The advocate., 1891-06-10

ig president, and Mr.. Gladstone ana owner
famous economists are members. He is the
first American that has ever been invited TO
ioin the association, and his election was in
recognition of his articles on monetary and
commercial subjects, most of which haVeap-
peared in the Review.
At the request of Mr.. Carnegie, who de-
sires that his views ON the question Of money
should have the widest possible publicity,
the editor valves in the case of this article,
the restrictions that he is usually obliged TO
impose as to the length of excerpts taken
from contributions to the Review. News
papers and periodicals are therefore re-
quested to copy as freely as they choose
from Mr.. Carnegie's contribution to the
present number.
So THE ADVOCATE, infringing upon no
copyright, presents the following choice
financial excerpts from Mr.. Carnegie:
The American Republic had the disgrace
of slavery, and abolished it. Until this
year it was disgraced in the eyes Of the
world beCausei it had no law which secured
to others than its own citizens the right to
their literary productions. That disgrace
has passed away also; but there has come
upon it the disgrace of debased coinage.
The great republic issues dishonest coin,
and il ia the only nation in the world which
does 80, except Mexico, which still coins q
little silver. But while the disgrace is upon
us the financial evils of debased coinage are
vet to Come;ssfor, although the government
issues debased coin, 1t agrees to receive it as
worth dollar in payment of duties and
taxes, and makes it legal tender, and so it
passes from hand to hand for the present as
worth dollars. In this way the government
has been able so far to prevent its deprecia-
tion. How long it can continue issuing
four and a half millions more of these notes
or coins every month and keep them equal
to'goid nobody can tell.
'"This first American who has been
elected member of the British Eco
nomic Association" says:
Upon the solid rock of gold as our article
we have built up the wealthiest country in
the world, and the greatest agricultural,
manufacturing and mining and commercial
country ever known. We have prospered
beyond any nation the sun ever shone upon.
In no country are wages of labor so high or
the masses of the people 80 well off. Shall
we discard the gold basis, or even endanger
it9 This is the question before the Ameri-
can people to-day. The New York Evening
Post is free trade organ, but it has re-
Gently said that it would rather be the party
to pass ten Mckinley bills than one silver
bill such as was urged; and /, a Republican,
tell you that would rather give up the Nc
Kinley bill and pass the Mills bill if for
the exchange could have the present silver
bill repealed and silver treated like other
metals. In the next presidential campaign,
if Ihave to vote for q man in favor of sill
YER and protection, or a man in favor Of
the gold standard and free trade, / shall
vote and work for the latter, because my
Judgment tells me that even the tariff is not
half 80 important for the good of the cOun-
try as the maintenance Of the highest stand
ard for the money of the people.
Now notice the following appeal to
care kindly for the judgments of Cleve-
land and Harrison, which might very
readily be considered as an invocation to-
secure, II need be, "the active coalition
OF the conservative forces"
Would il not be well for you TO listen to
men who have your confidence and who
Ia L L.. "a ~ Il