The farmers' union. (Memphis, Mo.) 1891-1895, 1893-11-30
CARLISLE ON FINANCE.
The Secretary Of the Treasury Speaks In
Favor OF Gold.

The Secretary Of the Treasury Speaks In
Favor Of Gold.
At the lo5th annual banQle: of tho
Chamber of Commerce OF the State az
New York Hon. J. G. Carlisle. Secre-
tary OF the Treasury. occNp. the post
Of honor. In resp nse Il the first toast
Of the evening. which was Commerce
Demands. and the Honor Of the Coun-
try Requires. That the Obligations of
the United States Shall Ee Paid in
Coin Curren. IL ANY Narket of the
World. and That the Quc>t;u. Snal. !Se
Settled for All Time and Beyond Con-
troversv. Secretary Carlisle in sub
stance said:
Money and lis representatives constitute
the tools With which the merchant and the
banker perform their parts ii the numerous
and complicated tran Sactions necessarily &C
curing IN the growth and development, of our
to do perfect work with i;urc~.tc; iustru-
ments and II il is attempted the son sequences
sooner or later IN every part OF the land. Con-
idence would he DESTROYED. trade vould be in
woua S yieaS anon Il fS'. sSs
which have invariably attended the
n r OF "a sa.e or ~, H,,na;ins cur eur,
financial classes only. hut The country at
large. But DER commercial interests are not
confined to our own country: tley extend 10
every quarter Of the globe and ear eoplc buy
and sell IN nearly every market q the civil
liked world. Avery large par. u. our taynaers.
mechanics, and other lahorins people find con-
slant and profitable employment il the pro-
duc:ion and transportation ~ commodities
for sale and CONSUMPTION III other countries.
and the prices Of many of cur products are
fixed in f"reiSn markets. WITHOUT exception
these prices are fixed III the MAJ a.ts Of coUn-
tries having a geld standard or measure of value
either by express provision o. law ur by a pub
lie policy which keeps their silver coins equal
in exchauseahie value 70 the roiG coins 1t the
ln, AT 4 St.i rlf In l VI y,A..N
safely asserted that this country could not
long maintain its present position as one Of
the most conspicuous ana inn o. an; members
OF the great community of commercial nations
which now controls the trade OF the world UNI
less We preserve amonetary sy>tem suhstan-
tia ly. at least in accord with the monetary
systems OF the other principal nations.
There can lie no International LEGAL tender
without an International agreement. nut there
must from the very necessities Of the case.
always be u common basis nnal which bar
gains are made and a common currency in
which balances settled. No one nation can
determine for the Others what that basis shall
he or what that currency shall! he. II may
tablish & currency Tor itself and fer the use Of
It, own people in their domestl> t:ade. but the
value of that currency will he ultimately
measured and conclusively fined by the inter
national standard whatever that II ay be. The
stamp on its coins atttets their weight and
tinencss. but it adds noth;n: whatever to
their intrinsic value and nothln.. W hatever to
their eNchangeable value III the mar
kets of the world: $" that a nations stock of
international money always consists ot its
coins. II csnnot augment its stock of such
money to any extent whatever by oyervaluiIsy
either gold or silver In its coinas laws. nor
ever by undertaking. either metal. While the
number OF its nominal collarS oc billings. or
francs may be increased or diminished. as the
case may be, the actual value of the bullion or
coins will not be changed in the least. for no
.acr Of Congress or other legislative body can
repeal or alt err he laws of trace the laws OF
finance, and every attempt to do SO must re-
suit in disaster sooner or later
No matter, therefore, what our monetary
system may be here at home IA established by
our own laws. we must either relinuuish a
large part Of our share in the commerce of the
world or conduct our international trade upon
such basis as the general judgment OF COM
mercial nations may establish. We cannot
possibly change this situation. and cons.-
quentiy. the only practical question Is. whether
it IL better to establish by law inferior
kind Of money for use at home exclusively
ali our money good enough fer use in every
market where our people trade. be-
lieve the people of the United states are e..-
titled to have for use i'll their domestia trade
just az good money as any other people III the
world have. and that they ore entitled to have
just as much of it may he nee es-arv to carry
ON their business regularly and profit ably.
Whether It he gold or silver. or both. or paper
| based upon the coins of the two metals. the
people have q right to demand that 1t shall be
in fact what 1t rurpOrts to be-a just and true
measure OF value. or the preventative OF a
5uat and true measure OF value.
Gentlemen. the question whether the Ohli-
gatious OF the United states will Toe paid IN
coin currency in all the markets III the world
opinion, been settled for all time to come
This does not imply that silver Is 20 have no
place IN our monetary system. What is to be
the ultimate fate OF that metal Is one of he
problems which time and events alone can
solve. How much of it can be safely coined
and upon what conditions t be safely
used are questions upon which there viii DO
wide differences OF opinion but after all that
can be said on both sides they will be finally
determined by circumstances which cannot
now he fOreseen and by the nat ura! increase OF
our population and the natural growth of our
industries and trade.