Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1893-11-22
THE FATE Of SILVER.
Problem Which Time
Alone Can Solve.
VIEWS OF Mr.. CARLISLE.
Gold Declared 10 Be the Only Interna-
tional Money.

NEY YORK, Nov. 22-The attention of
every person Interested In the financial
welfare OF the untry aud In the legisls-
ton which may fol low he repeal Of the
silver purchasing clause OF the Sherman
act was centered last nixht in the
l25th andual banquet Il the Chamber of
Commerce Of New York, for the reason
that John g. Carlisle wa, there as chief
guest OF honor and as the principal
speaker. The secretary said:
"As gold Is the only international
money, and all international balances are
settled in gold, or, what is the same thing,
on gold basis, all other forms Of currency
are adjusted TO 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 b A. 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 the same amount. This IL great
and powerful government, but there Is one
thing IL cannot dot cannot create money.
"There are some things, however, which
the government can do for the establish
ment aud preservation of q sound and
stable currency. In the exercise Of its
authority TO coin money aud regulate the
value thereof il can suspend or limit the
coinage OF either metal whenever 10 In
ascertained that the coins Of the two
metals of the same denomination are of
unequal value; or it can change their legal
ratio so AS to make them as nearly equal
in value as possible; or IL can maintain the
parity Of its coins by receiving them and
their paper representatives In payment OF
all public dues and discharge all It's own
obligations in whatever kind Of money its
creditors may demand.
A Puzsisr.
"The country has recsn tly heard q good
deal about bi-met ,llism and double
standard, and 1t 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 by a double standard or double
measure OF value, and 1 have never found
any one who could tell me.
ITO my mind it seems a. absurd to con-
tend that there should be two different
standards or measures of value, as il would
be to insist upon having two yardsticks of
different lengths or two gallons Of different
dimensions.
IF there were two standards, or meas
one of them must be false measure; and
IL 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,
there would be in fact but one standard,
one unit for the measurement Of values
Whatever that actual standard may be as
established by the laws of trade aud
finance, whether it be 80 many grains OF
fine gold or 40 many grains of fne 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
gold Is the only money In the world; but
1t does follow that no part Of our currency,
whether 1t be silver or paper, should be
permitted TO depreciats below the estsb-
lished and recognized standard. Any
financial policy which would encourageor
permit such deprecl alton, or create a 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.
Decided bv Congress.
"The question whether the obligations Of
the United States will be coin current In
all 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 upon 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 the laws.
"This dos 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 In not possible under existing cir
cumstances for any one government to
establish and maintain stable relation
between the two metals, and for this rea-
son alone. II ther were no others, we are
bound to place some reasonable limita-
tions upon the coinage and use of silver.
"How much of 1t :au be safely coined
and upon what conditions IL can be safely
used, are questions upon which there will
be wide differences of opinion; but they
will be finally determined by circum-
stances which cannot now be foreseen.
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, but we cannot
alone main tain its Unlimited coinage as
full legal te der In opposition to the
po icies Of the other great nations Of the
earth.
"Ths wisest and safest friends Of that
metal are those who have had the sagacity
to foresee the inevitable effect Of its con-
tinued accumulation In form Of bullion In
.he vaults of the treasury and the courage
20 remove from the statute book an ex-
perimen al law which, from the time OF
its enactment, was . cor slant menace to
the welfare OF the whole country"
The other speakers included w. Walter
Phelps, St. Clair Mickelwsy, Rev. DIR.
Francis Patton OF Princeton college, Con-
gressmsn Outhwaite and Comptroller er
Ecksls.
Killed by Q Failing Tree.
BEvENY, Mass, Nov A-Dixey Wood
bury, QUE Of the old settlers at the Farms.
-. .,,,Sn. A1-n a troa -hAa fell NON