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SUPPLEMENT TO THE CONYERS WEEKLY, AUGUST 3, 1895.
SOUND MONEY.
Secretary Smith Speaks On
the Currency.
IS RECEIVED WITH ENTHUSIASM.
Large Audience Gathers at Caines
villo to Hear Him.
fllliE COINAGE IMPRACTICABLE.
It Would Drlvn tiio C«»untry at Ouch to
MonouietalUm arul I’rmlucu Dis¬
astrous Kfsulta*
Hop. TTokc Smith, in obedient*' 1o n re*
finest from «t nuniber <»f the cilir.MtHof
Hull eot’iny, tb'livt icd n speech uu tin
currency* problem in (ininasvdlrpm J iies
<laj, July 255,to #i lar;*e «ntl uppreciative
muhence.
Jud^e Kiinsey ndjournrd court nt 11
o’clock, tlmt the epenking in 1 ^ 4 lit tnka
place i i Uu* courthonm'.
JSecn tary S.nitli w as escorted to the
rourtlioiise by the following committee
111 cm i luges: J. W. 0-*lin, It. E. Greer,
l!. C. Sanders, H. U. Dunlap, F. M. John
•on, J K. Murj)lty. Then J. J. (iainew
k
and r AJ. Johnson, Hell county’s repre¬
sentatives in the legislature, courted
bon to the stand.
Judge K!m<ey presented Judge II. Tl.
Derry, known in all North Georgia as
one of the brainiest and aturdieut young
democrat* of them nil, who Introduced
the speaker of the day.
Judge Perry spoke with earner mesa
and force. Tie said that he thanked God
the people bad n man with them today
to discuss Ibegrent isstis ofthehour,wbo
dared to do right, whntever were the
confluences. Henb-rred to the cam¬
paign of JS92 wlien tlieinfluenceof Tam¬
many llnil, which was arching to tores
Hie nomination of David J5. Hill, was be¬
ing wielded crainst that ft aliens cham¬
pion of tariff reform, Grover Mevcland;
When Hie Georgia state convenipm met
there were Home men in it who bravely
stood for the right, and foremost among
them was Hon. IJoko Smith. (Ap¬
plause. )
“That was a great day for Georgia,”
he exclaimed, “when Moke Smith saved
the state for Cleveland/’ (Applaua*.)
“flow,” continued Judge Perry, “another
Issue Is upon uh and the only bulwark
of the people is that grand democrat,
Grover Cleveland.”
lie congratulated the people
that they bad with them so able
and distinguished an advocate of the
policy of the president «h Secretary
Smith, whom he took pleasure in pre¬
senting to the audience.
Sovictnvy Smith was loudly np.plntided
ns he rose in speak. II s audlfiiie was
evidently there to listen,to be instructed,
to think; It was not n noisy aud ei.c.',but
tt thi ro »ghl.v appria lathe one. It gave
the secreti ry a closenem of uttentlon,
and displayed a dl*< rimtnation lu its ap¬
plause ill the highest degree com pi meat
ary to ihe thoughtful character of his
remarks.
SECRETARY RMITB fl SPEECH.
Petrotor.v smitb said;
“I am here in response to j our Invitation
In il'iHcuas (be financial prob’em, 1 shall sup¬
port the national democratic platform and
oppose tbe nntb-nal p atforrn of the popu¬
lists At Chicago, In 1892, the democratl*
party, l»y its representatives for ti e entire
Union, voted down overw helm In :ly \ e
proposition of a «'el gale from ( ob.rn 1o to
Insert In th* platform the woul *fi*e,” which
would have made the platform declare for
free rcltiMre of silver. ‘I be | letfortn ntloi ted
when hone-t'.y eon-trucd,e n-Asm tied the (re*
Coinage «>f ether at 10 to 1. and the deb
gates, on tic first ballot, nominate I bv a
two-t hr is vote, as, th* st under l letter of
the psi ty on*, who, In 1885. Itv« message to
Congress, hud opposed both the fee* vvdunge
of Milv«r and th* Blnnd-Abli-n act, and who,
later, on lehr nary 10, 3891, a* a private
rltlten, in a public letter, d*«la*ed tl e expert*
ineiit of‘free, nn.lmlted alld Itldei c: d« i»t coin¬
age of diver’ to be *<lattReiou* and rcculc**.’
This n.iiuinntion eiii|iba*it!C I th* repudia¬
tion by ti e convention of th* fiee coinage of
•Jver.
