The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-01-09
STRANGE Financial VIEWS
Secretaries Herbert and Smith Open
OratOrial ThrOttle.Valv
ASTONISHING INFORMATION
Ioke Smith Asserts That No One Qucs'
tions tho Ability Of the Government
to Meet Current Expcnscs-Doubt
Is the Only Drawback.

New York. Jan. S.-Secretary Her
bert's speech at Jackson dinner:
Hon. Hillery A. Herbert, secretary Of
the navy, who was very cordially re-
ceived, adroitly took advantage of the
occasion to discuss the sound money
policy OF the administration. Com
menting on the firm foreign policy" OF
Andrew Jackson, which had caused our
country to take stand among the
nations of the earth 1t had never before
occupied, he further claimed for the
Tennessee statesman that he saw as
clearly as il can be- pointed out today
the value of the soundest possible cur
rency, and in the midst of a financial
crisis severer and more prolonged than
any this country has ever witnessed,
he brought the currency of the land
back to a sound basis by an exhibition
Of courage and devotion to principle
which. though it may have its parallel,
is never to be surpassed.
With this preliminary reference to the
hero of the day. Secretary Herbert i'm
mediately switched off to q discussion
of existing money conditions.
Our currency SYSTEM" he said,
must be reformed. and reformed on
sound principles. How shall we ever
get this reform? 1t can only he effected
by getting a sound money president
and sound money congress at the same
time. 1t is easy enough to get the
house for the house represents the
people. and the people of this country
VIII always be for sound morey by Il
large majority. But the senate. we
must have that too. How shall we get
it?
| answer first. we must have no more
equivocal platforms; we must have no
more juggling with words in any party
convention; we must accept the chal-
lenge the free silver men have given
and then when the issue Is made up
W must look for our votes to the agri-
cultural states of the middle west, and
to the south. to the states that have no
local interests o lead them away from
sound principles of finance
hokc Smith Expounds History.
Philadelphia. Jan. S.-Following is
speech of Secretary Hoke Smith at a
dinner of the Young Mems Democratic
association this evening. In opening
his address Secretary Smith declared
that Andrew Jackson was a sound
money Democrat He then reviewed
the record of the Democratic adminis-
traitor from March 4. 1885, to March A.
1882 showing that it had paid off So41,-
44S,OOO of bonds. and had left over $780,
900 in the treasury in excess of the
gold reserve, while the Republican ad-
ministration which followed, paid off
$23s 100000 of bonds, 1t found surplus
in the treasury almost sufficient with
which to make the payments. and left
the treasury practically empty, with
the exception OF the gold reserve, when
turned over to the Democrats on March
T. 1893.
He urged that the financial disturb
ance began before the revenues had
ceased to be sufficient to meet the ex
penses of the government and also that
the first deficiency was before the pas
sage of the new tariff legislation. there
having been deficiency in round num-
bers of $60,00O.O00 during the twelve
months L.snediately preceding the re-
peal Of the Nc * inley bill; that the pas
sage of the Sherman purchasing law
forced into the currency a large amount
of paper money at time when already
1t was dihcult to sustain the depreci-
ated silver and the outstanding green
backs. He urged further that immedi-
ately upon the passage of this act the
Withdrawals of gold became large and
that during the last seven months of
1892 they amounted to over S33, ,OO0. .OOO
and that gold was being withdrawn at
the rate of $12,000.0O0 a month during
the last three months Of the Repubi-
can administration. He also showed
that since the passage of the Sherman
purchasing act gold to the amount Of
1896, ,000, 900 has been withdrawn from
the treasury.
An Astounding Assersion.
Concluding his remarks, the secretary
said: mo one questions the inability
Of the government to meet it's current
expenses. 1t is the doubt as to the pur-
pose of the government to main gold
as a standard which has created the
distrust, which has shaken confidence,
which has checked business and less
ened the revenues. Remove this doubt,
and the increase of general prosperity
will readily take care Of the question
Of revenues.
Andrew Jackson was distinguished
for his courage and patriotism. Let
Democrats meet the issues before the
country with the same spirit. and Re
publican majorities will fade before
them
MEANT nCk TlARIE