Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1893-11-22
Commerce Demands and the Honor Of
the Country
REQUIRES THAT The OBLIGATIONS
Of the United States Shall Be Paid
in Coin Current in Any Market
Of the World, and That the
Question Shall Be Settled For
All Time and Beyond Contro-
verSy.

LO-ulButs
Hon. ]. G. Carlisle, Secretary OF the
Treasury, responded to the first toast
of the evening which was:
Commerce demands and the honor
of the Country require that the Obli-
cations OF the United States shall be
paid in coin current in any market 10
the world and that the question shall
be settled for all time and beyond con-
troversy."
Secretary Carlisle said:
Mr.. PRESIDENT AND GENTLEMEN;
The subject presented by the sentiment
Just read is 80 large and involves so
many considerations, not only of public
policy but OF public and private honor
and good faith, that scarcely know
how TO respond to it on such an Occa-
sion as this, where brevity Of statement
will be more appropriate than elaborate
argument. | am somewhat embar-
rassed, also, by the fact that l am TO
talk to an assemblage of gentlemen
who, by reason of their personal expert
ence ia commercial and financial affairs,
are at least in as good position as l
am to understand and appreciate the
value of sound and stable currency
and to foreSee the injurious effects OF
departure from
CORRECT FINANCIAL METHODS.
Our commercial interests extend to
every quarter of the globe Without
exception prices are fixed in the mar
kets of countries having gold stand
ard. The value Of our trade with the
people of other countries during the
last fiscal year was more than Sl,7OO.-
600, 900, and more than 81, 100, 900, 900 Of
this was with the people OF Europe,
while with the whole OF Asia 1t amount
ed to q little over 500, 900, 600. / think
this country could not maintain its pres
ent position as one OF the most con-
spicuous of the great commercial nations
unless we preserve a monetary system
in accord with the monetary systems ot
the other principal nations.
There can be no international legal
tender without an international agree
ment, but there must always be COM
mon basis upon which bargains are
made and common currency in which
balances are settled. One nation may
establish currency for its domestic
trade, but the value of that currency
will be conclusvely fixed by the inter
national standard, whatever that may
be. The stamp on It's coins attests
their weight aud tineneSs, but adds
nothing tc their intrinsic and exchange
able value In the markets Of the world;
so that a nations stock OF international
money always consists Of its uncoined
bullion and the bullion value OF its
coins 1t cannot augment its stock OF
such money to any eXtept whatever by
overvaluing either gold aor silver in It's
coinage laws, nor can IL diminish It's
stock to any extent whatever by under
valuing either metal. While the mum
Der of It's nominal dollars, or shillings,
or francs, may be increased or dimin-
ished. as the case may be, the actual
value of the bullion or coins will not be
changed in the least, fer no act of Con-
gress. or other legislative body, can re-
peal or alter the laws of trade or the
laws Of finance; and every attemp to do
so must result in disaster sooner or
later.
No matter, therefore, what our mon
etary system may be here at home, we
must either relinquish large part OF
our share in the commerce OF the world
or conduct our International trade upon
such basis as ths general judgment oil
commercial nations may establish.
WE CAN NOT POSSIBLY CHANGE
this situation, aud, consequently, the
only practical question is, whether it Is
better to establish by law an inferior
kind Of money for use at home exclu-
sively and another kind for use abroad,
or 20 have all cur money good enough
for use in every market where our peo-
pie trade. | believe the people OF the
United States are entitled TO have for
use in their domestic trade just as good
money as any other people ia the world
have, and that they are entitled TO have
just as much of il as may be necessary
to carry on their business regularly and
proftably. Whether IL be gold or sill
yer, or both. or paper based upon the
coins OF the two metals, the people
have a right to demand that 1t shall be
In fact what it purports 20 be--a Just
and true measure Of value, or the rep
resentative of just and true measure
of value.
Gold is the only international money,
and all trade balances are settled In gold,
or. which is the same thing, on gold
basis. all other forms OF currency being
adjusted TO that standard. This Is q
great and powerful government. but
there is one thing it can not dot can
not create money. In the exercise OF
its constitutional authority 10 ''coin
money and regulate the valne thereof,
il can suspend or limit the coinage OF
either metal whenever it is ascertaiDed
that the coins of the two metals, OF the
same denomination, are OF unequal
value: or it can change their legal ratio
so as 10 make them as nearly equal In
value as possible; or it can maintain the
parity of It's coins by receiving them
and their paper represen tatives in pay
ment of all public dues and discharge
all its own obligations in Whatever kind
of money
ITS CREDITORS NAY DEMAND.
For my part, | have never been able
20 understand what is meant by q
double standard, or double measure of
value, and have never found anyone
who could tell me. To my mind il
seems as absurd to contend that there
should be two different standards or
measures Of value as It would bs to in
sist upon having two yardsticks OF dif-
,erent lengths or two gallons of different
dimensions
This does not imply that silver is to
have no place in our monetary system.
al