New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-07-24
HOKE SMITH ON SILVER.
H1S SOUND MONEY CAMPAIGN
AIR cLEvELAND's Representative EN-
ENTHUSIASTICALLY RECEIVED.


rrR1oR.s SPEECHES AGAINST FREE COIN
AGE-A REFERENCE TO THE PREsi
DENT GREETED WITH Tu-
MrLTUous APPLAUSE
Gainesville Ga. July 23.-Northeast Georgia
ya Secretary Hoke Smith splendid recep'lon
.h;s morning The presence OF hundreds OF COW
,,ocors surrounding the public square de-
,o,ed the interest that the farmers feei III 'he
n~o,.ial discussion now going on. Early 1t be-
,os apparent that the large county Courthouse
-, seats more than one thousand, would be
,r,hle 70 hold all the country people VINO had
..on,e from a distance. The committee requested
" Low of this fact that the ladies and city peo-
-, .o,,d NOT attend The building was crowded
y rsreocation. many being unable to obtain ad-
mission.
rho Secretary spoke for two hours and hair
o,,,np the closest attention from his AUDITORS
u closing he referred eoquently to fresluen'
uovo,and whose name received with 'n-
u,unus applause At the conclusion OF MS
.roech the audience gave Secretary SVith ris-
,ro vote Of thanks not one auditor falling 10 rise
20 his feet
Secretary Smith said in substance:
am here in response to your invitation 70
s,scuss the fnancia problem. shall supp3Sr, @ lne
;sonaI platform Of the Popn,ists At Chcasoi on en
N the DemCcTaiS noS ParSd yoed down Sy m
ne proposition of delegate from SoioradO oi 10 ~,
sert the platform the w1rG arn for ree coinage
Il silver The platform adopted when n 9onfTty svey
construed condemnedd sa see on G0 HS first ballot,
dominated by wo-thirds vote Ss as r lne message
bearer Of the J Party ySGsed one ThS both the free coinage Of
silver and the Band-Alson act ,a ana %na' nnblc
n FebTgaTy 'S The as experment Of unlimited
and ndepeHdent coinage mas elimination o, emphaszed the
Tysnudiaton by the convention of the free coinage
Of silver
NATURAL RESULT OF A PANIC.
We have been through panic Times nave I'M
rroved Without stopping % account TOT 'ne P"i''0'
!, should he borne in mind that pam0s nave "
rrrsd about every twenty years. usually accom-
n.r,ea With dis,rust Of the kind Of money used; S;
{xsrv manic has developed party IN iavur OF uai
money but MN tTom pancs has always come
through restoration of confidence not III 'o's" ""
History teaches that oad-money scheme snone nrono
be expected now II comes IN me prdnnendent coin
are o, Silver at is / Coinage at iS to 6niaT mghns
sixteen times as qih r6 SvG 2 grains Of standard
sjyer free coinage means. without charse 40 .re
bullion holder but at 6,1 5ae s tha, is oered ind
nendent means without reference 10 the c9u qI ~
other naSns alto -oDosed n ihe ton favor all
facts"
THE ACT OF 1873.
Tho free-silver advocates claim. first. that '"e
.c, ~ 1873 was surrep,itously passed ana rooo+u
-. - ., orshaN the money OF final payment;
acord that for this reason there il not suncietl,s
cmorey Of anal payment. and the apPIerla ,'o ,hese
M 5--positicns their entire arguments arc Jas
rha Secretary met these propositions oy eN4n,'"e,
first that the alleged contraction OF money oi ma
,av-nent had not taken place: secohu' 'H"' '
ali.
o. the money IN use out OF cHcu'a"o'' ""'
,roduce a contraction ruinons In It's results
tfa said il was immaterial. far as the proposed
hesitation was concerned how the act ol 1870 was
rassed 1T would be folly to Dr4hs on u's"'''Y
corseoue,ces for the simple satisfaction OF repea'
d. law ,rnnronerlv passed" He continued;
Tho act Of 1873 did not remove one-halt OF me Ine
money OF final payment In lSS me otS silver
amoun,ing TO s7OoOc' which vas not go0d 'oi nd s
nav,nent or debts in amounts beyond y. - nc III,
t s9a oc.o m one The coined rod II the United states ,
amounts 20 s67ses0" "n!ie me nehiSiarv silver
Yer amounts 10 $i23 2s9.v). and the suosiuia's S'
The total gold and silver Therefore n L 2 lss %ss @
r5o 90 90 Will. gold and silver now Is sl,ZoovW,, ,,
eight times much as n 'sS Inc patT saI 10 the
including banknoes In 1913 Was agSu of crnuiation
IN Is7s was between BIS and sls. The per capita no"
u between S22 and ga
MORE GOLD AND SILVER THAN nv FIN
The claim. therefore. that ne money o. maj
has
nr,vnp The pubnc of a sufficient volume, - simply
.roundlass We SIN use gold and silver BOTH ana
nave more >han We ever had prior 10 the passage
thereby appreciating the value Of gold Is s shPwn @
10 be false by the enormous ou1ppH.. ~ go go and
smouneS rs5 Sa 20 ss cco The worlds coinage Of so,d
IN 1893 rose 70 sH2'Sw anu YEARLY coinage in the
h nS'ol ,at cold has appreciated. thereby de-
,.aluc q
theory ma, the decrease In the vaiue oI sn'i an an.
!, sae yaiue ., Pnsiion OF the facts SHOWS this not
10 be trn The average decrease oi III
snGe isS nas % pe' in he line ot those things whcn
the OF tho people buy ~, w Iessened cost
OF pro1ucton. and partly the recent panic Whe M
the commodities have faieh ~ pei 0'''
fallen 80 per cent
coI.D Is THE MEASURE OF VALUE.
The bullion In a silver dollar Is worth only %
cents. 25s ,,r,fns Of standard gold are worth 100
cen,s l. u, sell for that all over the world IL
now constitutes a measure Of value in the Uni'ed
States and az measure OF values Is WORTH o",
ns the eoinage in rou6d da,la2 Then Why do
pie exchange products for silver dollar b ss coyern
en having started stamping 4z1s grains OF siNss
one dollar and having pui them INTO dh ~ sesr
the coined dollar st an exchangeabe value equal
&c. &c toe stamp .I put on itIso so,d Keep II
Without Goyernment support H2,a grains OF sl,
yer and the silver dollar would De "l ,ha
exehangeable value. The question theiTaore ,T hui
What effect would free coinage nave s on sly wort
ion? Would 4l2iL grains OF silver become "oi I" ~
as much 25S grains OF gold? Wonia d iTef 70 co om
age give 1t an exchangeabe value equai a. T n
present dollar In the markets Of the "orM. III u
the value Of silver doubled by free s,lye
ihen the exchangeable value OF our M ~ s,ive,
dollar drop TO the actual value ot 'he S''e'
put into H. -, ao,
We would not have bimetasm but & goa doi1s ner =
lar worth twice as much ar the siiNel Ia u ?,
and the silver dollar would become the s'a" n', ~
ersn1ao OF value driving the sDa sr Standard
half
When the act Of 1872 was passed Jefferson an, an,
hamilton both determined 10 make tne ne ne" so ssnJ
shd silver dollar equal In value 10 the tnsii 7s a
ard Of measurements which was a doIiat equa
70 ~ grains Of gold. They recognizes I"e dolla
mat the exchangeable value OF a co'ned uoi's .h
must be controlled by the commercial valus % ~ -
ouiiion put into IL. Therefore they UNDERTOOK =
md how many grains of silver uncoined. Wti