Herald and news. [volume] (West Randolph, Vt.) 1878-1943, 1895-08-08
FOR SOUND MONEY.
HON. H0KE SMITH SPEAKS AT
GAINESVILLE, GA

Hoke Smiths speech at Gainesville,
Ga. on July 90:
The value Of silver bullion has fallen
since 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 to cause the reduction OF the
value Of silver.
To restore the price of silver to its |
value in 1873 you must remove all the
causes which have reduced its value.
Concede for the sake of argument that
the action of the United States was
one OF those causes. it is illogical to
claim that the removal Of this one is
to remove the effect Of all the others.
But it is urged that the United
States should try the experiment. and,
if 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 412t grains of sill
yer in the United States from 80 to
100 cents it would be necessary to lift
the value of all the silver in the world
to the same extent, less the cost OF
transporting it to the United States.
That volume to-day, coined, is S..
051, 100000. II the burden were only
| to raise the commercial value OF
the coined silver, in those coun.
tries where it was dropped, to bullion
value, the undertaking would still be
clearly impossible. India has $3.50, 000,-
900; China, $3.50, 900, 900; Japan, $72,-
900, 900; Mexico. $50, 900, 900; South
American States, $30,000,000. A to-
tai of 81, S52, 900, 900 is used by these
countries alone. This silver, though
coined. circulates only at its bullion
value. In addition to this, can the
silver mines afford to continue in
creasing their production, as they
have, from $S1, OOO,O 900 in 1873. to
$214, 4S1, 900 in 1890 on market
which has risen 100 per cent? The
volume to be raised in value extends
] to the earth deposits as well as to that
heretofore mined.
We we're unable to keep the value
of silver up to gold under the Free
: Coinage act Of 1892. We were un-
} able to keep gold up to silver under
the Free Coinage act of 1884. France
, and her associates in the Latin Union
found themselves unable to keep sill.
YER up to gold in 1874. The failure
. of these practical tests, under faI
! more favorable circumstances thar
! those of the present, demonstrated how
Q how ridiculous is the claim OF the sill
: yer advocates.
These facts, fairly considered by
: any one, will bring the conclusion thai
o free coinage at 16 to / means the us'
9 Of no coin but silver; means new
standard of measure equal in value Il
the present commercial value OF tn
s bullion now put into a silver dollar
: means a new dollar worth only ap
r proximately half as much as the pres
: emit dollar, and the measure OF 81
j values by this new standard.
y The immediate effect OF the election
= of President committed to such
Q policy would be the separation OF tn
: eola and silver dollar, the gold dolla
Q going to premium Of about two Tor one e
J. We would lose at once $67S. 600, Oo'
t Of gold now in circulation and now i
r the Treasury. The greenbacks an
!, Treasury notes-$375, 700, 0Oo-whice
II won Id still remain outstanding, woui'
Q be boarded, in the hope that fire
!, silver bill, if passed at all, would .
!. soon repealed. This would take plac
ID immediately after the election OF
10 President in November. 1895, an
k probably even after the nominatio
Q by either Of the great parties OF ire
y silver candidate. The new Presiden
could not be inaugurated until Marc
4, 1897. During the six months 9
more before it would be possible
If mass free silver legislation the cor
a traction Of the currency just describe
|. wonld precipitate the most serio!
10 consequences. Those owing gol
i obligations would put strain upo
% the remaining silver currency an
1t bank notes, to buy gold to meet thel
d gold obligations.
70 The currency, consisting OF checs
n and bills Of exchange, amounting =
,e IS per cent. Of our entire currency
If would 90 out of use in consequence
l. loss of confidence and credit, ana ~
result would be the withdrawal OF y
Is per cent. Of our entire currency an
n The naralysis of business would imm
10 diately follow. Banks would
le raided by their deposi.tor
Of Creditors would sesk to enfor'
ut their debts before the reduction :,
" the standard to the silver basis. n
Il extension of debts would be given :
le ANYBODY, except where payable
k. cold OF increasing rates OF lnter es'
d. long time debts are in gold. In
in amount to be paid on them would nc
be reduced. Indebtedness not pa.
or able in gold would be collected "a
de- once OF The property owned by IN
at debtors taken from them. Mercnan'
'. wonld fail, workmen be idle farl
i'd products without a market, ana po'
,ts ertv ana distress found on al sides.
i. do not believe that Preslde'