“Ishall. wls *,show that this a action of the
ri*mo«Tntk pwtytstn perilct tCc.oMiwith
tbe t*»c- Inga of Jefferson and Jackson, but I
Wu UV\\ 1 l n*t to west* tin e f<* low iug the
Wordy bar n u* recently de Ivered in our
• tat* hy that patilot who served his country
v.btuttd wirh snvU distlrtgu'.wbvd s»wve>s hs
the appoint c of Tresl ent H«rrJ>on in the
protection of fur seals..
“Ve h'h« teen th-oughn p:.»lc. Times
hrve l«*|iiove«l. Without ►tapping to nr*
com t for th* panic ft eh »nld t e barn*in mind
that panics hnv* oceturred about every
twenty years, usually ecc* "tpanied with dis
trust ot the kind of money ;►£!. Every paid*
)■ ns developed a party in favor« fbnd money,
but with returning proK|i*T»ty tte patty has
•tied. Iteiief from i»«Lic* ha* always com*
turough restoration of confitience, not
through bail money.**
THF. FUNCTION OV' MONEY.
Contlnnfns t»>e Sectetary said in pntt:
Money is a devbo to feci it ate th* ex
ehnnee «>f commodities. Property is ex¬
changed f«*r money that the money mar be
exchanged f.»i *om* other | rojerty. It* usq
1* to ennbU'ft mnn bavin* prop-rtv who
doe* not desire to keep it to obtain soma
otbti property which he wi*»h-s to procure.
The ir of* unirrrttitii.T recognDe I. theiefore,
the v«l ii* t.f the a on-y aud the le-s bulky it
l* to hew 'W.ihe mote cctw%vl*tcly wUl U far li¬
lt ate exchange, .^hell*. skins, tobacco, have
been used a* money, it was the actual value
rvcogi\i*»d ,n th* community and tl eir «nlua
at thom* point* where the people ♦»! ti e com*
mutiitv traded that made them servlceabl*,
Gold and silver are bett*r then shell**, skins,
tobacco, «*n account of their more unhar*
sallr r c gnixed value and on accouot Qt thf
’i he* Secretary showed that it
wmh not tHe ►te»Tjip of the government
hut tic value of the thing it-e'.f
whl«h fixed Pm exchangeable quality.
L'«.ijfeder» te luone had tup ►tamp of a gov¬
ernment on It, but the Lot trat thegmern
ment did not have i he *i I 1111 y fored<ein the
Idlln In *iimetulag of actual value destroyed
ItM exchanges ii e quality. The gold coin**,
howev-r. of the Confc leracr, are peif . crly
good *t ill, although the government line
reaped.
TJ1IE POM B.*D MONEY KCHKMK*.
Paper Tr«in**y 1^ good when the govern
nont hM- mi i!ics nietion fo ••nrry out ifs
{ ron lsi » to tvdieu) ii l;i aometbng of actual
value equal to I s m m v. ,'!rv; •* st a n. j* i .« y - ■ v
ciomnd on ii coin is goo* tin* st n mp i l!s
the until about the value of tie bulhou
Coin**!.
“History," said the Herr tary, “teaches
that h bad m*mey suftem* should beex])e t*d
now. It Co ires In tie form of a proposition
for tb»* f.e*. unlit* ited . nd iudepencenf e« i.i*
r.R* of silver at 1 ti **i 3. f-c.inage nt 1 <> to 1
means sixteen times as ir neb si ver » s g« 1(1
In « do Ini — 25 grains #»f ntandard gold,
41 2 1-2 gr alns *.1 standard ►liver. Tree ••<iln
ag* mp'iiis widiotit charge to the bullion
holder, but at the expense of the tax payer;
unJIn.ited meaua t« coin all that is offered;
Independent means without ref* renee to f he
four*** of other nntlons. In the 1 •• ngu*«g** of
Hen III1I, ‘I oppose this propos* <1 legislation
becuiise J favor all of its prof sued objects,
aud oppose all of Its real effect*.’
THE filEVRRITKB’ CLAIM.
“The free silver advocates claim, fr«t:
that the act of 1873 was anrreptit : oii*lr
passed and robbed the people of one-half of
the money of final payment; second: that
for tl.la reason there is n**t sufficient tnoner
of final payment, «n I the appreciation of
gold haa depreciated every thing »1-e. Upon
these two propositions their entire argu¬
ments are based.”
