Birmingham age-herald., 1895-05-01
THE PLAIN EtsLISH OF IT,
Free and Unlimited .s,inage at i6 to Means
 Nothif Sahore Nor Less,
WOULD LOW 2 OUR STANDARD BY HALF.
He Think Sic Agitation of the Question Is Checking the Return of Prosperity. '"rhe Next President Will Op-
 pose Unlimited Coinage"

Macon, Ga, April 30.-Secretry Hoke Smith of the interior department was n- terviewed here today by representative of the Telegraph on the financial ques- tion, and defined the differences of optn- ion on the currency question existing in the country at present.
 He thought that during the next twelve months a thorough discussion of the money question would be presented all over the country. This discussion will be limited, he thought, to the proposi- tion for the unlimited coinage of silver at a ratio of 16 to l. The secretary divided the people into three classes-gold mono metallists, silver monometallists and bi- metallists. He did not think that the gold monometallists were strong enough to become factor In the campaign but that the Issue would be for and against silver monometallism.
 He thought that the free and unlimi- ited coinage of silver at the present ratio by this country alone would mean noth- ing more nor less than silver monometal- lism, for, if under that system the price of silver bullion did not materially ad- vance, no other metal would be presented at the hints for coinage.
 The real question, the secretary thought, was whether or not the free and unlimited coinage of silver at a ratio of l6 to l would advance the price of sil- yer bullion so that 1t would bear the rela- ative value to gold of 16 to l. which is the proposed ratio If 1t would not them the country would not have a bimetallio currency
 The secretary reviewed the history of the country and said that both Jefferson and Hamilton recognized 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. thfs siiVer In dollar was worth more than the gold in gold dollar, but since that time the characterization of silver by other countries has allowed It's value to orop to the price which it will bring for manufacturing purposes. The value of ar. arrfc1e must be runrroTfed r,y The de- mand for its use and the supply to be consumed The facts show that the de- mand has practically ceased while the supply has almost trebled. This is true, m spite of the fact that since 1873 the United States has coined more silver than in the eighty years prior to that time.
 Can anyone" asked the secretary. study these facts without concluding that if this enormous issue by the United states was insufficient to steady the fall or silver during the past twenty years. unlimited ooniage by the United States alone would not be sufficient to restore
 
 Tt Is therefore not offensive criticism. but only statement of logical con clusion, when l insist that the unlimited coinage of silver at the ratio of 16 to 1 means silver monometallism.
 Under such a law all the silver pro- duct Of the world would turn to our hints. and then would come the silver heretofore manufactured into cheap wares. Again, silver mining would in- crease and the exhaustion of resources would be threatened bv tho af silver dollars for the bullion.
 W1th Tree coinage we would virtually change our standard to one worth only one-half the present standard and the commercial value of a dollar the world over would be only 50 cents. While com modities might sell for twice as many dollars, the real value would remain un- changed. The entire country would be confused, until by accurate test the true value of the new standard was ascer- ta1ned. The result would be a cession of trade and the cautious business man would involve himself in no contracts. The uncertainty would create serious business troubles and the practical sus- pension of all enterprises"
 He could see no benefit from the change and none especially to those who worked for wages, because they were always the last to be recognized in increased wages under the use of a depreciated currency. The proprietor of an enterprise would in- sist that his employees should take the risk He did not believe the change would benefit the debtor class, because so many loans have been made on the gold basis, and the debtor would be obliged to go into the market and purchase gold with which to meet his obligations.
 Reasoning on these lines he could see no benefit even if the change were brought about. To selfish employers some benefit might come, but it would be found that after the final adjustment of the new conditions prices would be nom- inally increased all around, with no real benefit to anybody.
 He doubted the proposition that other countries would fall into line. following the action of this country. If that were true the standard would appreciate and debts contracted during the depreciation would increase as the value of silver in- creased, and the classes sought to be ben cited would again be burdened
 The secretary thought the agitation of the question was checking the return of prosperity, but he hoped with confidence that the question would be defeated in time and prevent serious injury.
 In concluding Secretary Smith said: "I have no doubt that the next president of the United States will be opposed to the unlimited cona of silver af 1G fa