Morris tribune. [volume] (Morris, Minn.) 1880-2000, 1895-07-24
BY HOKE.
The Secretary of the Interior
Pictures the Result Of l6
to | Coinage.
LOSE BOTH GOLD AND PAPER
Manufactures Would Close,
Workmen Idle and Produce
Without Market.

tary Hoke Smith delivered an address
on the financial question to a large
audience from the surrounding country.
After speaking of the regularity with
which panics occurred, and the similar
regularity with which they were fol-
lowed by proposition to mend mat
ters by using bad money; the fact that
they had always been remedied with
| out the use of unsound currency; of the
absurdity of the claim that the price of
silver and the price of wheat and cot
ten kept step, Secretary Smith said:
The value of silver bullion has fallen
siuce 1873, on account of the lessened
cost of production. on account of the
enormous increase in production and on
account of the decreased demand. All
! of these elements entered into and
| helped cause the reduction of the value
of silver. To restore the price Of silver
to its value in 1878, you must remove
all the causes which have reduced it's
value. Concede, for the sake of argu-
ment, that the action of the United
States was one of those causes, it is il
| logical to claim that the removal of
this one is the removal, in effect, Of all
| others.
| But it is urged that the United States
should try the experiment and il it
| failed, then abandon it or change the
ratio. The facts stated show con-
| clusively in advance that it must fail.
To lift the value of 4121s grains of
| silver in the United States from so to
100 cents, it would be necessary to lift
| the values of all the silver in the world
| to the same extent, less the cost OF
transporting it to the United
States In addition to this, if
| the silver mines can afford to
continue increasing their production
as they have from $S1, 100000 in 1878
to 1914, AL 900, on market which has
fallen so per. cent. what would they
produce on a market which had risen
100 per cent?
The volume to be raised in value ex-
tends to the earth's deposits as well as
to that heretofore mined.
The Effect of an Election.
The Immediate effect of the election
of president committed to such
policy would be the separation of the
gold and silver dollar, the gold dollar
going to premium of about So to 81.
We would lose at once about $78, Oo0,-
600 in gold now in circulation and in
the treasury; greenbacks amounting to
1866, 900, 900 still outstanding would be
boarded with the hope that the silver
bill if passed at all would still be re-
pealed. This would take place imme.
diately after the election OF a president
in November, 1896, and probably even
after the nomination by either of the
great parties of free silver candidate.
The new president could not be in-
augurated until March 4, 1897. Dur
ing the six months or more before it
would be possible to pass free silver
legislation, the contraction of the cur
rency just described would precipitate
most serious consequences. Those own
ing gold obligations would put a strain
upon the remaining silver currency and
the bank notes to buy gold to meet
their gold obligations.
Currency Would Be Useless.
The currency consisting Of checks
and bills of exchange, amounting to 95
per cent of our entire currency, would
go out of use in consequence of loss of
confidence and credit, and the result
would be the withdrawal of 9715 per
cent of our entire currency and the
paralysis of business would Immediately
follow. Banks would be raided by
their depositors. Indebtedness not
payable in gold would be collected at
once, or the property owned by debtors
taken from them. Merchants would
fail, manufactures close; workmen be
idle; farm products without market
and poverty and distress WILDE found
on all Sides
Picture Not Overdrawn.
Concluding, he said: 1.-The picture
is not overdrawn. When / contem-
plate it, there is but one source of COM
fort, it is an abiding confidence that
with twelve months of full, free dis
cussion, the American people can be
relied upon to overwhelmingly defeat
any party which proposes to bring such
disasters upon us. 1t is source of
qualification to Democrats to know the
troubles of 1898 were brought
upon the country by the unwise
legislation OF the previous admin
istration. Your representatives at
Washington were confronted with
many difficulties. No civil cri-
sis has been more serious Let the
return of prosperity, let the daily news
that factories are again at work, and
that one million wage earners have had
their wages increased, let the rise in
value OF farm products, tell how they
have succeeded.
The Mckinley bill has been repealed;
the credit of the government has been
pre- served; money has been kept sound;
and we will go to the country in 1886
with the Democratic party fighting
further high tariff legislation, opposing
had money and assured Of success ;,