Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-01

had only the one metal or the cther IN
circulation, but there was never a time
in those years when either metal was not
eligible for coinage at the legal ratio,
and good for the payment Of any oblisa-
ton. private or public. In 1873 silver was
surreptitiousiy demonetized, and that act
until now has always been denounced
by the Democratic party. Though to-day
there be those who deny that II was
done surreptit.orsly. no party can go be-
fore the country and approve the demone-
tization Of silver. and have the approval
of the people. Great applauee)
SILVER LEGISLATION.
Mr.. Crisp then reviewed. silver legisla-
ton by Congress--the Bland-Alilson act.
the sherman act, and the repeal OF the
sherman act. He argued that the position
OF the Democratic party had always been
In opposition to the Republican effort TO
fssten upon the country the single gold
standard and contraction OF the currency.
Not until this good day had the country
viewed the spectacle Of Democrats going
around the country advocating the single
gold standard.
He declared that the Republican party
had inausurated the policy OF allowing
the creditor TO dictate whether he shcuia
be paid in gold or silver. but he blamed
the Democratic party fer following
bad precedent He condemned the issue
OF bonds in time OF peace. Said they were
issued &c procure gold, when nopody
wanted geld. Said the government oic not
need gold to meet It's obligations. IL had
plenty of silver, and II could pay its
bonds OF the greepbacks In silver. ZAP
plause.)
He said II had cost this country " per
cepita to keep this government on the
gold basis for three years only.
Mr. Crisp closed with an argument 10
show that this country could maintain
free and unlimited coinage Of silver
independently OF other nations. He SAID
II was agreed that several govern
nents by international agreement might
do so. This admitted that II was simply
a question OF strength. He then COM
pared the population, area, wealth. ana
manufactures OF the United States
with those Of European countries, show
ing how this country surpassed them
all, and closed with a patriotic picture
OF this countrys power and resources,
declaring II was able TO maintain alone
gold and silver at parity at the exist
Ing ratio. He was given protracted APP
plause as he took his seat.
Chairman Doughty then introduced Sec
rotary Smith, and the friends OF that
gentlemen determined that he should
have no less enthusiastic a greeting than
that given Mr. Crisp lie had to pause
until the applause ended, and then be-
gan as follows:
SECRETARY SMITH.
"You have just listened to a glowing
description OF our country's resources.
MY distinguished friend only needed to
ka tNfo hy
1873 the development IN all lines has been
twice as great as during any other like
period OF it's history. Applause) We
are here tonight consulting together as
Democrats upon party policy. When
the national convention shall authorize
lively declare that party policy, then
all differences will be at an end among
US. and we will line up. shoulder tc
shoulder, as Democrats, and stand solid
ly on the party platform. Applause)
In opposing the free coinage of silver
l am not fighting silver and do not seek
to reduce its use or its legal-tender
value. I favor all the gold. silver, and
paper that can be kept equally good"
In answer TO the charge that the gold
ties were seeking to stop the use OF sil-
yer, or to contract the currency, he
gave the amount Of gold and silver In
circulation In 1860. In 1873, and In 1895,
showing that the total to-day Is efght
times that of 1873. and that the per
capita circulation had increased from
slS.O4 in 1873 to between So and s3 In
1895.
I'VE are not trying to contract the cur
rency. and our silver friends mislead
II they make you believe we don't mean
10 accomplish the use OF both gold and
silver as the money of final payment for
all obligations of this country" Gap
plause)
"Mr. Crisp talks about my confusing cir
culation and standard of value and his
own argument shows that he entirely mis-
conceives the matter. Currency Is some
thing which circulates. and furnishes the
means Of exchange, but standard IL a
measure Of values, and to be standard
II must perform the function OF mea-
surfing. Mr.. Crisp says we had double
standard prior to 1873, but what Is the
use Of a standard you don't measure by?
whenever you coin the two metals
and put Into one greater value than you
put into the other, you become mono
metalists on the cheaper metal. / am
not here to fight bimetallism, but to settle
monometallsm; 20 fight the contraction
the silver men are advocating"
He said that when this country fixed
the rutO IN liSZ, JtIeISOu uiu ~ nibti
finding out the commercial ratio. believe
In that kind of blmetaIlIsm. The stamp
OF the government does not impart the
value to coin, but simply bears with II
that the coin contains a certain amount OF
valuable metal. Paper money does not
acquire value from the stamp Of the gov
eminent, but from the government 8
promise to redeem II in something OF
value. (Applause) Jefferson found gold
worth fifteen times as much as silver
and fixed the ratio at Is to I. Our latter
day statesmen find gold worth thirty times
as much a. silver. but want 10 fix the
ratio al only 16 TO /. Why not 10 10 l, or
Il, or 30 TO 1?'
He then reviewed the history OF flnan-
cial legislation, showing how the ratio
had been changed, and how one metal had
left the country at one period and the
other at a later period. He declared that
we had silver monometallism up to 1884,
and have had gold monometallism ever
since lie said we had been unable to
bring the two metals together when they
varied only per cent In value, and now
we proposed to do so when they differed
so per cent. Il am opposed to the trial,
simply because / know they can't do II.