The Secretary met these ~propositions by
claiming, first: that the alleged contraction
of money of final payment I at not taken
rlac*; Bvcond: that the ; r»»o«*ed rvinedy
would lu reality drive on*-half the money
now In use out of circulation and produce a
Contraction ruiuous in its results.
Uesnidltwaa immaterial, ho far an the
proposed L ghdatlon was convcrned, bow the
act of 1873 was passed.
“Jt wou)*l be folly to bring *>n such di-ne.
trouseonsequenc< « for the simplesstl faction
of repealing a law improperly passed.”
INCREASED VALUE OF MONEY,
The act of 1873,he c!ni*n« d, did not remove
one-half the money of final pay mint. In
3 878 the only silver coin i n the I'ni’ed States
consisted *>f silt aidlary rilrer ainountlng to
fl7.900.000, which wan not good for the
Joilars. payment, ct debts in amounts beyond five
Thecoined gold Jn the United States
then amounted to only $185,000,00<>. The
coined gold in tie United States, now
amounts to $078,509,000, while ti e stand¬
ard ailver d*i]lars amount to $428,289,000,
and the subsidiary ►Ilv»i to $76,772,0<i0.
The total gold anil diver, therefore, In
1873 was $152,000,000, while gold and
•liver now Is $ 1 . 288 , 000 , 000 —eight times
as much as In 3878. The paper money, Ju
rlnding bank n*'te* in 1873,was about equal
to the am omit now in tiar. The p* r capita of
circulation In 3878 w rs bet ween $18 and $19.
The per Capita now Is between $23 and $24.
Or compare the volume of money under the
present law with the volume at any time
prior to Ilia act of 1873. Take tlie year
1850, for exauipl'*, w hen ttie fr»e c* lunge of
both gold and slier was allowed bylaw.
There was then, stele, $154,000,000; hank
notes, $181,000,000; total, $285,000,000,
melting n pwr capita of $12.02. or only
about half as much |-*r capita as wt jiteseut.
The per capita of silver i-lone in the Uniteii
States, wrbb h is full legal t«-nde*, at p»e-ent
Is $9.08. 3 Ills is a ]nrg*i per capita of silver
than that of any date during the period
when free and unlimited coinag* « I silver was
provided fur by law.
ENORMOUS PRODUCTION OF BOTH METAI.S.
Jt is more than twice ns largess the per
• iplta of silver coinage found in any free sil¬
ver country, today. Mexico has a per capita
of but $4.1.3 ; Japan,$2.14 ; and no other free
ii v*r country has so much,
“The • laim, t er*fi>r«*, ” I e Hai l, "that tha
money uf fin ul payment haa been r*«luced
une-ha’f, theiehy depiDi g the public of n
Diffident Volume, N sbnplv groundless. We
ni l Use gold Wild -liver, both, r.iid have mors
than we ever bail prior to the pn*a»gc of the
net of 1873,
“The elaim also, that 1 rte currency has
tontrnrted, thereby npp o 1 U'n? the value
•»f gtil-l, 1* shown t.» be fn!«e by tu* ruormoufl
iMitput of go d, Inst v-nr; ii vvrs the largest
In the World's history, and amounted to
$181,500,000.
“ The uorlo's rolr.ag* < f gold in 1893 rose
to $232,78 .-,,000 and ti nt »f ejlrer to $135,*
1(89,090, n akf mK the largest vearlv c* liras*
,n rue wuibi’a hl-toiy, with p< « ii.lr oue *1
P«*J' itlon.
The « orld’s «tock In f ill legal t-ftde-.gold
Hid *i;ver, today 1*, by tl* l»»u*t at ati-tics,
$3,905,900,000 gold, a lid f‘’.4 35,800,000,
lilvei, mill it must nor be forgotten that
»ven t o rub tb** gold rtnndard may be In
lores, theslver cob e I foul 1 i**h money of
Dial rede riptioii to re,lev* the pie sut# upon
i old, Juht ijk l. it hr.d been c«Jn« d upon a fere
tolnage i Ian.
IIAH gold aPPHE flA ted?
