Pawtucket tribune. (Pawtucket, R.I.) 1890-189?, 1895-05-24

OF Dangers Arising From Adoption
of o Silver Standard.
Carlisle's Address to Sound
Money Convention.


MEMPHIS, May "a. - Under . banner
with the inscription Sound Currency
and Better Banking Facilities" repre-
sentative mon Of the southern states as
sembled st the Auditorium to express
1Aeir opposition to the doctrine OF the free
and unlimited coinage Of silver and to de-
claSo I'm favor of the continuance Of pres
emit monetary conditions.
The selection of Congressman Catchings
for permanent chairman was made, and
tho congressman accepted the honor In a
graceful speech. After the selection of
q. o. Matthews as secretary, committee
on resolutions was appointed, and dele
gate from each Of the states represented
was appointed without debate.
Secretary of the Treasury Carlisle was
then introduced by Chairman Catchings,
and as the Kontuckian stepped to the front
of the stage the audience arose to its feet
and cheered enthusiastically for several
minutes After quiet had been restored,
the secretary spoke substantially as fol-
lows:
The proposition to revolutionize our none
tary system and thus destroy the credit OF the
government and the people at large, at home
and abroad, Is one which challenges the in
telligence, patriotism and commercial honor
Of every man to whom it Is addressed. No
matter what may be the real purpose and
motives of those who make the proposition to
legalize the free coinage of silver at the ratio
Of 10 to l, these are
The Consequences Involved
IN their scheme, and, in my opinion, they can
not be avoided IL IL should be adopted.
After reviewing the ratios of coinage and
H. - ell In.
circulating medium, the secretary said:
Iconfess my inability to understand what Is
really meant by O double standard Of money
value; the idea Is incomprehensible in my
mind, because cannot conceive how it Is pos
sible to have two different legal and authori
tative measures Of the same thing in use at the
same time, as, for instance, q pound weighing
10 ounces or q pound weighing 8 ounces, or
emily half as much. and both declared by law
10 be legal.
Reviewing the fact that values will al
ways be measured by the kind of money
IN actual circulation, Mr.. Carlisle stated
ths proposition before the people as being
shat without cooperation of other nations
we should declare that oil silver should be
made into coin at the ratio Of 16 pounds Of
silver to equal the value of one pound of
gold. Continuing, he said:
We, as people. shall be compelled to re-
ceive these coins in payment of debts to us
dollar for dollar, but when we pay debts to
other nations we must use gold. / think We
are fully justified in concluding that il the
United States alone should adopt the policy of
unlimited silver coinage at l6 to l, it would be
IN generalization of that metal 10) per cent.
Speaking of the act Of July IA, 1890, and
the repeal of the purchasing clause in No
vember, 1893, the secretary said:
Tha oct nh Of cilvar do rd co,,ld
not possibly affect the price Of cotton or wheat
abroad whatever its effect might be upon the
nominal price in this country. Farmers and
producers do not sell their wheat or cotton
abroad, but to somebody here who takes
chances not only on the fall of the price of the
produce abroad, but on the rise in the price Of
silver between the time of their purchase and
the time when they receive the proceeds of their
sale. 1t Is impossible to estimate the amount
of loss this would inflict upon American pro-
ducers Of exportable products, but it would be
great, as the value of such exports is now $780,
100000 per annum
A long and exhaustive review of the rel
ative values of labor and the purchasing
power of its wage, was taken up by the
secretary, following which he said:
attach very little Importance to the per
capita argument. because the amount of cur
rency required in country depends mainly
upon the volume of business transacted. One
Of the most effective arguments made by the
advocates OF free coinage is that the people are
In debt This argument comedies that under
the proposed system of free coinage at l6 to l
all the various kinds of currency in use by the
people, including the silver dollar itself,
would be worth less than it Is now; for, OF
course, money would be
No Cheaper Than 1t Is Now.
To assert that the people are in debt is to
simply say that they have traded with each
other on sredit. II 1t Is a crime to lend money
to . man who wants to borrow 1t, let the per-
petrators be properly punished, but let us not
involve the whole country in disaster, and i'm
molate the innocent and guilty alike in order
10 punish the real offenders. The laboring
people as a rule owe very little at any one
time, while their employers are always in
debtod to them, because Of wages not paid in
advance; and besides they have many Of them
deposits In savings banks, trust companies.
building associations, life insurance companies
and banks.
In all there are about 2i 900 900 people, gen.
orally poor, who have given credit to these
great corporations, and In my opinion IL would
Be . grievous wrong to adopt any policy which
would deprive them Of the legal right to de-
nand and receive just as good money ~ they
parted with when they made the deposits In
banks, or paid premiums on insurance policies.
great government should do nothing to
discredit Its obligations or TO diminish the
value Of the money In the hands Of It's citizens,
interrupt the course Of their business or de-
stroy the foundations upon which theft COM
nerctal systems have been constructed. We
are all Americans, citizens of the same great
republic. There can be no antagonistic in
terest, no prosperity in one section at the ex.
pcnse OF another. but we must stand or fall to-
gethsr.
30 believing, have spoken to you without
reservation or exaggeration in behalf Of the
policy which, In my Judgment, will most Ger.
tainly promote the welfare and preserve the
oreoit and honor Of our whole country
At the conclusion Of Secretary Carlisle
address there was another noisy demon
stration, followed by cries for Congress
man Josiah Patterson Of Memphis. Tn,
congressman acknowledged the compli
ment, congratulating the audience on tn,
opportunity 1t had enjoyed to hear the abb
address of the secretary of the treasur,
and thanking the distinguished guest 70
the favor he had conferred upon the gather
ing.
Declaration Of Principles.
I,,I<ra IT NJ poco chairv,a, >, ef tba roeo