The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-08-27
Representative McMillin An
swers Their Argument.
NEW SECRETARY OF INTERIOR
He Made His Money Specializing in
Wheat and Wants to Get in the
Cabinet to Give Swell
Entertainments.


cans say that the recent rise in cotton
will show the people that the gold
standard has had nothing to do with
the reduction of the price of cotton.
When Senator Faulkner's attention
was to-day called to the likelihood of
the price of cotton being used as a
campaign argument by the gold men,
he replied that .he could readily see
how such rise in price could take
place in view of the incoming of the
free coinage of silver as a policy OF
this government.
Representative McMillin, of Tonnes
see, said he could readily answer any
argument the gold men might attempt
to make on the basis of the price of
cotton being controlled by the supply
and demand.
'When cotton is bought" said Mr..
McMillin, to a Star reporter, there
are two sales. The producer of cot
ton sells his cotton for money, and the
holder of money sells his money for
cotton. Now, if the supply and de-
inland for cotton raises or lowers the
amount of money that the cotton will
buy, on the same principle the amount
of money will raise or lower the
amount of cotton it will buy. If this
rule doesn't work both ways it is not
a good rule. The sale of the money
for the cotton is as much a commercial
transaction and purchase as the sale
of the cotton for the money"
There is much talk here to the effect
that Governor Francis viii have hard
time to secure confirmation by the
Senate. He was appointed by the Presi-
dent to effect a strong gold organiza-
ton in Missouri in the West. If he de-
votes his time to this work, the silver
Senators will see him in warmer eli
mate before they confirm him in De-
cember. He is a very wealthy man.
having made more than million dol
lars as stock broker in st. Louis. He
is social ion in ST. Louis, and his chief
desire for a cabinet job is to have an
opportunity to give swell entertain
ments in Washington next season. At
home he lives in the SWEETEST thorough
fare and maintains regal establish
ment Having made a fortune gam
bling in the farmers wheat, sold at
less than the cost of production, he is
a strong believer in the gold stand
ard. Like Cleveland, he has forgotten
the hard lot of the plain people in
his new association with new millip-
aires. The country Democrats In Mis-
souri, have never liked him, says the
Post, because of his manner of MAX
ing money" That makes him the ideal
man for Cleveland. Hoke Smith made
his money fighting the corporations
in courts for the people. He couldH' t
be induced to forget them utterly.
Francis needs no seduction. He and
Olney and Pierre Belmont and j. Pier
pont Morgan are of one kidney.
Secretary Hoke Smith briefly out
lined his future plans in an interview
to-day. He said:
II will retire from Office September
/, and it is my purpose to return to
Atlanta at once.
''My resignation was due alone to the
fact that / intend to support Bryan and
Sewall. have always voted the regu-
lar Democratic ticket, and shall make
no exception this year.
1T is my purpose to devote my time
to the practice of law and to my pri-
vate business. ] have, however, sig
nified my willingness to make two or
three speeches in Georgia for the State
and National tickets
Governor Francis, Secretary Smith
successor, will reach Washington some
time before Tuesday, and is now clos
ing up his affairs in Missouri. He has
already formally signified his readiness
to qualify on the first ultimo, when the
resignation of Mr.. Smith takes effect.
The latter will leave Immediately for
the country.
Il have been in the mercantile bust
ness III Tampico, Mexico, about thirty
five years" said Mr.. J. Saunders, a
shrewd-faced, pleasant-spoken gentle
man, who went from North Carolina
to the sister Republic, and who chatted
entertainingly of his adopted home to
"A Post man at the Metropolitan.
They may say what they please
about gold" he observed, but silver
is the sheet anchor of our prosperity
and always will be. 1t is only when
we deal with outsiders that we feel
the depreciation of our money. and
s'Oo''Si
be at minimum unless the other ma
tons give us fairer play
ut seems TO me absurd that the
United States does not open her minis
to free coinage. OF course, Mexico
would gain thereby but not to half the
extent this country would. A fool can
understand that from the very day
that this government remonetizes sill
yer, every dollars worth of goods inn
ported into Mexico would be bought
in the United States, paying England,
Germany and France $1,85 for 81
worth of goods, when there would be
no discount on the purchasing power
of that dollar in the States. 1t is all
due to lack of nerve, and | think
shows very poor craftsmanship on the
part of the greatest and richest nation
on earth Not only would you gain
us for a customer, but also the Central
and South American States, and / be-
lieye that rather than see all this
trade monopolized by our govern
ment, England would very quickly fall
in line in fha matter. of f.paauniZ ,eg