The times. [volume] (Richmond, Va.) 1890-1903, 1894-10-14
AUToCRAT OF FINANCES.
SECRETARY cASLIsLE's E0A0"f or
ROBERT NORRIS
,o,b, Memors ofthe Frat "s'sre-
,ary oe,ae r-o''"r'' o"'''''o--
c,bre mombe.- Present


S''UtIng broke dark and thrcatenng' pu'
Tho gloomy outlook aid nor p.e'e"' ','
assembifng q the larsest gathering a,'''
u,tle village has ever Witnessed "O
normal population Of 5000 by the ''''i -
Of visitors from various sections q "e'',
see Wyoming, Livingston Niagara ~
and Orleans counties has been S"e'''
10 twice that number ,...,,,, in,
PROMPTLY on time the train, ic inns
members OF the cabinet ana o'"', JeD
Washington ro lei into me u''D'. ,,,s1
the DISTINGUISHED visitors were Nt''
~ rcrrrfl.D committee. and es'"f ~
10 the Richmond Hotel Inc I"t.'
made up uf Secretary ana W., -. ara,
Secretary and MIS-. I@moH' /, -. .fer-'
Smith. and Iu.rth AS. am ,.-l'rt and
da'gb,er .i,e Nieuu, Sc aFE a. ~ -
rUJ Assistant Pustmls err Jones. 80, ,a,,,
masf,r-Icueral and Ms. blsSe!, a. III
from BJ0al' on ne h"' VIA where n
.'''.'i,r ans held. Following the re
e,,,., me distinguished Wis lots were
5,ivcn 60 a STAND ia front OF the Ia lti
Cfiea from which they reviewed a pardde
If civic and military o'6anizauohs'
t>,IuI>o or III IABD ..
Then the unveilng Of the tablet took took
,..r. followed hy prayer by Bishop
it,sr yac tablet is Of marble, two By
i'y @"' feet i'm SIZE and contains the in
Erc tea Is, dedicated 1891. to the
,....... Do. kybcTJ VI iris.
III. exact year is left blank, because
f. i. found imposs Bile 20 determine in
t,Hat year the building was comp eteu:
Al t.c conclusion Il the ceremony OF
u.,.Hrg the tablet the visitors were
S,farra.nad Al lm .he1n. After luncheon
Ola. ladies were driven L. the state PARK
where. with the Cabinet officers, they
occupied seats on the stand. The weather
nat cleared and the sun Was shihhE
brightly. The exercises, at ms point
began promptly at clock with seiec-
ions by the SiXty-ftth Regiment
lard. Of Buffalo TO Thu Colntr|'
was then sung by chorus Of on nun,
dred voices. and Bishop Coke followed
with prayer The song Of ZION Awak &C.
reading Of the dedication poem b. John
II. Yates. the author. The chorus sang
20. Columbia. Columbia, Beloved
SECRETARY cAEIIsLr's Speech.
Secretary Carlisle then delivered his,
toTical address, reviewing the IIe u'N
services of Robert Morris. r,,,,.
lie said IN part: "AithouEh an tttaaed
Hshman by birth. he promptly identHed
himself with the friends OF the Col93'liivis -
I'm the controversy between them anu ~ -
mother country, and In 100, ten yeal "e
fore the battle Of Lexington, ne sle.il||
he Standardization agreement. lie was
irnovvn 10 ha oD1osed 10 the Declaration
Of Independence, and hdu Ntleu ~ Ia
it. believing. with many OtheI eVou az" .L
patriotic men Of that perlod, tHdt lnC
oDDortuDitv for reconciliation upon terms
which would preserve the npeIueS, u IuO
people had not yet entirely passtu. I,HS'
as a member of the continental LUIS 80,
from me beginning he was piaceI upon
some of the most important committees
and Was almost constantly cdued upon
10 assist I'm the conduct OF hnahCial AZ
fairs not only by his ADVICE ana Souu-
sell but by the use OF his name anu pei
soual credit At that time there was no
treasury Department. nor any nallondI
executive organization of any khd. ~
most every financial cXPeGient lha as..l Imt
Ingenuity Of men could devise, except
regular and effective taxation, hdd bteh
reSortcd to for nearly six years TO falSc
money or procure credit Tor the prose. u
ton OF the war. The country was s!ugtl-
erlug to death under mass or worthless
paper currency. far more disastrous 10
The commercial and industrial industries
OF the people than all the spoliatlOn ana
devastation committed by the invading
enemy,
HARVEST TINE or TIE r1sHoNfsT.
