The herald., 1896-04-03
A JOINT DEBATE.
Secretary Smith and Mr.. Crisp Dlseuss Pre-,
Coinage.

Coinage.
ATLANTA, Ca, April 2.-Six thousand
people gathered tonight in the big taber
nacle to hear the second Of the series of
joint debates on the currency between
Secretary of the Interior Hoke Smith and
Ex-Speaker Charles F. Crisp, Secretary
Smith having the opening and speaking
for an hour and ten minutes.
Secretary Smith began by saying he
opposed the free and unlimited coinage of
silver for the same reason that Benjamin
H. Hill had opposed it, and because be
wanted to see genuine bimetalIism obtained
in this country.
He rapidly outlined the history of coin.
age to show that the commercial value of
gold and silver had regulated the estab-
lishment of the legal ratio between the
metals.
The secretary denied that the act of
1878 had caused the fall in the price of
silver. The law of supply and demand
and the cheapening Of the cost of mining
had been potent factors in that deprecia-
tion. If the free coinage Of silver would
cause the 371H grains Of silver in q silver
grains of gold in a gold dollar-if it would
give real bimetallism. he would be in
favor of it. But he felt ashamed of him
self for presenting such a case even hypo-
thetically. History and common sense
showed that it was impossible.
We
should first fix stable standard. then re-
tire the greenbacks, as recommended by
Carlisle. give silver the right of way below
$40, and allow state banks the right to
issue notes. He would not undertake to
present q complete plan, but the central
idea must be to have every dollar of equal
value. rs ~
The bond issue was necessary to pay
demand notes of the government.
Secretary Smith concluded by painting
the disaster that NDuld result from the
election of a congress and president ia
vorable to free silver coinage.
Mr.. Crisp was given rousing reception
when he rose. In beginning he said he
wanted to say that Brother Smith, - as he
referred to the secretary, made ae good an
argument as he had ever heard in behalf
of q cause SO intrinsically weak, .s
"This joint debate business may be fun
to my friend Smith," he said, ''but it's not
fun for me. Pm candidate for the sem
ate and Pm anxious to get through with
these joint debates and get down to bus
mess of candidate. My friend Smith,
however, is not a candidate for the senate.
He says he has no desire to and have no
idea that the people of Georgia will force
The demonstration of silver caused the
fall in prices, Mr.. Crisp contended, and he
recited the reasons therefor. t
As soon as the people found out that sill
yer had been demonetized they began to
agitate for its restoration. This agitation
had become a crime in the eyes of the men
who had fixed income which was increas.
ing every day. He ridiculed the claim that
the single gold standard was in favor of the
laboring man. .
The first administration OF Mr.. Cleve.
land did pay off large amount of bonds,
but that did not alter the fact that his
present administration, and he said it with
shame. had imposed on the people debt
that would amount to $500, 900, 900 before
it was paid. .r
Generous applause accompanied Mr..
Crisp's close which grew into roar a.
Secretary Smith rose for his, 2O.minutes
rejoinder. He declared that Mr.. Crisp had
lodged the proposition that you could not
have bimetallic currency without having
the legal ratio the same of the commercial
ratio. He was willing to rest the whole
cause on that proposition.
The secretary;s rejoinder was interrupted
by frequent outbursts OF applause. which
in each case aroused opposing cheers for
Crisp, interspersed with Kisses and cat.
calls.