The times. [volume] (Richmond, Va.) 1890-1903, 1895-05-01
SOUND CURRENCY TALK.
SECRETARY HOKE SMITHS ARGU-
MENT AGAINST FREE SIL YER,
He Says That Unlimited Coinage OF SILVER
Mt the Ratio OF 16 to Means Nothing
More Than Silver Monometallism.

MACON. GA. April So.-.secreary Hoke
Smith. OF the Interior Department, was
interviewed here to-day by a representa-
tive Of the Telegraph, on the financial
question, and defined the differences Of
opinion on the currency question existing
in the country at present. He thought
that during the next twelve months
thorough discussion of the money question
will be presented all over the country.
This discussion will be limited, ne
thought. To the proposition f0r the uh-
limited coinage of silver at the ratio OF
16 to l. The Secretary DIVIDED the pSO-
ple into three classes-the goid monohet-
aiiisfs. silver monOmetallfsts, and pimet-
allists lie did not think that the soiu
monometallists were strong enough 10 pc
come a ia tor IN the campaign, but thal
the issue would be for and against mono
nctallism. He thought that the Tree
and unlimited coinage Of silver AT lnt
preseut ratio Ia this country Woulu
mean nothing more or less than shNer
monometallism. for If under that system
the price OF silver bullion did not ma
teraily advance no other metai Wo"lu
be presented at the mints for coinage.
The real question, the secretary
thought. was. whether or not the ifee
and unlimited coinage of silver al
ratio Of 16 to would advance the price
of silver bullion so that IL would pear
the relative value 10 gold of l6 10 J. Whlch
is the proposed ratio. If IL would not
then the country would not have a pi-
metallic currency
HISTORY OF THE CURRENCY.
The Secretary reviewed the hls'oi! ..
the country's currency ana haiu ,"",
both jefferson and Hamilton fecoBili~eu
the fact that the ratio OF eolhase -
be fixed upon the commercini va es'ur -,
the metals I'm the market. IN lo'"' "n'n
Tree coinage was suspended 10y the Dniteu
ctatos the silver I'm a dollar was "oi 'n
- han the gold in a gold dollar Due
since that time the demoneuhduoli va
Sii,,or hv other countries has ahoNen 10 ~,
..at,o 10 drcp TO the price which II VIII
brine for manufacturing purposes.
Tho value Of an article HiuS IA
,rollod by the demand Tor It's u.s. .,ts
tho supply to be consumed .,,all,,
-. tbat the demand has practicaly
e'od u,bi1e the supply has alinVSl
..o,Iod This is true. in spite OF snc
dot tbat since 1878 the United Stales Ia, na9
atnod more silver than In the eis"'S
wears prior to that time
r. ,tr.Ss SILVER MoSoMrrALLisN'
..,.a, any onc" asked the secretary,
an ~ %',' cots withont concluding that
,c ,tts enormous issue by the hlt'n
| e,ot"s ras insufficient to steady the Ia"
- sti,,or during the past twenty l'ai'
unlimited coinage by the lh.'n 80
| alone would not be sufficient u
its bullion value now .,... .~,.iciem
.tt Is therefore, not offensive crlu'isr"
,,. o,,i,, a statement of logical conclu-
s,on when insist that the unnnli'eu
coinare of silver at the ratio OF 10 I'D j.
means silver monometallism. Under a"vn
a 1av All the silver product OF the worm
r.culd turn % our mirfs. end tn'n N"'u
come the silver heretofore manuiact". 4"
INTO cheap ware. Again, SILVER minus
would increase. and the exhaustion oi 'r
sources would be threatened by me cN-
rhanee Of silver dollars for the bullion.
.sys,,h ereo coinage We would virtually
change our standard TO one worth oniy
one-half the present standard, and the
commercial value OF a dollar the ~orla
cver would be only 30 cents. While COM
rnodities would sell for twice as many
dollars. their real value would remain
unchanged. The entire country "ould
be confused until by accurate test the
true value of the new standard was as
! certained.
A SERIOUS UNCERTAINTY.
"The result would be the cessation Of
trade. and the cautious business man
would involve himself in no contracts.
This uncertainty would create serious
business troubles. AM the practical sus-
pension of all enterprises
"The business man could see no dement,
from the change and none specially TO
those who wcrkd for wages 1ecausc they
were always the last 10 be recognized
In increased wages under ths use 9f "A
DEPRECATED currency. The proprietor OF
an enterprise would insist hat empioycs
should taxi the risk. lie did not believe
the change would benefit the debtor class
because so many loans have been made
On the gold tasis and the debtor would
be Obliged TO 90 into the market and
purchase gold with which 90 meet his
obligations. As 10 other debts. If there
were any danger Of silver monometallism
there would be no extensions Reasoning
on these lines, he could sec no benefit
even if the change were brought about.
ore class insisted that the benefit would
be i'm the inability of The employees 10
exact double wages. TO these selfish en-
pioyes some benefit might come, hut Sc
would be found that after the final adjust
mcnt to the new conditions prices would
be nominally increased all around with
10 real benefit TO dnybol ly.
oTHTR COUNTRIES WOULD not FoILOw.
1.-THE Secretary doubted the proposition
that other countries would fan into line
to following the action Of the country.
IF that is true" said ne, the standard
would appreciate, and debts contracted
during the depreciation would Increase
as the value of silver increased and the
class sought to be benefited would again
be burdened.'
The Secretary thought the agitation OF
the question was checking the return OF
prosperity but he hoped the confidence
that the ques ton would be defeated would
prey ent serious injury.
In concl SION Secretary Smith said:
Il have no doubt that the next Presi-
dent OF the United States viii be opposed
ia tho unlimited coinage OF silver at 10
to l."
HUKE SMITHS S3O.OOO FEE.
The Secretary Receives "a Lump sum for