St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1896-04-03
APPLAUSE FOR SOUND MONEY.
ROUSING RECEPTION FOR THE SEC
RETARY OF THE INTERIOR
1=sssd AT ATLANTA.
MIR. CRISP ACCUSED OF DoDG1Nc.
He Did Not Reply to the Proposition
on Which Mr.. Smith Based
-.-..e His Case.

pie gathered tonight to hear the second of
the series of joint debates on the currency.
between Secretary of the Interior Hoke Smith
and ex-Speaker Charles F. Crisp. Both
speakers were greeted with cheers on their
appearance, the ovation accorded the secre-
tary being the heartiest, perhaps, because
of the fact that Atlanta is his home, and
a pronounced sound-money center The
speaking began at s o'clock, Secretary Smith
having the opening, and speaking for an
hour and ten minutes.
Mr.. Smith began by saying that he op-
posed the free and unlimited coinage Of sill
yer at 16 to l for the same reason that Ben
jamin ]. Hill had opposed il, and he read
from that distinguished Georgians speech
on the subject. delivered in the United States
senate. He declared that he also opposed
free coinage because he wanted to see gen.
uine bimetallism obtain in this country. The
advocates of free coinage, when they called
themselves bimetallists masqueraded under
a title they did not deserve. He rapidly out
lined the history of coinage, to show that
the commercial value of gold and silver had
regulated the establishment 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 CNr.
SMITH had, in Augusta, produced the evil
dence 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 authority to sustain his
statement. The secretary denied that the
act of 1873 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 depreciation.
If the free coinage of silver would cause
the 371H grains of silver in a silver dollar
to be worth much as the 1922 grains of
gold in gold dollar, if it would give
real bimetallism, he would be in favor of it,
But he felt ashamed of himself for present
ing such a case, even alphabetically. History
and common sense showed that it was i'm
possible. He cited Gen. Walker Prof. An
drews A. j. Bahour and other leading BIZ
metallists. as declaring that the experiment
Of free coinage without International agree
ment would be disastrous.
CURRENCY NOT CONTRACTED.
Instead of our currency being contracted
since 1873, Secretary Smith declared it had
been enormously increased. Since March,
1898, during this administration which had
been declared so hostile to silver more
than $1,000, 900 in silver had been coined.
The hard times had begun with the Sherman
act. The fear Of free silver coinage had
shaken public confidence and caused a con-
traction of the credit currency which carried
971a per cent of the business of the country
In remodeling our currency system we
should first fix a stable 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 undertake to present complete
plan, but the central idea must be to have
every dollar Of equal value. The bond issue
was necessary to pay the demand notes of
the government. When it is remembered that
congress every year appropriated over $4OO
000,O00 bond debt of a little over 5000, ,OOO-
600 was not so formidable
Secretary Smith concluded by painting the
disaster that would result from the election
Of congress and president favorable to the
free coinage Of silver. The secretary
was cheered for full minute as ne sat down
Mr. Crisp was given rousing reception
when he arose. In beginning he said he
wanted to say that his Brother Smith" as
he referred to the secretary. made as good
an argument as he had ever heard in behalf
of cause SO intrinsically weak. The trouble
with Mr. Smith was that he confounded a BIZ
metallic standard with bimetallic circula-
uon 1t was not necessary for the preserva-
ton of the bimetallic standard for the two
metals to circulate together. "If you will
give US free coinage, and restore silver to
liberty, then we'll talk with you about chang
ing the ratio"
MT. Crisp repeated to a considerable extent
his first address in the joint debate, and en-
deayored TO prove by letters and addresses
that Mr.. Smith had formerly favored silver.
In closing, he said the first administration
of Mr. Cleveland did pay off a large amount
of bonds, but that did not alter the fact that
his present administration, and he said it with
shame, had imposed upon the people debt
that would amount to s6eo, 600 600 before it
was paid.
Generous applause accompanied Mr. Crisp's
close, which grew into roar as Secretary
Smith arose for his twenty minutes, rejoinder.
He declared that Mr.. Crisp had lodged the
proposition, that you could not have bimetal-
lie currency without having the legal ratio
the same as the commercial ratio He was
willing to rest the whole case on that PROPOSE
ton. Instead of answering the point. Mr..
Crisp had INDUCED In small talk and appeals
to prejudice against the Rothschiids and Wall
street He was sorry the gentleman had cast
his candidacy for the senate On so low plane.
The secretary's reioinders was interrupted
by frequent outbursts of applause, which in
each case aroused opposing cheers fer Crisp
interspersed with Kisses and eat-calls The
secretary called attention to the fact that Mr..
Crisp had not announced the historical au-
thors on bimetallism in France, which he had
read in Augusta and closed with defense of
the bond issue by the present administration.