The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-04-01
Secretary Smith and Ex-Speak-
er Crisp Debate.
THE FINANCIAL QUESTION
To An Immense Crowd at Au.
gusta, Georgia.
JUDGE CRISP DEFENDED SILVER
Secretary Smith Declared That Inter-
national Agreement is the Only
Solution of the Silver
Problem.

Problem.
Augusta, Ca, March 31.-No political
event has SO stirred the city of Angus
ia and its surrounding territory as the
financial debate between Secretary
Hoke Smith for 'sound money" and
ex-Speaker Charles i. Crisp, represent
ing free coinage, which occurred here
tonight.
The day was gala one, Smith and
Crisp holding informal receptions at
the Arlington Hotel all the forenoon.
Excursions We're run to the city on all
roads from points within a radius of
seventy-five miles. The debate took
place in the Grand Opera House which
seats 2,200. As early as $50 p. M, peo-
pie began to gather. waiting to get
in; many brought large palmetto fans,
the thermometer registering so de-
grees At 3 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 promin-
ent 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 executive
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 earnestly
and Loyalty stand BY the Democratic
nominee, but just now the policy Of the
Democratic policy is to be formed and
Mr. Smith and / differ on one impor-
tant question We differ about money.
t4There are certain principles relating
TO money which at the outset you
should clearly understand.
IF you will bear in mind that the
value of money is regulated by the de-
mand and supply Of its exchange for
commodity you will have the first step
in determining 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 1878.
Throughout Europe there were two
metals coined at different ratios in diff
ferent countries, but the concensus of
BifE IdbIOS was dDOAlb ID I'D l. JIEIE 10
no such thing as international money,
no money will circulate in all countries.
That's a mere platitude. In 1892 the
governments of Europe had the ratio
of ID to and the United States formed
that ratio as their basis of coming the
two metals. That was right in 1892.
sBi-metallism is described by every
writer as being condition when both
metals can be coined legally, at a 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 to-
gether. 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.
'sWhen France coined the two metals
at the ratio of 1914 to and the United
States at the ratio of 16 to /, all the gold
came to America. Gold goes where it
can get the most for itself.
up to 1873 there was no great diver
genee in the ratio Of the two metals,
sometimes one would be worth a little
more and sometimes little less. In
1873 the United States demonetized sill
yer. Why it was done no single gold
standard advocate is old enough OF
truthful enough to recollect. There are
none of them who viii boldly tell yon
why. The real reason was to decrease
the amount of money and increase the
value of the money which was left.
(Applause). No man can, in the face
of all these things, go before the coun-
try and say that he advocates the single
gold standard and hope to gain the sup
po1a of a majority Of the people Of the
United States (Applanse).
stThere are some people who go
through the country saying that the
trouble is that the financial question is
being agitated by silver cranks. and ]
have never seen q wrong inflicted upon
the masses Of the people but that those
who infict it are opposed to having it
agitated. (Applause). Immediately
after the decentralization of silver in
1873, prices decreased. How could they
help it when the money was decreased
and the commodities increased? in
1878 the Grant-Allison law was passed,
and gave MS a little help In arresting the
falling prices. IN 1850 the Sherman law
was passed, and it advanced prices 4
little. IN 1893 that was repealed, and
/ say that money is decreasing and
commodities increasing. In the last
twenty years every industry has slowly
but markedly decreased in regard to
the prices obtained for its output.
In the bond sale before the last, the
President sold sixty-two million dol
lars worth Of coin bonds at private
sale and sent word to the representa-
tiyes Of the people If they would give
him authority to make them gold
bonds, IT would be worth sixteen mill
lions of dollars more. The representa-
tiyes refused to do ii and now the gold
standard gentlemen tell us that we