The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1896-04-08
THE LIVING ISSUE.

THE LIVING ISSUE.
THE MONETARY QUESTION ABLY DE
BATED BY CRISP AND SMITH.
| Crisp Points Out the Real Reason for tn,
| Demonstration of Silver aud How It
Restoration Would Improve Business
Smith Upholds the Goldbug Standard.
AUGUSTA, Ga March 31.-No polit
| ical event has so stirred the city o.
Augusta and its surrounding territory
as the financial debate between Secre
tary Hoke Smith for "sound money
and ex-Speaker Charles F. Crisp, rep
resenting free coinage, which occurred
here tonight. The day was a gals
one, Smith and Crisp holding infor
NAL receptions at the Arlington HoteI
all the forenoon. Excursions were
run to the city on all roads from
points within a radius of seventy. five
miles. The city assumed a holiday
appearance. The debate took place
in the Grand Opera House, which
seats 1900. AS early as $50 o'clock
people began to gather waiting to get
in many bringing large palmetto fans,
the thermometer registering 80 de-
grees. At s o'clock the building was
unable TO accommodate the mass that
desired admission, many having to re-
turn home. On the stage were the
Governor of the State, many promi.
nent State officials and 600 representa-.
tive men of the city and State. The
opera house was profusely decorated.
After short introduction by Chair
man Daughty, of the county execu-
tive committee, who stated the terms
Of the debate, he introduced Judge
Crisp, who spoke as follows:
"Mr. Smith and myself are both
Democrats, we both expect to earnest,
ly and loyalty stand by the Democrat.
ic nominee, but just now the policy of
the Democratic party is to be formed
and Mr.. Smith and I differ on one i'm
portant question. We differ about
money.
There are certain principles reIat-
ing to money which at the outset you
should clearly understand. Ifyou will
bear in mind that the value of money
is regulated by the demand and sup
ply of its exchange for commodity,
you will have the first step in deter
mining this great financial question.
There are two contentious respect
ing existing conditions, but first let me
call your attention to the monetary
condition of the world up to 1873.
Throughout Europe there We're two
metals coined at different ratios in diff
ferent countries, put the consensus Of
the ratios was about fifteen to one.
There is no such thing as interna-
national money, no money will circu-
late in all countries. That's a mere
platitude. In 1892 the governments Of
Europe had the ratio of Is to l and the
United States formed that ratio as their
basis of coming the two metals. That
was right in 1892. You observe my
friend Mr.. Smith when he comes to
address you and see if he does not
make the error of confounding the
standard with the currency.
"Bimetallism is described by every
writer as being a condition when both
metals can be coined legally at mint
by a ratio fixed by law with an equal
purchasing and debt-paying power.
Up to the year 1873 this law was in
force, silver and gold were thus linked
together and were the measure of com
modities. Any other condition but
this is injurious to the people and only
benefits those who have money to lend.
When France coined the two metals
at the ratio of Isl to and the United
States at a ratio of 16 to 1, all the gold
came to America. Gold goes where
it can get the most for itself.
"Up to 1878 there was no great di-
vergence in the ratio of the two met
ais, sometimes one would be worth a
little more than another. In 1888 the
United States demonetized silver.
Why it was done. no single gold
standard advocate is old enough or
truthful enough to recollect. There
are none of them who will boldly tell
you why. The real reason was to de
crease the amount of money and in
crease the value of the money which
was left. (Applause.) No man can in
the face of all these things, 20 before
the country and say that he advocates
the single standard of gold and hope
to gain the support of majority of
the people of the United States.
There are some people who 60
through the country saying that the
trouble is that the financial question is
being agitated by silver cranks and 1
have never seen wrong inflicted on
the masses of the people but those who
inhict it are opposed to having it agi-
tated. (Applause.) Immediately af-
ter the demonstration of silver in 1873,
prices decreased. How could they
help it when the money was decreased
and the commodities increaseds
I'm 1878 the Grant-Allison law was
passed and gave us a little help in ar.
resting the falling prices. In go the
Sherman law was passed and it ad-
vanced prices a little. In '93 that was
repealed and say that money is de-
creasing and commodities increasing.
In the last twenty years every indus
try has slowly but markedly decreased
in regard to the prices obtained for its
output.
I'm the bond sale before the last, the
President sold sixty-two millions dol
lars worth of coin bonds at private
sale and sent word to the representa-
tives of the people that if they would
give him authority to make them gold
bonds, it would be worth sixten mil