Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-01
CRISP AND SMITH.
Their Opening Debate on the ALI
Absorbing Money Question.
MAGNIFICENT AUDIENCE
ono Calculated 90 Inspire the Speak
crs 70 Their Hest Enorts--idber"'
Arn,.u.c Given Both Champions
by Both Sides

C,,sr ON the financial question has oeeh
completed, and the champions u
a,o claiming the better Of the argument
o. enc man Of their choice. Both were
applauded 10 the echo Wheh Seh'''',S"'
enuneiated met with Endorsement auu II
was noticeable that the same men up
n,apded both speakers. There was no
-. ,,,,,,s,on Of sentiment as forbade the
,ha',,,,io,,s OF Mr.. crisp to applaud Demo-
- so,tirnents uttered by Mr. Smith,
49,, vo advocacy Of the gold standard
,,rcc,uded applause for popular sentiments
aoclarca by Mr.. Crisp. 1t was Demo-
crs,ic audience, and both speakers were
,,.osnized as honored Geofgans and dis
,,rc,rsbed Democrats, discussing party
oolicv in the house of their friends.
II is worthy Of note that the greatest
applause OF the evening followed com
mandatory reference 10 President Cleve-
land by Secretary Smith. Though Demo
Gratis may not approve all Of Mr. Cleve-
lands acts. there IS no other name that
can so electrify a Democratic audience
from one end OF the country TO the other
as that Of Grover Cleveland.
smith and ex-speaker Crisp when the
curtain rose in the Grand Opera-House
was one calculated to inspire them 10
their best efforts. All Of the scenery had
been removed and 600 chairs flied ire
large stage. These were Occupici ty
prominent Georgians and Carohhlohs'
headed by Governor Atkinson eX-oeh"'oi
Patrick Walsh. eX-COngressmah DeoIse
r. Barnes, Comptroller-Generel "IsH',
Mayor OF Augusta w. y. Young al
Others. The orchestra space just III
front Of the stage was hlled with iaoies
for newspaper-men, who were lreseh.
from Atlanta. Savannah, Macon ana
other Georgia cities. In front, pdrquet,
balcony. and gallery were crowded ana
chairs filled all available space III inc
uisles. The stars and Stripes were Use
as a decoration. and flags OF all sizes were
f,stooned on the stage, galleries. ana Pr
Vate boxes. H.. .o,-,
As arranged there was seating room
for 21OO people. There had BEEN no III
vitatiops issued TO the ladies, as Il was
desired to have all the avallaole space
for voters There was no embargo upon
lbdr coming. however. and The boxes on
bo,h sides were filled with hem, While
many occupied seats in different parts
D. the house. 1,,,-,,
Exactly at $50 O'Clock Chairman
pouphty. Of the Richmond County Demo-
cratic Executive Committee, stated ths
terms of the debate-Mr. Crisp 10 open
the discussion in hour and 10 minutes
Mr.. Smith TO follow in hour ana ~ min
u,es. and Mr.. Crisp to conclude IN ~
minutes. without additional remarks ne
said: Il now introduce Hon. Charles j.
Crisp"
MIR. CRISP OPENS.
As Mr.. Crisp arose he was greeted win
a storm Of applause that lasted many
secondsS He began by saying: "Thls Is
somewhat unusual spectacle Tor GSorsI"1
nut unusual conditions exist, and we nope
Tint these conditions will justify the
ypectacle that Is presented Mr.. smith
md myself are both Democrats, and both
expect to stand loyalty by the Democratic
national platform and nominees. CAP
plause) But now, In advance OF our
national convention, Democratic policies
are being discussed, and Mr.. Smith and
differ upon one important question that Is
before the country. We differ on the sub
ject Of money. II Is our purpose to deal
frankly with you In this discussion, ana
help you to a proper conclusion.
ITO begin with. you must know, money
Is a medium OF exchange and measure
Of value, and the measure OF deferred pay
ments. Price is determined, other things
being equal by the amount of the primary
money in the world. Value Is determined
by the law "a supply and demand. Ihis
is a general law, and apples to money
as well as commodities. II the amount or
cotton in the world, at tho current price
was Just enough TO balance all the money
In the world and you should increase
the supply Of cotton, you would diminish
l,te cbntfld diminish the
supply, you would increase the price.
Likewise, II you increased the volume oil
money you would increase prices, and II
YOU contracted the amount of money
YOU would lower prices, by increasing
the value Of money. This IN called the
cumulative theory OF money.
NOW, prior 10 1873 gold and silver were
used as the two money metals, at a rauo
liked by the several goyernments-not
exactly the same. but the consensus OF
opinion was that the ratio was about 10
20 l. II had been so for several centuries.
When we became a nation we had TO
establish our money standard. Each
country had TO DO this for Itself. There
Is 10 such thing as international money.
This country carnot decree that its money
shall be legal-tender in England, and
England cannot make its money legal
cided on Is TO ] as the ratio between gold
and silver. Most European nations at
that time had that ratio. Linked to-
Eether as one metal, their coinage ratio
and their bullion ratio were the same.
In 1902 France fixed u IL TO l as tho
ratio OF coinage In that country; and.
being an important commercial nation,
the ratio fixed at the French minis soon
became the ratio Of the world. In
France a pound of gold would buy fifteen
and half pounds Of silver. while in
other countries II would buy only fifteen.
ard gold commenced going TO France.
az IL always goes whore 1t can buy most.
Old gold-stanjard friends confound cir
ovation with standard. The money
standard is one thing and currency is
c~o'hcr. Though our gold went TO
France, we were not on a silver basis.
Cl.1 Was still eligible 10 coinage, and was
Eood for the payment OF any debt"
sIXTEEN TO ONE.
"Now. II legislation cannot regulate
values. why did our fathers change the
ratio TO IS TO / 10 bring gold back? 1t
came back here. just as II had gone 10
France. because we had made 1t more
valuable. and It would buy more here.
Hut still we were on bimetallic basis.
bimeiallism means the equal right OF
coinage OF two metals at fixed ratio.
ana an equal purchasing and debt-pay-
ing-power Tor the coins made from either
metal Any law that dimlnishes the
amount OF standard mbney in the world
y Injurious TO the masses OF the people,
ana only benefits those who have fixed
incomes ana money TO lend. (Applause.)
There IL limit to the demand for
sTery article Except money. The de-
niand for money Is unlimited because.