The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-06-15
Carlisle Says That 0verproduc-
tion Is the Cause.
GOLD MEETING AT LOUISVILLE.
How Can One Nation Restore the
Price of Fallen silver, He Asks.
senator Blackburn Attacks Carlisle
aud the President Free silver Let
ter by senator Norgau-A Goidbug
Refuses To Debate with Senator
Jones.

Louisville. June 1.-THE large personal
following of Secretary Carlisle in this
city. and the keen interest felt by AL
classes in the currency question. filled
Music hall this evening with such a
crowd as has never before congregated on
q similar occasion. Long before the hour
al which the address was 70 be given the
hall was filled 10 Overlooking. the well-to-
do and business men jostling with the
laborer and mechanic for a convenient
seat. Nor was the meeting a gathering
of Democrats TO honor a party leader.
Republicans We're in force.
Promptly at o'clock Mr. Carlisle came
forward and was presented by c. X.
Long His reception should have salts
FED the most expectant. When the tre-
mendous applause subsided. in his clear.
incisive voice. MIR. Carlisle waded imme-
dIately into his subject
Mr. Carlisle repeated his argument that
the undeT-valued metal would be driven
out Of the country by the adoption OF
bi-metallic system. and ar some length
paid attention 10 the claim that the fall
In the price of silver was due 10 demone-
tization. He said:
1t is insisted. il is claimed, that the fall
in the price Of silver is attributable to the
legislation in Germany, the United States
France. and various other countries. dur
ing and since the year 1873. and most IL
logically 1t is also insisted that. notwith-
standing that the reduced price OF that
metal is the result of the unfriendly ac-
tion of a great many governments acting
in concert and with a settled purpose. the
United States can alone restore the value
of silver. OF course. II it required the ac-
tion of twelve or thirteen different govern
ments to bring the price OF silver to its
present state. ii would seem quite clear
that no one Of them alone could restore IT,
as. If the depreciation in the value OF sill
Yer as compared to gold has been caused
solely by the adverse legislation complain
ed of. IL follows that IL that legislation had
never taken place the value OF silver as
compared TO gold would now be the same
as il was an 1872. before that legislation
occurred. What then would have occur
red2 What then would have been the re-
suit? Not a single dollar Of full legal ten
der silver would be i'm circulation in the
United States at this time or another time
since 1872. because al that time the bullion
contained i'm the silver dollar was worth
about per cent. more than the bullion
contained in the gold dollar. and the two
could not circulate together. The same
law which drove silver out Of circulation
under the acts of 1894 and 1881 would have
kept IL out. and instead of having in cir
culation among the people about S9S 0lo.ol0
legal tender silver dollars. as we have
now We would have had none.
THE fall in the price Of silver was not
due to the legislation complained Of. but
to an enormous overproduction. The av
erage annual production or silver in the
world during the five years next preced-
ing 1853 was about Ss6, Cos .Goo while in 1898
1t was over se09 900 600. an increase OF 215
per cent, much greater than the increase
OF business or the population Of the
world. Notwithstanding the fall in sill
YER. silver mining continues to be a most
profitable industry. While the farmers
and other producers are struggling 10
live comfortably. the owners OF silver
mines have accumulated enormous for
tunes. II is not necessary TO discuss what
might be the effect Of the permanent or
temporary establishment of an interna-
tional ratio by agreement of the CONNER
cial countries of the world. because the
free coinage people repudiate the sugges-
tion that any other nation should be con-
sUlted. and say all that is necessary is
for the United States TO proceed indie
pendently at once II the fat of single
government is sufficient TO impart value
TO a coin, or any other commodity, per-
haps these gentlemen are right. but the
whole world has been wrong for thou
sands of years, and all the labor and all
the taxation 10 which the people Of the
world have been subjected in the past
has been unnecessary and uniustifiable
THAT the fiat OF the government does
not make money was illustrated by the
history OF the trade dollar That was
coined free Of charge and delivered with
out expense to the owners of bullion. and
contained thirty-six more grains than
was contained in two half-dolars or four
quarters. II was legal tender for all debts
up 10 S. just as half-dollars and quarters
were. The trade dollar, more valuable
intrinsieally. but without the credit Of the
less valuable coins were maintained at
fun par. What happened 70 the trade dol
lar was exactly what will happen 20 all
other silver dollars If free and unlimited
coinage were adopted" q"
MIR. Carlisle will leave tomorrow for
Washington City.