The new dominion. [volume] (Morgantown, W. Va.) 1876-1904, 1893-12-02


the New York Chamber Of Com
merce last night Secretary Carlisle
dwelt upoh the great Talae to coun-
try Of sound and stable currency.
With factuating currency, conf
dence he points out; is destroyed,
trade is interrupted, the obligations
of contracts are violated and the com
munity is afflicted with innumera-
bic financial evils. A large proper
tion of our farmers, mechanics and
other laboring people are engaged in
producing for foreign countries. A
bad tariff OF bad currency system
that interferes with our foreign trade
brings hard times upon our produc-
ers. Prices of exported articles are
fixed in foreign markets. and in these
markets gold is the standard Of
value. OF our foreign trade of
! 81, 700, 100000 last year, 81, 100, 600, :
600 was with Europe, which wants
gold in the settlement of balances.
Excluding Brazil, which has the
single gold standard, our trade with
South America was but $4,000
600; with all Asia it was but little
over 800, 100000. The character OF
our currency must, it is obvious, be
shaped to accord with that of the
nations with which we trade most if
we are to escape the faction and loss
that differing standards of value
produce. In international trade
what is stamped on coin counts
for nothing; its intrinsic value is
alone regarded. We may use silver
among ourselves under certain con-
ditions to large amount, but gold
is the only international money, and
we must have plenty of that in use
if we do not wish to hobble and in
jure our foreign trade.
at is useless says the Secretary,
''for the advocates of different sys-
ten to insist that this ought not to
be SO; it is so and we cannot change
the fact. This is great and pow
erful government, but there is one
thing it cannot dot cannot create
money" 1t can, however, maintain
the parity of its coins by receiving
them and their paper representa-
tiyes in payment of public dues and
discharge its obligations in whatever
kind of money its creditors demand"
By so doing it keeps its large issue of
deprecated silver coins at par with
gold. We have coined, says the Sec
rotary of the Treasury, 419,332, $50
silver dollars. We have 140,699, 760
fine ounces of silver bullion, which,
at the ratio of 16 to l. would make
$1S1, 914,S41. Thus we have $601,-
247, 39l ofsilver dollars, besides $780,
977, 002 in subsidiary silver coin
Our stock of gold coin and bullion is
1868, 167, 949 The countries in the
Latin Union, having population of
100000 and $975,000, GOO of gold,
by Impending the free coinage of
silver, keep $725,000,000 of legal
tender silver and $95, 100000 ofsub-
sidary silver coin at par with gold.
We can do as well. But we could
not alone maintain the unlimited
coinage of silver as full legal tender
in opposition to the policies of the
other great nations of the earth.
Events have made one thing clear
That we are to pay our obligations
Sin coin current in ali the markets
of the world has been settled" says
the Secretary "for all time to come"
The question is no longer open, if it
was ever an open question. "The
spirit and obvious purpose of the
whole body of existing legislation"
has settled it, he declares, once for
all.