The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1896-04-09
THE SPEAKERS FACED SIX
THOUSAND SPECTATORS AT
ATLANTA YESTERDAY.
TIE HISTORY Of COINAGE OUTLINED
BY Mr.. Smith, to Show That the Com
mcrcial Value of Gold and Silver Had
Regulated the Establishment of
Legal Ratio.

| ptopic Sdthtltu tohiBhl Ill tIt DIE
nacle used during the recent Sam Jones
meetings to hear the second in the
series of joint debates on the currency
between Secretary of the Interior Hoke
Smith and eX-Speaker Charles +. Crisp.
Both speakers were greeted with great
cheering upon their appearance that ac-
corded the secretary being the heartier,
perhaps because of the fact that Atlanta
is his home and is pronounced sound
money center.
The speaking began at o'clock, Secre-
tary Smith having the opening and speak
ing for an hour and 10 minutes
Secretary Smith began by saying that
he opposed the free and unlimited coin
age of silver at 16 to / for the same
reason that Benjamin Fl. Hill had op-
posed 1T, and he read from that dstin-
gushed Georgian's speech on the subject
| delivered in the United States senate.
lie declared that he also opposed free
coinage because he wanted to see genuine
bimetallism obtain in this country. The
advocates of free coinage, when they
called themselves bmetallists, masuuc-
raded under title that they did not de-
serve.
| liz iaPiuis ou'llHcu the history OF coin
age to show how the commercial value
of gold and silver had regulated the es-
| tabishment of the legal ratio between
| the metals.
Mr.. Crisp had stated in a late speech
| in the house that France had kept the
legal and commercial ratios together.
He (Smith) had in Augusta produced the
evidence OF historian after historian to
| show that the statement was incorrect
and he would not refer to the matter
again until Mr.. Crisp produced some au-
| thOrity to sustain his statement
The secretary denied that the act of
'73 had caused the fall in the price of
silver. The law of supply and demand
and the cheapening of the cost of mining
had been potent factors in that deprecia
ton. If the free coinage of silver would
cause the 81 IA grains of silver in a
silver dollar to be worth as much as the
23.22 grains of gold in gold dollar, if it
would give Il real bimetallism, he would
be i'll favor of it, but he felt ashamed
of himself for presenting such case even
alphabetically. History and common
senses showed that it was impossible.
He cited General Walker, Professor
Andrews, Mr.. A. j. BalfOur and other
leading bimetallists as declaring that the
experiment of free coinage without inter
national agreement would be disastrous.
Instead of our currency being contracted
since 1873, Secretary Smith declared, it
had been enormously increased. He de-
MED the proposition that the currency
could be increased by a system of coinage
which disregarded the commercial ratio
and brought about recommendation with
the cheaper metal alone in circulation.
we have greater per capita of gold
and silver in circulation now than ever
before. Before '73 only S,031 900 silver
dollars had been coined exclusive of sub
Oil. in ..nit
ing this administration, which had been
declared SO hostile to silver. more than
1.0OO.O0O silver dollars had been coined.
The hard times had begun with the
Sherman act. The fear of free silver
coinage had shaken public confidence and
caused contraction of the currency,
which carried 81 - per cent of the bust
ness of the country. In remodelling our
currency system we should first fix Il sta
bic standard; then retire the greenbacks,
as recommended by Carlisle; give silver
the right of way below $40, and allow
State banks the right to issue notes.
He would not take time to present a
complete plan, but the central idea must
be to have every dollar of equal value
The bond issue was necessary to pay de-
mand notes. When it was remembered
that congress every year appropriated
over S4OO.OOO,O0O, Il bond debt of little
over S2OO,OOO,OO0 was not so formida bic
Secretary Smith concluded by painting
the disaster that would result from the
election of Il congress and president
fayora bic to free silver coinage.
The secretary was cheered for a full
minute when he sat down.
Mr.. Crisp was given a rousing recep-
ton as he arose. In beginning. he said
he wanted to say that his Brother
Smith, as he referred to the secretary,
made ms good an argument as he had ever
heard Ill behalf of Il cause so intrinsically
weak. The trouble with Mr.. Smith was
that he COMPOUNDED bimetallic standard
with bimetallc dollar for the two metals
to circulate together He admitted that
i'll fixing the ratio in this country Jeffer-
but ut that time silver was admitted to
free coinage the world over If you will
give us free coinage, he declared, and re-
store silver to liberty. then We'll talk with
You about changing the ratio.
Having been interrupted several times,
Mr.. Crisp begged that the audience keep
quiet.
This joint debate business may be
tun to my friend, Smith," lie said but
it's not fun for me. am candidate
Tor the senate and | am anxious to get
through with this joint debate and get
down TO the business of candidate.
MY friend Smith, however. is not can
dldate Tor the senate. He says he has
no desire to be and | have no idea that
the people of Georgia will force him to
run
Here Mr.. Crisp read a letter written
ny Secretary Smith in 1890 favoring the
free coinage of silver. enuncating its
declarations with careful emphasis.
He also read what purported to be ex-
tracts from the speeches delivered by
secretary Smith one in 1894, in which
he opposed the single gold standard, and
the other in Augusta. two nights ago.
IN which he advocated the single gold
standard.
The decentralization of silver caused |
the fall i'll prices, Mr.. Crisp contended,
and he recited the reasons therefor.
First. it reduced the money supply of |
the world. There had been hard times |
III this country of late. As soon as the |
people found out that silver had been |
demonctized, they began to agitate for |
its restoration. This agitation had be- |
come Il crime in the eyes of those of the |
world who had fixed income which |
was increasing every day. He ridiculed
the claim that the single gold standard |
was in favor of the laboring man. The |
advocates of free coinage. he urged, did |
not want Il dishonest dollar. They did |
not want one dollar to have more value /