“Tl eclitlin th ( gold has i; ppieclatcd, there
ay d pieci-itiig tic v«m* <.f j roducts, is
jM*e l upon the theory that the de renac in
the value * f silver mid in the value i>f pro*
InCts baa been r«*ntcinporsneims. A careful
( XMU'ination of the fj.ctw show s this not to
(it* true. The i v rage d-erruae of < on m • i
l*HSluce 3873 h»i** bteu a l»o«t 20 i er cent.
fhC heaviest decline ha* bom i*• the lint of
those things which tie •»• asses < f th* people
bur. Ati tb**c redncGoim iu j ric** arc partly
ittrihutxhle to n bsoned co-t «>f promotion
tud partly tp ibe r cent • i t’e com
nodi tin* nave fsl.on 20 percent, sliver has
(all n 50 cent.
“But to consider r«itl-ulnr articlps: In
I873cornsold f«*r4l cents n bu-h 1; silver
s as w orth $3,81 an ounce. In 1895 corn
•old for 52 rents, Hhei w as worth 67 C-nts
in ounce. SHV'** hud fall* n 50 per t**« t ami
•••rn had risen 25 j er cent. In 3878 wheat
iva* worth $1.17 ir bush 1, silver $1,81 mi
•mice. In Ih78 whent was $1.84 a b; s- el,
liver $1.1 ft mh ounce. In isspuheit was
>0 cents, silver $1.04. 1 I 1895, \v> eat wag
13 ceuts a bushel, ►brer 67 cent* an ounce. .
(’•JTTON AND silver.
Cotton. ThH i* the production In which
»ur p»»oplc me rti;**ctlr inbredeil. 3'he claim
hat the v alue of cotton d*pt*nd.*d upon the
ii** or fall of silver Iimh bc**n shown to be
without foundation, tl i* year. Cotton in (he
asi four month* hnN :i-* n 80 per rent, silver
I pel cent. I’rfor to 1873, • Ii* pijc* of * otton
varied from b ur t«* f**rt' cents. Mlver n**v*r
*11 bl«-\v$l 29. In 3845 cotton sold for
4ittx v* lit*. M v r w us th*n $1.T-2 an ounce.
Kh* uullion in a sliver do l.-ir is inly worth
iu C.'nte; 25.8 gr.iius « f-t muIut.I gold are
vortb 109 cenrs. It will *• li for that all
tver th* worl i. II now constit it** a mens
ire of value I « t‘ie Unit*d 8tat*-, and a- a
neasnre til values worth,bat ti ig theeoiuag*.
n youiid numb***, twice «s muvh a* th** ail
ter ruined into a dollar 1 hm wrny do pro
il* exchange product* for n siher dollar a*
eiwllll»* Jvt Uu.'iej
live a till no <n ‘•fl~ wort? of coThnTocTTry
or n silver dollar a hen th* »llrer bi llion in
•he dollar i • only no r tn 50 cent*? Jt ii hc
•auseathe yoirnmenl star ted »tHM| lag 412
i*2 gr !•'* f ►liver on* dollar, and having
nit then. Into commerce a* worth n hundred
< nt*, has felt responsible to keep the coined
foliar at an exchang-abl* vain* equal to
ha stamp put on it—x*> k**p It Up t*> tfc«
itandnrd of 2ft.8 grains of gold.
JlOW SILVER WAS TREATED.
The government collect* $.”.00,000,000
•early as revenue. Th r* aia 428.289,000
itnndard ►liver d liars. Of this tin lit her
thout $400.000,000 are in circulation.
Thay van ).»*« L.to the treasury In payment
o the gov-ruir.ent of obligations due at
heir fare vain*., To prevent th* number he¬
nnaing a«» large that thi- ren gnl ion would
mt sustain tin ir valne it w sm aer<»*a*ry to
fu.it ttfanuinle: of dol * 1 ** thn* coined. If
lh* world** ►ilv» r coil I ne < ol>.ed into dol
ara Jt would break t*e guvermnet to uud*r
nke to keep them at a vein* greater tban
.he value of the ►liver bi llion put into them,
first, w* Uii.i ed their coinage under the
lland-Alllson act, to ?Z,(iOu,0(l(i worth a
n«»nth. 'then under the 8u*rman act ol
l8P0 we Increased the purchase of silver to
l,500.(K'0 own*** per month. Tl-isbegun to
bake th* quantity •« large that thf*ability o|
iiv government to sustain them was threat*
•ncd. General uiatruat was caused and It be¬
came iie* , es*«ry to tepcal the Hijcrmen art,
vrhbli was putting ail ver on the government
so fast. N«»wr w 9 have th* quantity men
tloacd, but have stopped buying more bul¬
lion and are gradually coining th* bullion
we have abeady bought, buying no more
bullion except for subsidiary ►liver.
