Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1893-11-30
CARLISLE ON CURRENCY.
Secretaxy Carlisle Talks Before
New York Business Men,

9ocreta<y Carlisle Talks Before
New York Business Men,
- tho Annual Banquet Of the Chamber
q Commerce Mt Delmonico's-The
Treasury Secretary's Analysis
of tho Great Problem.
The New York chamber of commerce
celebrated its one-hundred and twenty
NTH anniversary by q banquet at Del
monico's, on the evening of November
II. Secretary of the Treasury Carlisle
was present and spoke ON the currency
question. He was introduced by Presi-
dent Smith of the chamber, amid con-
siderable applause.
Ar. Carlisle's Address.
Mr. PREsIDENT AND GKNTLKMEN-The sub
1ecs presented by the sentiment just read Is so
large and involves SO many considerations, not
Only OF public policy. but of public and private
honor and good faith. that Iscarcely know how
20 respond to 1t on such an occasion as this.
where brevity Of sentiment will be more ap-
Q<ectaeed than elaborate argument. am
somewhat embarrassed. also. by the fact that
an to talk to an assemblage Of gentlemen
who. by reason Of their personal experience in
commercial and financial affairs, are at least in
appreciate the value of a sound and stable cur
rency and to foresee the injurious effects of q
departure from correct financial methods.
Money and its representatives constitute the
tools with which the merchant and the banker
perform their parts in the numerous and COM
paicated transactions necessarily occurring in
the growth and development of our trade at
homo and abroad. 1t is not possible to do per-
Scct work with imperfect instruments, and if it
be attempted the consequences will not fall up
ON you alone. but must be felt sooner or later
In every part Of the land. Confidence would be
destroyed. trade would be interrupted, the OBJ
legations of contracts would be violated and all
the eritS which have invariably attended the use
.of a base OF fuctuating currency would afflict
mot the commercial and financial classes only,
but the country at large. But our commercial
Interest are not confined to our own country;
9kheJ extend to every quarter OF the globe, and
,oar people buy and sell In nearly every market
'0f the civilized world A very large part Of our
farmers. mechanics and other laboring people
and constant and profitable employment in the
production and transportation OF commodities
Tor sale and consumption in other countries,
and the prices OF many of our products are
dxed in foreign markets. Without exception
these prices are fixed in the markets OF coun-
tries having gold standard or measure OF
value either by express provision of law or bv
n public policy which keeps their silver coins
equal in excha,geable value to the gold coins
At the legally established ratio. The value of
cur trade with the people OF other countries
during the last fiscal year was more than
IL 100 600 0oO and than 81 100 900 900 of this
whole Of Asia It amounted to a little over 800
O0o 90. and with all the countries Of South
sod standard it Was only s4sooo.ooo While
1t would be unfair to attribute this unequal dis
tribution OF QUE trade with the outside world
TO the character OF their fiscal legislation, 1
think 1t may be- safely asserted that this coun-
try could not iong maintain its present posi-
poctant members of the great community Of
.onmercial nations which now controls the
'tary system substantially. at least. in accord
~HitA the monetary systems OF the other prin-
-ipal nations
Mr.. Carlisle then turned his atten-
tion to the question of an international
standard
There can be no International legal tender
without an international agreement: but there
must. from the very necessities OF the case, al
Ways be q common basis upon which bargains
zro made and q common currency In which
balances are settled. No one nation can de-
-terEiae for the others what that basis shall be
or what that currency shall be. 1t may estab-
fish q currency for itself and for the of its
own people in their domestic trade, but the
value OF that currency will be ultimately meas
ured and conclusively fixed by the international
standard. whatever that may be. The stamp
On its COINS attests their weight and fneuess
oas it adds nothing whatever to their
Intrinsic value. and nothing whatever
60 their exchangeable value in the mar
kets OF the world: so that a nations stock Of
International money always consists of its
coined bullion and the bullion value of its
coins 1t can not augment its stock of such
money to any extent whatever by overvaluing
either gold silver in its coinage laws. nor
can it diminish its stock to any extent what
over By undertaking either metal While the
number Of Its nominal dollars, or shillingS, or
francs, may be increased or diminished as the
case may be. the actual value Of the bullion or
act of congress, or other legislative body. can
repeal or alter the laws OF trade or the
must result In disaster sooner or later. ~ W %
No matter. therefore. what our monetary
oss own nh laws. " We must either reiinauish q
large part Of our share in the commerce. of the
zach basis as the general judgment Of CONNER
ctal nations may establish. We can not posi-
TIE sosy prsCsic.i question rs is. whether It Is
better to establish by law an inferior kind of
money for use at home exclusively and another
kind for use abroad. or to have all our money
good enough for use In everv market where
our people trade believe the people of the
o.Ss %sS sers sSs SSs q
rcsulssl y and prof,sabiT. whether i. be gold
o S
s-igA$ to demand that 1t shall be In fact what
or the 20 of lust and srU S
rzuasme OF value.
The gold basis was the next to re-
sceive the attention of the secretary.
Odd Is the only international money. and all
trade balances are settled in gold. or, which Is
ehs same thing. on q gold basis. all other forms
.of currency being adjusted to that standard.
III ID useless for the advocates Of different
syssem to insist that this ought not to be so; 1t
Is So and we can not change the fact. But the
gold eagle and double eagle are not accepted ut
a particul valuation In these settlements
Simply because the United States OF America
have declared by law that they shall be legal
Gender ut their nominal value. but solely be-
cause the bullion contained In them. II un-
coined, would be worth everywhere the
same amount This Is great and
powerful government, but there Is one
:shiug It can not dot can not create money.
There are some things, however. which the
do for he "a me AMI N