The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1896-01-08
4 tho school Of Professor Cleyc.

Smiths speech before tho Georgia
|. iegislnturo that goes to show TINT he
is entirely sincere In his assertion that
4 no know nothing Of tho financial uucs
ltlon in 1892, and tint would also have
Dorno out tho assertion if he had nindo
1 II, that no Ind not learned much einoo
then.
| Secretary Smith says that Alexan-
/ der Hamilton and Thomas Jefferson
favored tho ratio Of Is to contnry
/ hgo, because it wns then tho CONNER
chi ratio. llo says he ngrccs with
] them hat is, kc fnvors tho present
j commercial ratio, which ho afterwards,
! IN jfvct, fays is 81 to /. If ho had not
4 stated how ignorant ho was three
! years ago, tho man Of average jntolli.
4 gcnce would HAYS thought him uncnn.
iEdld, Tor the man OF ofavernge intclli-
IESence knows that about fifteen to ono
was tho ratio whom gold and silver
Mere lrenthd nlilir, md that tho rntio
20 oftlslrty.to to ono hos prevailed only since
tries haying nearl " two; thirdsbof
iie.coin thesWorld Sliavo stopped ftHo:
j REQ coinageo silver and continued tho
coinage Of gold. Countries TINT coin
! over ono hundred millions year in
gold, and that will coin any amount
that is offered ut the mints, now coin
no silver except for small change, and
buy tho silver they coin for this pur-
poso at tho lowest prico Mt which n suf-
ficicnt amount is not offered. Ii Sec
rotary Smith had not told how ignor-
ant he was, he might havo been accused
OF lnsinccrity III ignoring tho effect
that this difference of ono hundred
million dollars, or more, III demand,
would mike on the market price Of the
two metals Tho average man would
readily understand thnt this discrim.
milton is the only reason why the
commercnl ratio is now thirty to one,
instead OF sixteen to one, bnt man
| who did not know in 1892 what Tho
ratio was might not understand it.
Tho secretary says it costs only 80
cents m ounce to mine silver, and
ninety-fivc cents on tho dollar or
about $500 per ounce, to mno gold.
How does Secretary Smith know this?
as II matter OF rnct he docs not. 1t
all depends on tho richness of tho
mines There is not rs much uniform
| i,y III tho cost OF mining, as is in the
size of houses.
From beginning to ond Secretary
Smiths speech is full Of arguments
which 60 to prove tho sincerity of his
statement that only thrco years ago
| mo did not know what the ratio was
between gold and silver. AS no ono
| disputes his statement, however, there
| ls no need of argument, to provo its
truth. Fin. Times Union.
"Tho Real and Sensible Cure"
"Thc real and scnsibi cure for our rccur.
ring troubles can only DO freccd by complete
change in our financial schomc"-Ilo Presi-
dents Special Massage.
MIR. Cleyolnnd's last message to con.
/ efesc. led on Al. 1ln4ltnky fccl1ng III
| Wall street, caused by tho unloading
OF American securities by British cap.
ltnlists, foroshndows q strong effort on
The part Of tho administration md the
gold monomctnlists to forco through
congress Il bill retiring the Greenbacks
and treasury notes. In other words
Mr.. Cleveland seems to desire TO make
the ruinous ELECTS Of tho British gold
standard an excuse for fastening it
more securely on the people md por-
pctnating it in our system.
Ii will bo impossible to carry this
scheme through. Pressure from Wall
street and other financial centcrs may
cause tho republicans in tho house to.
commit themselves to the contrac ton
policy, but it will prove tho ruin of
their party with, tho people. Moro
over, tho scheme will be called to a
halt in tho senate. Tho free coinage
men in TINT body have the ncrvo to
stand between the people and iho ruin.
GUS contraction Of Tho currency pro
posed, and they will do SO. There
will bolittlo discussion of the question
in that body. Tho bill will be killed
by tho finance committee.
The situation is entirely different
from that which accompanied the I'M
conditional repeal of the purchasing
clause Of tho Sherman act. Then Mr..
Clcvoand's financial policy wns not
clearly known. His most intimate
personal friends declared to congress-
mon that he was n bimctallist. Even
Senator Voorhees,, who hnd charge of
the unconditional repeal bill, relying
on Information that he received direct
from tho white house, declared Tint
the unconditional repeal of tho silver
purchasing clause was tho first step to.
ward FREQ coinage.
But for that declaration and the as-
s,lrances Of men who had the confidence
OF Mr.. Cleveland that ho was not in
favor Of gold monometalism, tho ro-
peal could never have been comprised.
Tho timo is past when the silver mon
could DO drngooned into supporting
measures contrary to their yows and
ruinous to tho best interests of the
people. So that Mr.. Cleveland will
have to seek some other remedy for
preventing n premium on gold IIe
will have to go on issuing bonds and
gotting tho people deeper and deeper
into debt.
But IN tho course of his special mos
sago to congress, ho makes n suggcs-
ton that we heartily indorso. Ho do
cares that "tho real aud sensible cnrc
for our recurring troubles oan only be
Effected by n complete change in our
financial scheme" This is so true that
wo wonder at the persistence with
which Mr.. Cleveland insists on q mere
modification Of our system. The
grccnbacks and tho treasury notes arc
promises to pny and rost on the credit
| of the Governments 10 rotiro thnsp