The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1895-05-07
HoKR SMITH TALKS MONEY.
The Once Silver Secretary of the Interior
Is Now a Goldbug.

MACON, Ca, April 3O.-Secretary
ment, was interviewed here to-day on
the financial question, and defined the
differences of opinion on the currency
question existing in the country at
present. He thought that in the next
twelve months a thorough discussion
of the money question would be pre-
sented all owe the country. This dis
cussion would be limited, he thought,
to the proposition for the unlimited
coinage of silver at a ratio of 16 to 1.
The S cretary divided the people into
three classes-gOld monometallists,
silver monometallists, and bimetalllsts.
He did not think that the gold mono
metallists were strong enough to be-
come a factor in the campaign, that the
issue would be for and against silver
recommendation. He thought that the
free and unlimited coinage of silver at
the present ratio by this country alone
would mean nothing more Of less than
silver monometallism, for if, under
that system, the price of silver bullion
did not materially advance no other
metal would be presented at the minis
for coinage.
The real question, the Secretary
thought. was whether or not the free
and unlimited coinage of silver at a
ratio of 16 to 1 would advance the price
of silver bullion so that it would bear
the relative value to gold of Is to 1,
which was the proposed ratio. If it
would not, then the country would not
have a blmetallic currency.
The Secretary reviewed the history
of the country's currency and said that
both T1H4~CO~ cd H0~oSlA@- -4o@~~S-ol
the fact that the ratio of coinage must
be fixed upon the commercial value of
the metals in the market. In 1873,
when free coinage was suspended by
the United States, the silver in a dollar
was worth more than the gold in a
dollar, but since that time the demone
tiZation of silver by other countries had
allowed it's value to drop to the price
which it would bring for manufactur-
ing purposes.
The value of an article must be con-
trolled, Mr.. Smith said, by the demand
for it's use and the supply available.
The facts showed that the demand had
practically ceased, while the supply
had almost trebled. This was true, in
spite of the fact that since 1873 the
United States had coined more silver
than in the eighty years prior to that
time.
Can any one" asked the Secretary,
study these facts without concluding
that if this enormous issue by the
United States was insufficient to steady
the fall of silver during the past,
twenty years unlimited coinage by the
United States alone would not be suf-
Gent to restore it's bullion value now9
1T is, therefore, not offensive criti-
cism, but only a statement of logical
conclusion when / insist that unlimited
coinage of silver at the ratio Of Is to
1 means silver recommendation. Under
such a law, all the silver product OF the
world would turn to our minis, and
then would come the silver heretofore
manufactured into cheap ware. Again,
silver mining would increase, and the
exhaustion of resources would be
threatened by the exchange OF v
dollars for the bullion.
wit free coinage we would VIZ
t1allv change our standard to one
worth only one-half of the present
standard, and the commercial value of
a dollar the~world over would be only
30 cents. While commodities might
sell for twice as many dollars, their
real value would remain unchanged.
The entire world be confused, until by
accurate test the true value Of the new
standard was ascertained. The result
would be a cessation of trade, and the
cautious business man would involve
himself in no contracts. tTnis uncer-
taintv would create serious business
troubles, and the practical suspension
of all, enterprises"
Secretary Smith could see no benefit
likely 10 arise from a change in the
money standard, and none especially
to those who worked for wages, be-
cause they were always the last to be
recognized in increased wages, under
the use of a deprecated currency. The
proprietor of an enterprise would insist |