FREE COINAGE 18 MONOMKTTALISM.
“The proposition la to take off all limit as
to coinage; to withdraw tbs government
fuppoit of filvar; to let any man w ho has
nil ver bul ion worth fifty cents hare it
Pinniped a hundred ernts. HiGiout gov¬
ernment support 412 1-2 grains of silver and
th* new silver dollar w ould b* of tb* snins
intcichnng*ablevalue. The qu« 0 tlnn therefor*
Ih: M hat effect w uiild free coinage hnte «»n
Giver bullion? Vouhl 412 1-2 grains el sil¬
ver h*coma worth as tnueft as 25.8 grains of
gold? Wosdd free (oinage give it an ex
rhnngenble valua equal to our present dollar
In tbe markets of the world? If the value of
silver in not doubled by free eolnaae then the
exchangeable value of our uew silver dollar
must drop to th* actual value of the siher
put into It. We would not have 1 imetailsm,
bntn gold dollar worth twice ns niu< h as the
silver dollar, and the silver dollar would
become'to* Rtambud menwui* of value,
driving the geld dollar out ofebeillation. M#
would rednr* our standard one-half,
A GOLD STANDARD SINCE ’84.
When th* art of! 792 was passed, Jefferson
and 11 am! ton both determined to make the
new gold and silver dollar a rqunl In value to
the then standard of measurement, which
was a dollar equal tc 24 8-4 grains of gold.
They recognised the fact thst theexchangabie
value of a coined dollar must he controlled
b.r the co mm in ere ini value of the bullion put
Into it. Therefore, they undertook to find
how rnanr grains of silver, uncoined, were
commercially *qunl In value to 24 8-4 grains
of gold. They d*cid*d that It requ re I 15
times as many, and multiplying 24 8-4 b.v
35 plnred 371 3-4 grain* ol »dlver in a dollar.
Ibis under valued gold. F« r tbe firs* few
years, owing largvly to tb* lack of quick in¬
ternational communication It circulated to
• limited extent, and then, long before 1884
went entbely out of circulation and we w*r*
on the silver standard. In 1834, Jackson
sought to restore bimetallism but he was
»ii» willing to change tb<» standard upon
which the bnti> ess w aa then 1 eing done. He
recognl**d th* danger t<» commerce of chang¬
ing the standard, He tbeiefote reduced the
amount of gold put into a dollar, so that un
der the new cotaage the bullion value of both
d< liars would be Just cqu 1 to the dt>llur then
In use. and at Uh in*tun e /» new ratio of 10
to 3 was passed. It w«» soon b»urd that
this new ratio und*ravlued silver, and short¬
ly after 3884 this country went to the gold
Standard—25.8 grains of »old to the Hollar—
and ha* b*Vn on it sv*r sine*, a 1th thsexcep*
lion of the time in<Jdent to the w ar,
MORE AN BULUON THAN Mo.N'KV.
(7n'l*r the new raU'» after 1834. even frae
tlrtunl uur^enpf wa* worth more wh*n m*lt
eit, than its coinage value, and t!i*iefore In
1853 it became uecesaaiy to provide frac¬
tional curren* y containing a reduced num¬
ber of grain < ir. the dollar, and their leva!
tender w ax limited to fi v* dollars,
The Spanish milled iblJar tv as
still in circulation, but th* liigiiest
amount of foreign silver by the cs lmate* <»1
the T**anuty Der»arti*ieiif. tu clrculatb n, at
any tlm*, was $50,000,OOO.
“In I860, tb* gold circulation vn« $214.
000.090, and subsidiary sdvvr $21,000,000.
$ hile 4 , 000.000 of silver dollar* had been
coined, they had nil gone rut ol circulation
being worth more when melted ns bar si v* r
tr.an their face value. These facta prove that
free and tmllra t j d coinage of both metals, by
the Unl'e 1 state*, did ti t substantially
affect the bullion value of either metal: that
tbe cheaper nietnl beer me the standard of
value, and the other went out of circulation.
LEGISLATION AND ITS EFFECT.
Many years of experience with free and
unlimited coinage « f both metals showed
that by free and unlimited coinage we were
unable to effect; first, the value of silver, to
make it equal to gold «t tbe ratio of 35 to
3 ; or second, the value of gold to make It
equal to silver at 16 to l when th* difference
In their bulllion values was only 5 percent.
Is it not-preposterons to Haim that free and
unlimited coinage now , w ill so Increase the
value of silvet, whe« the discrepancy |a 50
per cent.
