The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-01
SOUND MONEY VERSUS SILVER
. GREAT CHEER FOR CLEVELAND
AT THE JOINT DEBATE.


ceived by the Audience-The
Greatest Applause of the Evening,
However. Follows a COmmenda-
tory AIIusiOn to President CIeve-
land Made by Secretary Smith.
Augusta, Ca, March 31.-To-night at
fr.9l o'clock the three hours of debate be-
tween Secretary Of the Interior Hoke
smith and ex-Speaker Crisp on the finan-
cial question has been completed, and the
champions of each are claiming the bet
fer of the argument for the man of their
choice. Both were applauded to the echo
when the sentiment enunciated met with
Endorsement, and it was noticeable that the
same men applauded either speaker. There
was no such division of sentiment as for
babe champions of Mr.. Crisp to applaud
democratic sentiments uttered by Mr..
Smith. and no advocacy Of the gold stand
ard precluded applause for popular senti-
ments declared by Mr.. Crisp. 1t was a
democratic audience, and both speakers
were recognized as honored Georgians and
distinguished democrats, discussing par
ty policy in the house of their friends.
Ii is worthy of note that the greatest ap-
plause Of the evening followed the COM
mandatory reference to President Cleve-
land by Secretary Smith. Though dem
ocrats 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
asst hat of Grover Cleveland.
The scene which greeted Secretary
Smith and ex-Speaker Crisp when the cur
tain rose in the Grand Opera house to-
night, was one calculated to inspire them
10 their best efforts. All of the scenery had
been removed and 500 chairs filled the large
stage. These were occupied by promi-
nent GeOrgians and Carolinians headed by
GOV. Atkinson, ex-senator Patrick Walsh,
eX-Congressman George I. Barnes, Con-
troller General Wright, the mayor of Au-
gusta, W. B. Young, and others. The or
chestra space just in front of the stage
was filled with tables for newspaper men,
who were present from Atlanta, Savan-
nah, Macon, and other Georgia cities.
In front the parquet balcony and gal
lery, were crowded, and chairs filled all
the available space in the aisles. The
stars and stripes were used as decorations,
and flags of all sizes were fetooned on
the stage, galleries and private boxes.
As arranged, there was seating room for
2lO0 people. There had been no invita-
ton issue to the ladies', as ii was desired
70 have all the available space for voters.
There was no embargo upon their COM
ing, however, and the boxes on both sides
We're filled by them, while many occupied
seats in different parts of the house.
Exactly at $50 o'clock, Chairman Dough-
ty Of the Richmond county democratic ex-
ecutlFe committee stated the terms of
the debate-Mr. Crisp to open the discus
sion in one hour and ten minutes; Mr..
Smith to follow in one hour and thirty
minutes; and Mr.. Crisp to conclude in
twenty minutes.
Without additional remarks" he said,
i now introduce Hon. Charles f. Crisp"
As Mr.. Crisp arose he was greeted by a
SIC storm of applause lasting many seconds.
uSaa SGsfH spsyctaeSe Sy For ogs Ia Bat nnus
ual conditions exist and we hope that
these conditions will justify the spectacle
that is presented. Mr.. Smith and myself
are both democrats and both expect to
stand Loyalty by the democratic national
Platform and nominee. (Applause) But
now in advance of our national convention
democratic policies are being discussed
among ourselves and Mr.. Smith and diff
Ter upon one important question that is be-
fore the country. We differ on the subject
on money. 1t Is our purpose to deal frank
ly with you in this discussion and help you
10 proper conclusion. To begin with you
must know money is a medium of ex-
Change, and measure Of value, and the
measure of deferred payments. Price is
determined, other things being equal, by
lne AMOUNT Of primary money in the
world. Nalue is determined by the law of
supply and demand. This is general law
ana applies to money as well as commo-
dlues II the amount of cotton in the
enough to balance all the money in the
world, and you should increase the supply
u cotton you would diminish its price, but
il you diminished the supply you would in
crease the price. Likewise if you increas-
ed the volume of money you would in
crease prices and If you contracted the
amount of money you would lower prices
Oy increasing the value of money. This is
called the quantative theory of money.
Now prior to 1873 gold and silver were
used as the two money metals at ratio
qrrlr0 af1fc anf "
actly the same but the consensus of opin-
ION was that the ratio was about Is to 1.
IL mad been so for several centuries. When
we became nation we had to establish
our money standard. Each country has
10 do this for itself. There is no such thing
as International money This country
cannot decree that it's money shall be a
legal tender in England and England can
iiol make its money a legal tender here.
Our statesmen in 1892 decided on Is to l
as the ratio between gold and silver. Most
european nations at that time had that
Istlo. Linked together as one metal
r mer coinage ratio and their bullion ratio
were the same.
In 1902 France fixed 1515 to / as the ratio
GI coinage in that country, and being an
important commercial nation the ratio
Aed at the French mints soon became the
Iallo Of the world. In France a pound of
sgla would buy fifteen and half pounds
u silver while in other countries only
rrJeen, and gold commenced going. to
france as it always goes where it can buy
mos our gold standard friends con-
Iount circulation with standard. The
money standard is one thing and curren-
Ey Is another. Though our gold went to
Trance we were not on a silver basis.
1ol4 was still eligible to coinage and was
sgCI for the payment of any debt.
Now If legislation cannot regulate val
ugs why did our fathers change the ra-
Eo 70 10 to ! bring gold back? 1t came
haeh here just as it had gone to France,
oseaQse We had made it more valuable
aug IL would buy more here. But still we
mefe on bimetalic basis. Bimetallism
mtdnS the equal right of coinage of two
Ie el5ls t a fixed ratio and of equal pur-
Clasins and debt paying power of the
plns made from each metal. Any law
.aa' diminishes the amount of the stan
sl money in the world is injurious to
y X masses of the people and only benefits
,gsr VINO have fixed incomes and money
leHd (applause). There is a limit to the
4 TgAaad for every article except money.
& 1Ae demand for money is unlimited, be-
Gta with money you can get everything
b7 br7 ana the desire for money is measured
+ lAe sum of the desire for all other
Gl.Is Down to 1873 gold and silver were
Aea together with only slight varia-
f ll their relative values, though some
- their production varied to /. In
ne United States demonetized silver.
s5 s9id man has yet been bold and frank
rIsu 10 tell you why. But the real
& ssr5al was to decrease the amount of