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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