
delivered today THE first of a series of |
| three addresses in Georgia ON the financial |
issues. Secretary Smith was escorted to |
the court house by committee of promi- |
nent citizens in carriages.
An elaborate program for his reception
had been arranged, but he came 10 Gaines
Vile on Saturday, and thus broke into the
arrangements for meeting him at the
depot with music. A tremendous crowd
was out to hear the speech and the secre-
tary was cheered to the echo. He was
introduced by Judge Perry, who paid a
| glowing tribute to President Cleveland.
Secretary Smith said in substance:
Il ann here in response to your Invitation
to discuss the financial problem. 1 shall
support the Democratic National platform
and oppose the National platform of the
Populists At Chicago, in 1892, the
Democratic party, by dts representatives
for the Union, voted down overwhelmingly
the proposition of delegate from Colo
RADIO ITO insert i'm the platform the word
free" which would have made the plat
form declare for free coinage of silver.
II shall show that this action of the
Democratic party is in perfect accord
with the teachings of Jefferson and Jack
SON, but l am unwilling to waste time
following rhe wordy harangue recently de-
,:vered in our State by THAT patriot who
served his country abroad with such dis
tlnguished success as the appointee of
President Harrison ON the protection of
fur seals
we have been through panic Times
have improved. Without stopping to ac-
count for the panic, it should be borne
in mind that panics nave occurred about
every ~ years, usually accompanied with
distrust of the kind of money used,
Every panic has developed a party in
favor of bad money, burt with returning
prosperity the party died. Relief from
panlcs has always come through r'estopa-
ton of confidence. not through bad money.
l'he free silver advocate claims that, first
the act of 1913 was surreptitiously passed
and robbed the people of one-half fine
money OF final payment; second THAT for
this reason there is mot sufficient money
Tor final payment, and the appreciation
OF gold has deprecated everything else
Upon these two propositions their entire
arguments are based"
The secretary met these proposihionIs nv
claiming, first, that the alleged comtrac-
tlon OF money of final payment had not
taken place; second, that the proposed
remedy would, i'm REALITY, drive one-half
the money now i'm use out of circulation
and produce a contraction cuinous i'm its
results
The claim that gold has apprtcioted.
!IlereDy depreclating the value of products
IN the value of silver and the value of
prodllcps has been cOntempOraneors. A
careful examination of the facts show this
not 10 be true. The average decrease of
commodities since 1873 has been about
20 per cent. The heaviest decline has
been nm the line of those things which the
masses of the people buy. All these re-
ductions in price are partly attributable to
a lessened cost of production and partly TO
the panic. While commodities have fail
len 20 per cent, silver has fallen 80 per
cent. The claim that the values of cotton
depended upon the rise or fall of silver
u has been shown TO be without founda.
e tion this year. Cotton, in the last foul
d months. has risen 30 per cent, silver
ton varied from to 40 CENTS; silver never
n sold below S1.29. In 1895 cotton sole
~ for 4 cents; silver was then $1.32 an
N ounce.
"The bullion in silver dollar is worth
d only 52 cents; 25.S grains Of standard
n gold are worth 100 cents. Then, why dc
n people exchange products for a silve
=. dollar as readily as for gold dollar
Why do fhey give 100 cents worth Of com
modify for silver dollar when the sill
D. yer bullion in the dollar is worth only
!, 80 cents. 1t is because the government
u started stamping 412 IL grains of silvel
IN one dollar and having put them into com
+. merce as worth 100 cents felt responsible
o. to keep the coined dollar at an exchange
lie able value eual to the stamp put on it-t'
3, keep it up to the standard of 2j.S grains
u of gold. The value Of silver bullion hal
IS fallen since 1873 on account of the lessen
ID ed cost of the production; ON account o
the decreased demand. ALI these ele
N meuts entered into and helped to caus
IS. the reduction of the value of silver.
n ",TO restore the price of silver to At
in value in 1873 You must remove all TN
Sc causes which have reduced its value
10 Concede. for the sake Of argument. tina
m the constitution of the United Static
,f was one Of those causes; it is illogical Il
IN claim that the removal of this one is to re
r. move the effect Of all Others. But 1t i
re urged that the United States should tr.
in the experiment, and il it failed, then aban
ot stated show conclusively in advance tina
- II must fail TO lift the value Of Az i.
ta grains Of silver in the United States iron
~ 70 TO 10 cents. it would be necessary .
or % lift the value of all the silver in the worl'
~ to tine same extent less the cost OF trans
ID portation to the United States. In ad
IN difiOn to this, if the silver mines can al
III ford TO continue increasing their produc
tion as they have, from $S1. 100000 d
IN 1873 to $214,s14OOO in 1891; to
e. s."nt what would they prOduc
VI on a market which has risen 100 per cen
as As the volume to be raised in val value e. ef :
-, tends to the earth deposits as wei as
id that heretofore mined, the immediate el
ke feet of president committed to such
as policy would be the separation of the goi
1d and silver dollar. the gold dollar gong
d a premium of about two for one. W.
his would lose at once $67S,000,O0O of gol
n now i'm circulation. and greenbacks am
- treasury notes, $275, 100000 of whie
would stin remain outstanding, would b