The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-04-01
THE LARGEST CIRCULATION OF AMY N0RTH CAROLINA DAILY


not they take the sixteen millions of
dollars? loud applause) The gov
ernment has the option of paying its
obligations in either coin, it was so
stated, greenbacks and the Sherman
notes They can pay them all in sill
YER Then who wants the gold? We
don't need it. But I'll tell you who
does want it. Wall street wants it,
and Lombard street wants it. cloud
applause.)
IF you want to favor a safe govern
ment. If you want to have equal
rights to all and discrimination to
none, then you want to go along with
those of us who wish to restore BIZ
metallism to this country. The rea-
son why they say silver dollar is only
worth fifty cents is on account of this
very demonetization of silver. The
silver dollar will be worth one hun
dred cents when the demonetization
is wiped out. If four nations could
make ratio and keep it, one country,
which is equal in commerce to the four,
could do it. The four cuts no figure"
SECRETARY SMITHS SPEECH.
When Mr.. Smith was introduced the
reception was equally as enthusiastic
as that rendered to Mr.. Crisp.
After thanking the people for their
invitation to him, he said:
1T is not my intention to say any
thing that will hurt any one who dis
agrees with me- 'Tis but right that
we should council together and find
out what is right.
''In opposing the free coinage OF sill
YER / want you to distinctly under
stand that | make no fight on silver
as a financial payment and as legal
tender. When we oppose this plan of
free coinage of is to j, we believe its
advocates will understand it's effects.
We oppose it because we do not be-
lieye that it will give you what you
want In the first place let us see
how much money we have now and
how much we had in '73. In rs we
had in gold and silver one hundred and
fifty millions of dollars and now we
have one billion, one hundred and
seventy-seyen millions, or eight times
as much money. The advocates of free
coinage mislead you when they say that
we wish to contract the currency and
that we do not wish silver dollars to
be legal tender.
'tThe gentleman reports Mr.
Cleveland (applause) as saying that
there is a difference between currency
and standard, but the gentleman mis-
conceives it. A currency can be
checks, due bills, silver or greenbacks,
but "A standard is measure. Suppose
that there was such law as to allow
you to coin thirty grains of silver into
dollars or twenty grains of gold into
dollar, do you think that you would
carry your twenty grains to be made
into a dollar when you could exchange
it at the jewelers. shop for sixty grains
Of silver, enough to coin into two dol
lars. No, the gold would not be coined.
/ am here tonight not to fight BIZ
metallism, but silver monometallism.
(Applause.)
sits the actual value of the dollar, or
the credit of the country, which puts
the value ON it which makes the dol
lar.
Thomas jefferson when the two
metals were made money in the United
States found that silver was worth
fifteen times as much as gold and he
then made that ratio.
"Now the difference which the free
fifty per cent. They want 16 to / when
gold is worth thirty-one times as much
as silver. (Applause.)
''These gentlemen who wish TO rob
the people have absolutely coined in
the past three years seven million dol
lars. We have coined more subsidiary
silver IN the past three years than in
any three years since the government
began. (Applause.)
THE effort to sustain the ratio Of sil-
yer and gold at Is to / has been tried
by five nations combined, the Latin
Union, ard failed The price of silver
became cheaper, and they were about to
become monometallic. Why not have
a ratio of 81 to l. then We would enjoy
all the comforts of bi-metallism accord
ing to my distinguished friend? The
gold in a gold dollar will buy two
Mexican dollars, and the silver in two
silver dollars will buy only two MeXi-
can dollars. 1t is undemocratic, it is
unlike Jefferson's teachings. it Is unlike
Jacksons teachings, it is unlike the
teachings of Grover Cleveland. PRO
longed applause). 1T is more like the
doctrine Of Mr. Jones. of Nevada, or Mr.
Bryant, of Nebraska. What caused
silver to fall? Not the act Of 1878 We
had not coined but eight million silver
dollars. Tn 1873 the worlds output OF
silver was 70,000,000 In 1894 the worlds
output was 200, 100000, three times as
much, when the price has only fallen
one-half 1t did not cost as much TO
mine silver in 1893 as it did in 1873 In
1873 it cost 90 cents to dig a dollars
worth Of silver In 189fit cost only
about IS cents to dig dollars worth of
silver. Have you got any silver mines
in Richmond county that you want to
unload on the Government? That's
why Mr.. Jones and Mr.. Stewart want
free silver.
Since 1873 or shortly before that
fourteen countries on the Eastern
Hemisphere have banished the free
coinage Of silver. The supply Of silver
is three times as large and fourteen
countries not carrying it. The gentle
man now wishes us to carry a load that
fifteen countries staggered under He
wants uc fo fry ~ have M Interest