The morning news. [volume] (Savannah, Ga.) 1887-1900, 1896-04-03
CRISP DoDGES ON COINAGE.
THE EX-sPEANER BADLY WORST
ED BY SECRETARY SMITH.

Rely on Catchy Phrases of n Per-
sOnal Nature to Win the Applause
of His Followers and Blind Them
TO the Weakness of His Argument.
Secretary Smiths Argument an
Array of ImpregnabIe Facts.
Atlanta, Ca. March 2.-The Smith-Crisp
| joint debate tonight was listened TO by
5000 people. Many of them were from sur
rounding cities and towns, the hotels this
evening having the appearance of the
scenes preceding a political convention
with the throngs Of we'll known politicians
attracted by the second engagement be-
tween the champions of sound money and
free silver coinage.
The discussion lasted from s until II
o'clock, Secretary Smith opening in one
hour and ten minutes and Mr.. Crisp fol-
lowing in an hour and a half. the conclu-
sion being with the secretary, in twenty
minutes.
Throughout the speaking the audience
was held deeply interested, and at times
great enthusiasm was shown on both
| sides.
Secretary Smith was given an ovation
upon his Introduction by Chairman Ellis
and when Mr.. Crisp appeared there was
another scene of enthuiasm. 1t would be
impossible to say which of the
two distinguished speakers had the
majority of the crowd. Those
who followed Mr.. Crisp had undoubtedly
made the most noise, but this was due to
the character of his speech.
Mr.. Crisp evidently felt that
he was unequal to an argument
of the financial question at the conclusion
of the secretary's opening, and therefore
devoted himself almost entirely to catchy
phrases Of a personal nature to win the
applause of the crowd. He was very caus-
tic in his treatment of Secretary Smiths
personal record, that being the text of
his speech. He opened up with the reading
| of the Peek letter, and continued in a sat
| irical vein to the end with only an occa-
/ sional lapse into the platitudes of his
/ former arguments on the currency ques-
/ tiOn.
| Secretary Smith, on the other hand, un-
/ til the closing, devoted himself to a logi-
/ cal argument, making no effort at all to
| tickle the audience for the sake of pro-
| Voklng applause. He was, however, fire.
quentlly interrupted by outbursts Of ap-
| proval, and without any question bore
| off the honor's of the debate
| Many of Mr.. Crisp's warmest admirers
| were disappointed in his effort as COM
pared with that of the secretary, the one
being an argument, and the other nothing
/ N~AeNA~
In his conclusion Secretary Smith warm
| ly returned some of Mr.. Crisp's person.
alities with telling effect He deprecated
the lowering of the debate to the scale
| of personalities, and during the few min
utes that he spent on this line he warmed
the crowd up to high pitch of enthusi-
| asm. The audience was good humored
| throughout, but both speakers were fire.
| quently interrupted by questions, some
of which they answered. and some of
Secretary smith has asked Judge Crisp
| to divide time with him at Griffin
on Saturday, but he has not yet agreed to
do so.
In opening his speech. Mr. Smith said
| that every one has a direct interest in the
financial question. Then he added: 7
| oppose the free and unlimited coinage of
| silver at the ratio of l6 to l for the
| same reasons given by Hon. Benjamin II.
/ Hill in the United States Senate in 1877"
| The secretary went on to say that he
| was opposed to free coinage at the pres
| ent ratio because it would produce silver
recommendation and lead to the most terri
| ble nnanclal panic the world mas ever
| known. He discussed the Gresham law
| and declared that the free, unlimited and
| independent coinage of the two metals at
| the ratio at 16 to l would drive out gold. II
| am opposed to free coinage because the
| present commercial ratio is 81 to /. (Ap-
| plause.) When the gentlemen call them
selves bimetallists, they masquerade un-
4 der a coat to which they are not entitled,
/ for the bimetallism they propose would
| produce silver monometallism. We would
reiterated.
THAT is all we have now" remarked
| a farmer in the audience.
Il will show you that you are mistaken
| before | get through. 1t is surprising
how ignorant these advocates of free sill
| yer coinage are retorted Mr. Smith.
The secretary proceeded to review the
| coinage history of the United States. The
| audience began to take a part in the
| debate and asked questions, which made
the discussion more interesting. The Sec
| retary said that prior to 1873 the govern
ment had coined only 100000 silver dol
| lars.
How much subsidiary coin?" some one
| asked.
quite large SUM. but we did not stop
coming, subsidiary money in 1873 and we
THAT is about all that we have got,' p
| commented an auditor.
| The secretary gave a sharp retort and
took up the history of silver coinage in
| France. Explaining the great production
of silver in recent years, Mr.. Smith stat-
| ed that 1t was due to the decrease in the
cost of mining the metal by 80 per cent.
Since 1873, fourteen countries have de-
monetized silver. If these countries had
| not so acted, they would have been fore
ed to silver monometallism. II invite de-
| bate on the proposition that we cannon
| make 371A grains of silver equal in value
to 1922 grains of gold. There is the ques-
! ton"
The secretary quoted Mr. Balfour, and
| the report of the German monetary con-
ference of 1894. to the effect that one ma
tion cannot establish bimetallism by In
dependent action. Taking up the subject
| of falling prices Mr. Smith invited the bi-
metallists to go back of 1873. From 1865
to 1873 cotton fell from 80 cents to 16 cents
a pound. We have more coin in circula-
ton to-day than we ever had before, about
| S22 per capita now. Since March 4, 1898,
| during this present administration which
| they tell you is so hostile to silver, we have
| coined 100000 silver dollars (Applause) }
| ''Our troubles came with the passage OF
| the Sherman act in 1890 Distrust possess
ed the world. In remodelling our currency
| the first thing is to say that our standard
| shall not be changed. We should retire
the greenbacks in one of two ways-by Mr..
Carlisle's plan, which If II had been adopt
ed would have obviated the necessity OF a
| bond issue, or we can use the gold in the
treasury to redeem the greenbacks, and we
/ could cancel those in the treasury. We
| can coin the silver in the treasury and
pay off the Sherman notes. We can give
| silver the right of way below 80" The
secretary also advocated state banks very
Now don't be frightened about the
! amount of the bond issues. A S262, 900 900
/ bond issue is not appalling. These gentle
| men appropriate every year 800 900, ,000 -
| The speaker pictured a ruinous panic in
| the event of the adoption of unlimited and
/ free coinage by this country. He spoke Of
| the effect OF free coinage on the wages OF