The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1896-04-01
IN ORATORICAL DISPLAY !
Secretary Smith and EX-Speaker Crisp
in War Of Words.
MONOMENTALLISM Us. BIMETGLLISM
The Advantages of Double Standard Ex-
planned by the One Speaker and Its
Dangers Exposed by the other Before
an Enthusiastic Audience.

event has so stirred the city of Augusta and
It's surrounding territory as the financial
debate between Secretary Hoke Smith for
'sound' money aud ex-Spe aker Charles
f, Crisp, representing free coinage, which
occurred here last night. The day was a
gala one, Smith and Crisp holding infor-
nal receptions at the Arlington hotel all
the forenoon. Excursions were run into
the city from all points within radius of
seyenty-hye miles. The city assumed
holiday appearance. The debate took
place in the Grand Opera House which
seats 1900, and at o'clock the building
was unable to accommodate the mass that
desired admission, many having to return
home
After a short introduction by Chairman
Daughty, of the county executive commit
tee, who stated the terms of the debate,
he introduced Judge Crisp, who spoke in
part as follows:
''Mr. Smith and myself are both Demo
Gratis, and we both expect to earnestly and
Loyalty stand by the Democratic nominee,
but just now the policy of the Democratic
party is to be formed, and Mr.. Smith and
differ on one important question. We
differ about money
"There are two contentious respecting
your attention to the monetary condition
of the world up to 1878. Throughout
Europe there were two metals coined at
different ratios in different countries, but
the concensus Of the rates were about 10
to 1. There is no such thing as interna-
tional money, no money will circulate in
all countries. In 1899 the governments of
Europe had the ratio of 10 to and the
United States formed that ratio as their
basis of coming the two metals. That was
right in 1892.
you observe my friend Mr., Smith when
he comes to address you, and see if he does
not make the error of confounding the
standard with the currency.
'Bimetaliism is desired by every writer
as being condition when both metals
can be coined legally at mint by ratio
fixed by the law with an equal purchasing
and debt paying power. Up to the year
1873 this law was in force and silver and
gold were thus linked together and were
the measure Of commodities Any other
condition but this is injurious to the peo-
pie and only benefits those who have
money to loan.
"When France coined the two metals at
the ratio of l516 to /, and the United States
at IA ratio of l6 to /, all the gold came to
America. Gold goes where it can get the
most for itself. Up to 1873 there was no
great divergence in the ratio of the two
metals, sometimes one would be worth
! little mora and sometimes another. In
1873 the United States demonitized silver.
| Why it was done no single standard gold
advocate is old enough or truthful enough
to recollect. There are none of them who
will boldly tell you why. The real reason
was to decrease the amount of money and
increase the value of the money which
was left
"There are some people who go through
the country saying that the trouble is that
the financial question is being agitated
| by silver cranks, and have never seen a
wrong inflicted on the masses of the peo-
pie but that those who inflict it are op-
posed to having it agitated.
Immediately after the decentralization
of silver in 1878 prices decreased In 1878
the Grant-Allison law was passed, and
gave us little help in arresting the fall
ing prices In 90 the Sherman law was
passed and it advanced prices. little. In
1913 that was repealed, and 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 price obtained for its output"
'"Hhe government has the option of pay
ing its obligations in either coin Then,
who wants the gold? We don't need it.
But Ill tell you who does want it. Wall
street wants it, and Lombard street wants
1t.
II you want to favor a safe government,
if you want to have equal rights to all and
discrimination to none, then you want to
al Rrrit . # rI,.,, IL,
store bimetallism to this country. The
reason why they say silver dollar is only
worth fifty cents is on account of this very
demonetization Of silver, and the silver
dollar will be worth hundred cents when
the demonstration is wiped out. If four
nations could make a ratio and keep it
one country, which is equal in com
merce to the four, could do it"
When Mr.. Smith was introduced the re
ception was equallyas enthusiastic as that
given to Mr.. Crisp.
In opposing the free coinage of sill
yer, he said, Il want you to distinctly
understand that l make no fight on silver
as final payment and as legal tender.
When we oppose this plan of free coinage
at is to we believe It's advocates will un-
derstand its effects, We oppose it because
we do not believe that it win give you
what you want In '73 we had in gold
and silver Sl50,0OO010 and now we have
Sl,l7O,OOO,OOO eigh5 times as much money
as we had when silver was demonetized
The advocates of free coinage mislead you
when they say that we wish to contract
the currency.
suppose that there was such a law as
to allow You to coin thirty grains of silver
into dollars, two or twenty grains Of gold
into dollar, do you think that you would
carry your twenty grains to be made into
a dollar when you could exchange it at
the jewelers. shop for sixty grains of sill
yer, enough to coin into two dollarsf No,
the gold would not be coined l am here
tonight not TO fight bimetallism, but sll.
yer monometallsm. It's not the actual
value of the dollar. or the credit Of me