"EVtr1vagance, speculation, fraud and
selhsnness prevailed everywhere TO an
extent never known i'm this country before
or since. IL was the harvest time OF Inc
dishonest public official, the INSCRIPTIONS
debtor and the uDfdltbful trustee OF prl-
waite estates. The widow and the orphan,
and the poor and dependent classes I'M all
the walks Of lie, Nere, as they have
always been and always will be. the pTin-
Cipal sufferers from every Auctuauon in
the eNChanEcdbIc value Of the currency.
The rich and the powerful can genera ~
take care of their own pecuniary inter-
ests. no matter what kind of currency
may be in use but the poor who are
compelled 20 labor for the necessities OF
life. and 20 receive whatever is offered
1..w 10 condensation: and the ignorant
who are always exposed TO the seductive
devices Of the Spectator and sWlndler'
'H.-ltute the classes upon Whlch the
evil effects of a Vitiated currency inVa~
Iltbiy fall with the heaviest weight.
AT this time Continental notes had been
issued 20 The amount of $lWe0Ull, or
about Sj3 per capita, and the depreciation
was 50 TO / that is. one dollar in specie
was equal in value TO thirty dollars. by
July. ltNp, 10 WAS 81 Il TO ], ana early the
next year the whole miserable system
broke Congress. with only one dissenting
vote. realized that the debts then due
from the United states which had been
hQuildtcj according to their specie value;
aud an debts which had been, or would
thereafter be-. made payable In specie,
should be actually paid IN Specie, or ltS
equivalent. at the correct rate OF tXchanSe
between specie and other currency. rms
was the condition Of affairs when Con-
Eress, on the goth day Of February I'pl,
unanimously chose Robert MOTIFS 10 DC
Superintendent of Finance.
WHAT ROBERT NORRIS d D.
The selection at once revived the hopes
OF the Respondent stimulated the courage
OF the WaveringN and confirmed the faith
of the frienls Of liberty in every part OF
the world.
IN June $751; before he had taken
charge of his office, he secured the re-
peal Of the embargo. believing, TO use
his own language, that commerce should
be perfectly ;ree and property sacrealy
secured 10 the owner lie employed MINI
self with zeal and determination TO the
difficult tasks imposed upon him, and the
result of his iaburs soon began 20 be IeIl
in all the affairs of the government, at
home and abroad. He was, in fact, the
autOcrat OF the finances. He engaged IN
a great number OF mercantile enterprises
on account Of the government, buying and
selling goods here and in other countries,
and -lsiug the proceeds In the pubic ser
vice. Congress had declared that the OBJ
legations OF the government should be
paid in specie or It's equivalent, but the
government had no specie and no visible
means Of procuring II. II is true that
considerable specie, or hard money as II
was then called had been brought TO the
country and disbursed by the British
and French armies. but il had not reach
ed the Treasury. The worthless paper
currency was now rapidly disappearing.
srFcIE BASIS ESTABLISHED.
In a short time the people began TO
realize the benefits of that inhexible law
Of trade and finance, under which sound
money In sufficient quantities 10 transact
the business Of the country viii always
make its appearance 10 take the place of
unsound money; the latter can be got
out OF circulation. II was not long until
specie was circulating in all the chan
neis Of trade, and from that time TO the
close Of the revolutionary war all the
business Of the government was conduct
el upon q specie basis
In conclusion. ne said 1t may be that
hereafter, somewhere in this broad land
OF ours which he sacrificed so much to