The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1893-11-22
CARLISLE ON THE CURRENCY.
The Secretary's Speech Before the New
York Chamber of Commerce.

New York, Novembe 21.-The 125th
annual banquet of the Chamber of Com
merce at Delmonico's tonight was at
tended by many prominent men, and
was one of the most notable events in
the history of that organization. Presi-
dent Charles S. Smith presided. Secre-
tary Carlisle sat at his right, and at his
left Congressman Cultivate. When the
covers were removed, President Smith
made the opening speech. He claimed
that share of the credit of the repeal
of the silver purchasing act by Congress
was due to the special committee of the
Chamber of Commerce Mr.Smith re-
ferred to the legislation of Congress pro-
hibiting Chinese immigration into the
United States and pronounced the opposi-
ton of the Chamber of Commerce to this
legislation. Secretary Carlisle was the
first speaker and responded to the toast:
Commerce demands and the honor of
the country requires that the obligations
OF the United States be paid in coin cur
rent in any market of the world, and
that this ques ton shall be settled for all
timesand beyond controversy" In his
speech, Mr.. Carlisle said:
The question whether the obligations
of the United States will be paid in coin
current in all the markets in the world
has already been settled and it has, in
my opinion, been settled for all time
to come. 1t has been settled, not by any
specific act of Congress prescribing the
exact mode of payment, but by the spirit
and obvious purpose of the whole body
Of existing legislation upon the subject
and by the deliberate Judgment Of the
American people and the declared pur-
pose OF those who have been Entrusted
with the execution of the laws. The
disposition and ability of the govern
ment to maintain it's own credit at the
highest possible standard, and to pre-
serve the integrity of all the forms of
currency in circulation among the peo-
pie, can not be reasonably doubted, and
ought not to be subjects of serious con-
troversy hereafter. This does not imply
that silver is to have no place in our
monetary system. What is to be the ulti-
mate fate Of that metal is one of the
problems which time and events alone
can solve; but for many years, notWith-
standing all our legislation in it's sup
port, the fluctuations lin its value have
been SO rapid and SO great as to demon
starte the fact that it cannot be safely
coined without limitations into money of
final redemption at the existing ratio or
at any other ratio that might be estab-
lished. 1t is not possible, under existing
circumstances, for any one government
to establish and maintain stable relation
between the two metals, and for this
reason alone, if there were no others, we
are bound to place some reasonable limi-
tations upon the coinage and use OF sill
yer. How much of it can be safely used
are questions upon which there will be
wide differences Of opinion; but after
all that can be said on both sides, they
will hQ fipa1tU dnf0rpa ipp6 hU %, M
es which can not now be foreseen, and
by the natural increase of our population
and the natural growth of our Industries
and trade
1t is enough to say at present that we
have already on hand stock of silver,
coined and uncoined, sufficient to meet
all the probable requirements of the
country for many years to come. The
minis of the United States have coined
419, 1872, $50 standard silver. dollars, and
we now have 40, 500, 760 fine ounces
silver bullion which at the ratio of 16 to l.
would make Sill, 914, S41, or COL, 247, 391 in
the aggregate. Besides this, we have
rs, 977, 002 in subsidiary silver coin, which
is legal tender to the amount of ten dol
lars, and is by law redeemable in full
legal tender money on presentation. Our
total stock Of gold coin and gold bullion
is $50, 1877, 949
The five countries constituting the
Latin Monetary Unions, with COM
bined population of more than so,
Oo,.exclusive of their colonial possessions
have 1915, GOO, 900 in gold, 1928, 1000, 900 Of
full legal tender silver, and 500, 90, 5000 of
subsidiary silver coins; and yet they
found it necessary several years ago to
discontinue the coinage of legal tender
silver and enter into an arrangement by
which each country agreed to redeem in
gold all its own legal tender silver coins
when presented by any other, member of
the Union. Thus gold has been made
to support limited quantity of silver
coin atspar in France, Belgium, Italy,
Greece and Switzerland as it must con-
tinue to dosahereafter, here and elsewhere,
unless a great change shall occur in the
relative values of the two metals.
Being the greatest silver producing
country in the world, and having on
hand large amount of silver coin and
bullion, the United States can not De
otherwise than deeply interested in every
measure designed to enhance it's value
and increase it's use as money upon safe
and sound basis, but we cannot alone
maintain its unlimited coinage as full
legal tender..in opposition to the policies
of the other great nations of the earth
and the countrv is to be congratulated
upon the fact that we have at last placed
ourselves in a position which enables
us to preserve our own monetary system
intact and exercise a potent influence
in any movement that may be hereafter
be made for the permanent adjustment of
this very important and difficult ques-
tion.
1t is great mistake to suppose that
the supporters of our recent legislation
upon this subject were animated by any
feeling of hostility to the continued use
of silver as money to the largest possible
extent consistent with the stability of
our currency and the preservation of
the public faith. The wisest and safest
friends of that metal are those who have
had the sagacity to foresee the inevita-
BILE effect of is continuous accumulation
in the form of bullion in the vaults of
the treasury, and the courage to remove
form the statute book an experimental
law which from the time of its enactment
was constant menace to the welfare of
the whole country.
In conclusion, Mr.. President, permit
me to thank you and the Chamber of
Commerce of the State of New York for
affording this opportunity to meet SO
many of the leading business men of
this great business city. Although your
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