The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1896-04-01

Augusta and its surrounding territory
as the financial debate between Secre-
tary Hoke Smith for sound money"
and ex-Speaker Charles T. Crisp, rep
resenting free coinage, which occurred
here tonight.
Smith and Crisp held informal recep-
lions at the Arlington hotel all the
forenoon.
Excursions were run into the city
on all roads from points within a radius
of seventy-tive miles. The debate took
place in the Grand opera house which
seats 1900
As early as $50 O'Clock people began
10 gather, waiting to get in. Many
brought large palmetto fans as the
thermometer registered so degrees. At
s o'clock the building was literally filled
and many had TO return home. On
the stage were the governor OF the
state. many prominent state officials
and six hundred representative men of
the city and state. The opera house
was profusely decorated.
Chairman Daugherty of the county
executive committee stated the terms
of the debate and introduced Judge
Crisp. who began as follows:
Mr.. Smith and myself are both Dem
ocrats; we both expect to earnestly and
Loyalty stand by the Democratic NOM
inee but Just now the policy of the
Democratic party is to be formed and
Mr. Smith and l differ on one important
question. We differ about money"
The ex-speal1er continued by empha-
sizing the fact that the value of money
is regulated by the demand and supply
Of its exchange for commodity" Pre-
vious to 1878. he said.
were coined throughout Europe. at va
rying rates, though the consensus of
ratios was about IS to l. Continuing
he said:
There is no such thing as interna-
tional money, no money will circulate
in all countries. That is a mere plati-
tude. In 1892 the government of Eu-
rome had the ratio of Is to / and the
United States formed that ratio as
their basis of coming the two metals.
That was right in 1892.
"Rimetallism is described by every
writer as being condition which both
metals can be coined legally at a mint
by q 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-
Sether and were the measure of COM
modities.
ANY other condition but this is in
curious to the people, and only benefits
those who have money to lend.
when France coined the two metals
at the ratio of 151s to / and the United
States at d ratio of 16 to l, all the gold
came to America.
GOLD GOES
where It can get the most for itself
Up to 1873 there was no great di-
vergence in the rate OF the two metals:
sometimes one would be worth q little
more and sometimes another In 1873
the United States demonetized silver.
Why it was done no single gold stand
ard advocate is old or truthful enough
to recollect. The real reason was to
decrease the amount of money and in
crease the value of the money which
was left. (Applause)
Immediately after the demonetiza-
ton of silver in 1873, prices decreased
How could they help il, when money
was decreased and the commodities in
creased2 In 1873 the Bland-Allison law
was passed and gave us a little helm
in arresting the falling prices. In 1880
the Sherman law was passed and it
adNanced prices q little. In 1898 that
was repealed and 1 say that
MONEY Is DECREASING
and commodities increasing. In the
last twenty years every industry has
slowly but markedly decreased in re
gard to the prices obtained for its
output.
In the bond sale before the last +be
president sold S62,O00.000 worth OF coin
bonds at a private sale. and sent 1yo,.l
40 the representatives of the neonla
that II they would give him authority
TO make them gold bonds a would be
worth Sl6,000,000 more The rep,esen-
I'nf ives F.lfI1Cal 20 81.
gold standard gentlemen tell us that
We should pay them in gold If the
repreS5 natives felt that way. why did
not they take the SIC. 900, 600? loud an
pause The government has the on
ZION of paying its obligations in either
coin; 1t is so stated in the greenbacks
and the Sherman nobes. They can nav
them all in silver. Then who wants
the gold?
WE DON'T NEED IT.
But I'll tell you who does want it.
wan street wants it. and Lombard
street wants it. Cloud applause)
If you want to favor a safe GOV
eminent; If you want to have eoual
rights TO all and discrimination to none
then you want 10 go along with those
OF us who wish to restore bimetaliisrn
20 this country. The reason why they
say silver dollar is only worth 30
cents IS on account of this very de-
monetization of silver and the silver
dollar viii b. worth 100 cents when tho
decentralization is wiped out.
II four nations could make a rario
and keep il. one country which is equal
in commerce to the four could do ii
The four cuts TO figure.
There are some people who go
Through the country saying that ma
trouble is that the financial question
as being agftated by silver ccanks. and
I have never sesn a wrong inflicted
on lthe masses of the people hut mar
those who infiict 1t are opposed to hav-
ing it agitated. (Applause.)
Mr.. Crisp closed by reading statistics
regarding the number of manufactur-
ing and other industries in the United
States and how much larger they
were than European countries. His
speech was applauded for fully three
minutes.
HOKE SMITH.
When Mr.. Smith was introduced the
reception was equally as enthusiastic
as that rendered to Mr.. Crisp.
1T is not my intention TO say any,
thing that viii hurt anyone who dis
agrees with me-" he began. 1T is but
right that we should counsel together
and find out what is right. In oppos-
ing the free coinage of silver 1 want
you to distinctly understand that /
ment and as legal tender. When we
oppose this plan Of free coinage at 16-
TO l. we believe its advocates will I'M