Iron County register., 1893-11-30
Mr.. CarlisIe's Speech.

Mr.. Carlisle's speech before the New
i York Chamber of Commerce show
that his financial views have under
gone a most remarkable change sine,
1860, when he voted for the unlimited
coinage of silver, and still more re
markable change since 1873, when ht
declared that the demonstration o1
silver by this government would b,
worse and more far-reaching in its re-
suits than war, famine and pestilence
We do not propose to inquire into the
causes that have led Mr.. Carlisle to sc
radically change his views with regard
to bimetallism and to become, in effect
the pronounced advocate of the single
gold standard. 1t is a bright light in.
deed that can draw SO distingui shed
statesman toward it, but tho illumi-
nation has been invisible to US, and,
so far as we know. to the public. 1t
is matter, however, that does not in
timately concern the public.
More interesting, if not more inn
portant, is Secretary Carlisle's remarks
about the ..double standard. He does
not understand this term, and declares
that he har never understood it. And
yet, considering the fact that Mr.. Car
Isle mas professed to be bimetallist,
and that he could net have been elect
ed a senator from Kentucky on the sim
gle gold standard theory, it is a little
singular that he fails and has failed to
understand the meaning of the phrase
ssdouble standard" Still more singu-
lar is his effort to befog the meaning
of the phrase and to impart to it pur-
port that has been diaclaimed time and
time and time again by all authorities
on bimetallism. That it is an awk-
ward term has been admitted, but it is
not awkward enough to carry the
meaning which Mr.. Carlisle seeks to
give it.
If the phrase were ..double stand
ards, there would be some excuse for
a profession of ignorance, but it is
'sdouble standard" and therefore it
cannot mean that there should or shall
be two monetary standards in opera
tion at one and the same time. A
more precise term would be the '.joint
standard" and it would be hard to
quibble over this.
Mr.. Carlisle is not ignorant. He is
only playfully critical, and we have no
doubt the Chamber of Commerce shook
its jocund sides until the gold in its
breeches pockets ratified when the sec
retary made his quizzical remarks
about the ..double standard These
millionai-es dearly love their little
joke, and they must have nudged each
other heartily when Mr.. Carlisle jump
ed on the poor "double standard.
For fear that our readers may be be-
fuddled by the secretary's humor, we
hasten to say that .'double standard"
does not mead a single standard, nor
yet two standards, but monetary
standard resting on two metals which
have equal recognition before the law
and at the mints. This joint standard
had been in successful operation all
over the world until 1871, when the
present dislocation of the money met
ais was first begun. The oper ations
of the double standard are very simple.
When one of the metals increases in |
value so that it is no longer profitable |
to offer it at the mint, the other metal
comes in to take its place. The dear
er metal is in fact ousted, and this
tends to reduce its value, whereas, the
increased demand for the cheaper met
IL tends to heighten its value. The
double or joint standard is an alternat-
ng standard, and the operations of BIZ
netallism serve to keep the two metals |
1t the. same value, and the legal ratio |
them remains fixed.
Mr.. Carlisle's address was made to /
'ich men, and, as the utterances of a |
,abinet officer it deserves and will at
ract attention all over the country.
t will be regarded as the announce
nent OF the attitude of the administra-
ion on the financial question; but we
hould be sorry to have to believe that
his speech ot Mr.. Carlisle's is the
lnswer of Democratic administration
o the people who desire to know when