The Providence news. (Providence [R.I.]) 1891-1906, 1893-11-22
Discussed by Secretary Of The Treas
ury Carlisle.
GOLD THE ONLY BASIS he SAYS
Upon Which other Forms OF Currency
Can lie Adjusted-He Evades Any
Attempt at Solving the Silver Ques-
tion and Forces At to the Background.

were present. Charles Smith, president
Of the chamber, presided, and at his table
Hon. John c. Carlisle. secretary Of the
treasury, occupied the post OF honor. In
opening the speechmaking President
Smith took especial pains to commend the
character of New York banks and their
attitude toward the country during the
recent financial crisis.
Secretary Carlisle said In part:
"As gold is the only international
money, and all international balances are
settled in gold, or, what is the same thing,
on gold ba,is, all other forms of currency
are adjusted 10 that standard. The gold
eagle and double eagle are not accepted at
any particular value in these settlements,
simply because the United States of Am
erica h As declared by law that they shall be
legal tender at their nominal value,
but not because the bullion contained in
them, il uncoined, would be worth every
where rhe same amount. This is great
aud powerful government but there is one
thing ii cannot dot cannot create money
"Thers are some things, however, which
the governm ent can do for the establish
ment and preservation of a sound and
stable currency. In the exercise Of its
authority TO coin money and regulate the
value thereof it can suspend or limit the
coinage Of either metal whenever it is
ascertained that the coins Of the two
metals Of the same denomination are Of
unequal value; or il can change their legal
ratio SO rs TO make them as nearly equal
in value as possible; or it can maintain the
parity Of its coins by receiving them and
their pnper representatives in payment OF
all public dues and discharge all its own
obligations in whatever kind of money its
creditors may demand.
Double Standard"
"The country has recently heard a good
deal about bi-metallism and a double
standard, and it is possible that these
subjects will continue to be discussed to
some extent in the future. For my part,
have never been able to understand what
is meant 10y a double standard or double
measure Of value, and / have never found
any one who could tell me.
"To my mind it seems as absurd to con-
tend that there should be two different
standards or measures of value, as it would
be to insist upon having two yardsticks OF
different lengths or two gallons Of different
dimensions.
IF there were two standards, or meas.
ures, not equal in value, it is evident that
one of them must he false measure; and
if they were Of equal value 1t is evident
that, no matter what the law might de-
clare, there would be in fact one measure.
although composed Of two different kinds
OF material.
''If, for instance, the silver dollar and
the gold dollar were of precisely the same
value, aud could be so kept at all times,
4 l... h. o.. .< l.,,< Il.
one unit for the measurement of values.
Whatever that actual standard may be as
established by the laws of trade and
finance, whether il be so many grains of
fine gold or so many grains OF fine silver,
il is the duty Of the government to con-
form to it in the payment Of its obliga-
tions and in all'its dealings with the peo-
pie.
1T does not follow from anything have
said that nothing shall circulate or be
recognized as money or currency except
gold or paper issued against gold, nor
that the prices of commodities ought to be
or will be fixed upon the hypothesis that
gola is the only money in the world; but
it does follow that no part of our currency,
whether it be silver or paper, should be
permitted TO depreciate below the estab-
lished and recognized standard. Any
financial policy which would encourage or
permit such depreciation, or create rea-
sonable apprehension of such depreciation,
would unsettle values, paralyze business,
arrest the growth and expansion of our in
dustries, and ultimately bring almost
universal bankruptcy and ruin upon the
country.
Settled For Good.
"The question whether the obligations of
the United States will be coin current in
ali the markets in the world has already
been settled, and it has been in my opinion
settled for all time to come. 1t has
been settled, not by any specific act of
congress, but by the spirit and obvious
purpose Of the whole body of existing
legislation upoa the subject, and by the
deliberate judgment on the part of the
people and the declared purpose of those
who have been entrusted with the execu.
tion o. the laws.
This does not imply that silver is to
have no place in our monetary system.
What is TO be the ultimate fate Of that
metal is one of the problems which its
advocates alone can solve.
at is not possible under existing cir
cumstanccs for any one government TO
establish ard maintain stable relation
between the two metals, and for this rea-
son alone. IL ther G were no others, we are
bound TO place some reasonable limita-
tions upon the image and use of silver.
"How much of il can be safely coined
and upon what conditions it eau be safely
used, are questions upon which there will
be wide differences of opinion; but they
will be fually determined by c!rcum-
stances which clnnot now be foreseen.
1T is enough to say at present that we
have already on hand stock of silver.
coined ani uncoined, sufficient TO meet all
the probable requirements OF the country
for many years TO come, but we cannot
alone maintain its unlimited coinage rs
full legal te der in opposition to the
policies Of the other great nations Of the
Earth.
'The wSsst and enfest friends Of Tint
metal are those who have hal the sagaciiy
10 forescc tie ineviia5ls effect oil its Goa.
tiuutd accumulation in form Of bullion iu
the vanlts of the tIo sGry and the courage
10 remove from che statute book an ex
perinien'al law which. frou, the time OF
its Cnactment wns n constant menace g.
al. q. 4 ~. a