It cannot be claimed that the legislation
by the United State* in 1873 seriously
affected the commercial t alue «;f silver, t° r
since thnt time we hare furnished a market
lor $ 600 , 000,000 •«! sllvei. very much wore
In propoitlon to otir increasing commerce
than went through our minis du inu th*
days office and unlimited coinage of silver.
The fall in; fie of silver can easily h* ac¬
counted for. Ju 3 873 fhe world’s product
of silver at coinage vain* wae $81,000,000;
In 1892. It w as $196,450,OOo; in 1898,
$209,165,000. and In 1894, $214,481.OOo.
Thl* enormous Increase In the produrt ot sil¬
ver fork place despite the fact ttat silver
had fallen in value 50 per cent.
former legislation on silver.
By legislation passed In 1872. Norway
snei Sweden and Germany suep*nd*d tie
roinnge of silver in 1878-4. Germany de¬
monetized silver and I ut $300,000,000 of
bullion upon the market* of Europe. Den¬
mark, Holland. Russia. Austria, Hungary,
each suspended the coinage or tienioueiiK«d
•ilrST.
The Latin Vnion, composed of Franc*. Bel¬
gium. Switzerland, Italy and Grte«e, was
forced to ai.sj end the coin Mg* of silver be¬
cause it was found imp opal hi*, by ft** coin*
age. to sustain the value of silver bullion.
This w s« done by suopenafin for twelve
moutha at a iiu;e from 1874 to 1878, when
the suspension waa mad*? without a llirita*
tion an to the lime of rontianance. Since
then India, Hraxll, Argentine Republic and
Chile have »u*peadrd free coinage.
The valna of ali»er bultfou baa fallen, sloce
1878, on gecoaat of the Ie*s*-n*d cost of pro*
l nctl»" • o_i accon-t of th e eworjr/t n]
In pioiTTTvTTV'ri, and in account of f5e «TP
ricaeed demand. A.'l of then* i]iMuenti<rii>
fared Into and helped cans.' the reduction of
the value of silver.
To restore the price cfdlrrrto its value in
1873 you must letnove nil the cause* which
har» reduced in* value, found* ‘or t' e *ak*
. 1 argument that the kc ion of ti e Lulled
State* we* on- of those cstt-ct*. it U illogical
to claim that t-;« removal of this one is to
reir. ore the effect of all the other*. m
JT MR A NS A SILVER KTA.VDABD.
r ‘Bnt it 1* urged that the Uni ed Ntntea
should try th* experiment, anil if it failed,
th*n abandon it nr change the ratio. Thf
| u cti *tajed show Crtt.duaively in advance
that it mwt fail. To 1 ft th* value of 412 12
grains of silver in the United Xtite* from
fifty to one hundred cents it would be ueces*
•ary to lilt the value ef all silver In th*
world to the *nr.« extent le s the cost ol
transporting It to th* United Srnle<*. That
volume today coined !•* $4,051,700,000. II
the burden were only to ra.ss the rommer*
rial value of the coined silver In those coun¬
tries where It has dropped to bullion value,
fie undertaking would B»i 1 l e clearly iin
p«• mfDie. India haa $950,000,000; China,
$750,000,000; Japan, $72.M)u,000; Mexico.
$50 000,000 ; South Ame p lcHii states. $80,
000.000. A total of $1,852,LG0,000 i* used,
by th* a.* countries alone. This silver,though
rained, circulates only nt Its bullion value.
In addition to this, if th** silver mines esu
afford to continue increasing their produc¬
tion as they have from $81,000,000 in 1873
to $214,481,000 in 3894, on a market which
has fallen 50 per cent, what would they pro¬
duce on a rnnrket which had llscn on* hun¬
dred per cent? The volume to be raised in
value extends to the earth deposits, ua well
ss to thst heretofore mined.
“*Ve wer« unable to keep the value of the
sllvti up to gold under the free coinage art of
1792. We were unable to keep gold up to
•liver under the free coinage act of 1884.
France and her associates lu th**Latin Union
found themselves unhid* to keep tbe silver up
to gold in 3 874. The failure «»f then* practl
uil tests, under far more favorable circum*
►tanrea than those of the present, demon*
•tinted how ridiculous is the claim of the sil¬
ver advocates.
“Then* farts, fairly considered by any one,
will bring »he conclusion that fres coinage at
lfi to 1 meaua the use of no coin but silver;
means n new standard of mea«ure equal in
value to the present commercial value of the
tul lon now put into a silver dollar; means
a new dollar worth ouly approximate)*
ha f as much as the present dollar, and the
measure of all values by this new standard.
MEANS POVERTY AND DIMTRK88.
Th* immediate effect of the election of a
president committed to such a policy would
be the separation of the gold and silver dol¬
lar, the gold dollar going to a premium of
■ bout two for one.
Ill would lose at once $5 78,000,000 of
gold now in circulation and in the t.ensury.
The greenback* and treasury «ot*a, $375,
000 , 000 , w hich would still remain outstand¬
ing, woind be boarded in the hope that a free
silver bill, If passed nt all, would he soon re¬
pealed, Tide would take place immediately
after the election of a j,neld*m in November,
1890, and p*ob rMjr even after the nomina¬
tion by either of tbe great parties of a free
sliver candidate. The new president could
pot be inaugurated until Mi-fCb 4, 1897.
During the six mouths «t u\ore before tt
would be possible to pas* free silver legisla¬
tion, the contraction «*f the currency Just de
•crlbed would pr clpitntw th« most hstIc.u*
consequences. Those owniug gold obliga¬
tions would put a strain upon the remaining
silver currency and bank poles, to buy gold
to meet tbeir gold obligations. Th* currency
confuting of chocks and MIN of exchange,
amounting to 95 per cent of our entire cur¬
rency, would go out of use In cons-queuce ol
loss of confidence and credit, and the result
would be the withdrawal of 97 1-2 per cent
of our entire c »i reacy nod the paralysis of
business would immediut-ly follow. llank*
would be raided by tkelr depositors. <>e btor <
would seek to enforce their debts before the
reduction of the standard to the silver bas s.
No extension of debt* would be given to any.
body, except where mad* payable in gold at
Increased r%t*s of interest, l.ong time debts
ar* ju gold. The amount to be paid on them
would not be reduced. Indebtedness not
payable in gold w ouid be collected at once or
the property ow ned by debtors taken from
them. Merchants would fail; manufactories
close; workmen he Idle; farm products with
out a market, and poverty and distress be
found on all sides.
HELP ONLY SILVER OWNERS.
“I do not believe that n president would
ever approve such legislation. If elected
upon a platform with a congress pledged to
pass It the ealamlton* *H ct* following anrh
an election would bring t*» them the prayers
of the very men vt hn elc te 1 them appealing
for ti e def at of such i*gp*lation. lint If such
a law should pas* it would not 1 e called un¬
til th* latter part of 1897. 3 hen a general
tttijua.m*nt to the new standard would be
nrceeunt.r. Triers being fnipororily reduced
on account of the panl 1 , it would be some
month* before the actual effect eo' ld be told
and the rent value of 412 1-2 grains of silrer
determin-fl. During this ltmebndn as Would
atagnate on account of tbe uncertainty as
to w hat the r**nl alse of tl e new me'isure—
the new standard of value. 'This would o(
course, more or lea*, affect btislnpaa perma¬
nently b#cnu*e the commercial value of si’ver
bullion has be-.-onu uncertain; has censed to
be stationary, on account of the few coun¬
tries now using it as a standard money, and
on account of the uncertainty as to the vol¬
ume of Da probable production
“No practical benefits emu be pointed out as
a consequence of tbe legislation. It would
interfere with our exchange* in foreign trad*
and prove a burden upon the producers ol
our great staple*, cotton, corn and other
grains. Uy hindering international com¬
merce It would burden the agricultural pro¬
ducts of tl’la country like a high protective
tariff. Not only would tlrs men who work
for salaries be deprived, at l*n%t for a w hiie,
of employment, but when enabled to return
to work they would find the dollar paid
them as wages depreciated In value, as a
consequence cf a change of standard. The
only puaaibW benefit would be tronv a limited
Increase In *he value of silver bullion w hich
would go into the pockets of the great silver
mine ow uer?—the men who really are bark¬
ing all this agitation and furnishing to it Its
•inewa of wtr,”
Concluding be said;
TRUE DEMOCRACY AND SUCCESS.
“The picture i* not ovirdrnw n. k’henlcon
template it there la but one aAtirre oT com¬
fort—It tans Abiding confidence that'with
twelve month* of bill, fre* i.iscvise on, tbe
American people can hr relied upon to over¬
whelming defeat uny party which proposes
to bring nuch dinaatere upon ue.
Ins end i*i free silver nt 16 to 1, which
meant silver n.onomet.*»lll"ni, a contraction
of tbe currency and * temporary and perma¬
nent injury to huaiaeca which hes been de¬
scribed the secretary urged the recesbJtr
for a sound canenry consisting ol
gold, silver and paper, but every dollar kept
a* good as any other dollar. Thi* would
allow ths coln*g** of all silver which could be
held at an equal exchangeable value with
gold. Thi* * «mW allow the lwyvov*w.evvt oi
our banking system even to the extent of *.*
pealing the l«x upon state banka under well
prepcjed ^rovivfo a* rra^latrix 1to
****** ainrgiTTUff e.-re:* .„7r^ ——
“It t- a flo»rc, .,t l ;;J o: ' ! "
toknnw lK r.„i m "“*»«
th. troal.l.. „f
upon the comitr.r hr t|,„ I,r »<
of senteUvee the pi.vious nt n<lmiul<tr l .Mon" , Y U,,r “* UI " *
with b**n inanr dlfflcaltln. [-n '* l ' nn,r **** l "
“Let more serious ' «
theret..r. ( ,l r , r „ alwii
new. that faetorltg nr. .a*,.“ ' h “‘l
that wa^ea one In'reaaed; n.lllion let J ' ‘ *’
product., the:t ,i P ' V , 1 ,f I
tell h„„ ||,, ' '
V t,.,..
“The He Kin ley m \
credit of tho go v< rnnien■ b:n I
money hoe been kept ♦*' » IT e, v
to the >in<i "ill
country i n intis witi. , „ ,,
party (ialitinK further hi,,, * \ "-vt-Uti
opposing ha.l money. alld <4
bucc
Mr. Bennie Ogletree had qui
an Thursday. experience with He his bicy]
on was on
way to Conyers, to attend il
game of base ball, when h
wheel broke down, and he w (
compelled to walk some dO
tance. On his return he had wlJ j
cured another wheel, and
about two and a half miles th
side of Conyers he ran into 1
horse and wagon, breaking th
tire of the wheel and injuria
himself quite severely. Hews
compelled to walk back to Coi
yers, and to return on the ac
commodation train. He no 1
says he is going to abandon tl
bicycle as a means of convei
ance.—Covington Star.
The 16 to 1 shouters proteJ woriJ
overmuch that they are
iug solely in the interest of thl
people, because of their unsel
fish desire to promote the publil ol
welfare. How truly good
them! But suppose that therl
were no offices in view, and nl
spoils for the free silver politi
cians. Would these same “lead!
ers” work so hard for cheal
money ? Aud if there were til
silver mine owners to put ul
funds for the free coinage agital
tion, would the country be flood!
ed with silver literature? Nol
much. The free silver move] mol
ment is born ot the selfish
tives of silver producers workinl
through schemers who want tha
spoils of politics.—Exchange.
Washington, July 26.—S?cra
tary Morton’s antagonism to till
existence of the seed department
of the Agricultural Department
reached its logical conclusion toj
day in ati order abolishing tha
decision, to take effect Octobeij j
I, by which date W. E. Fagan
chief of the division, hy the sama
order is directed to have its world
wound up. The abolishing oq
the seed department wi 1 throw!
out of employment ten men bel
sides will result the chief depriving at present, fully <ind| L>0|
in
more of occupation during tliel
busy season—the winter months]
—when it is eustnnary to send!
out the bulk of seeds. The
chief lias There a salary two of clerks $2,090 an aj
year. are
II, 200 and eight at $840. The
extra force employed in the win
ter season is paid at the rate of
$1.50 per day. It is probable
that Mr. Fagan will be appoint¬
ed to another branch of the ser¬
vice after his resignation as
chief of the seed division takes
effect.
Free silver coinage means
granting the privilege to every
holder of silver bullion, resident
and non -resident, to take bis ori
liou to the United States Mint
and have it coined into standard
dollars free of cost, as tire holder
of gold bullion does. Any one
can buy silver bullion at less than
seventy cents an ounce. Tha
ounce converted iuto coin wou
have a face value of $1 - A 11
the holder of gold bullion when
he takes 100 cents’ worth of na
bullion to the mint to coin, can
only get 100 cents’ worth of com.
The gold bullion mau mates
nothing by the transaction, but
the silver bullion man would
make fifty-nine cents on every
of silver- Laporte (W a V
ounce
J\e|luuIlC^U ^ t ..
T