The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1895-11-27
THECURRENCY PROBLEM.
Secretary Carlisle's Address to the
New York Business Men.
He Defines the Urgent Need OF Legislation
to Enable the Treasury to Hold the
Gold = The SO-Called Silver
Heresy Also Receives
His Attention.

New YORK, Nov. 20-The chamber
of commerce held it's one hundred and
twenty-seventh annual banquet last
night at Delmonico's. The banquet
hall was decorated with the stars and
stripes and the greatest enthusiasm
prevailed. Alexander e. Orr, presi-
dent of the chamber of commerce, pre-
sided, and around him were seated be-
sides the speakers of the evening, Hon.
Carl Schurz, Rear Admiral Henry Err
ben, Mayor Strong, Hon. Hilary a.
Herbert, Hon. Judson Harmon, Gen.
Thomas H. Ruger, William II. Webb,
Calvin S. Brice, Gen. Horace Porter, j.
Edward Simmons, John Jacob Astor
and James, G. Cannon.
The meeting was called to order by
President Orr, who introduced Hon.
John G. Carlisle, secretary of the treas
ury, who spoke on "Our Currency
Question: as follows:
Two years ago said to you that the disposl-
tion and ability of the government to maintain
its own credit ut the highest standard, and to
preserve the integrity Of all the forms Of cur
rency in circulation among the people could
not be reasonably doubted and ought not to be
the subject of further controversy While
| scarcely any Cne now seriously doubts either
the disposition or ability of the executive
branch of the government to accomplish these
| Objects all who have given any attention to the
| subject must realize that in the existing state
Ct our legislation the task is both difficult and
| expensive.
| Since that declaration was made here, inter-
nc III tn
have been issued to procure gold for the re-
| demption Of United States notes and treasury
notes and the obligations Of the government on
| account OF the notes still remain the same as at
| the beginning The notes are redeemed but
| they arc unpaid and If our legislation Is not
| changed no matter how often they may be pre-
scnted and redeemed hereafter they viii re-
main unpaid. II this policy of redemption and
| reissue is continued, the interest-bearing debt
| will be greatly increased, while the non-inter-
est-bcGring debt will not be in the least dimin-
| ished
The fundamental vice in our currency system
| is the legal tender note redeemable In coin by
tho government and its reiSsuances under the
| law. This threatens the stability of the whole
volume Of our currency and has caused i'm
mense losses by fluctuations Of which it is i'm
possible to keep the public aware. 1t was
never contemplated that the government should
convert itself into bank of issue The treas
ury department is simply public agency for
the management of the financial affairs of the
government The circulation Of legal tender
United States notes and treasury notes has
tendency TO drive out OF use and out of the
country the very coin in which the government
is compelled to redeem them; and it has ex-
PEELED millions of dollars from our borders
No other government in the world Is required
to supply gold from its treasury to discharge
the private obligations Of its citizens, and no
government ought to be required to do So The
fact that the government Is required to borrow
money, is an injury to its credit and the credit
Of it's people, but the injury resulting from this
cause is insignificant in comparison with the
J ruin that would follow an abandonment Of the
reserve while the notes are outstanding; for
all our currency would thus be reduced to a
silver standard.
The United States note was q forced loan
! from the people to the government which the
government promises to repay in dollars, but
the free coinage of legal tender silver at the
ratio of l6 to |, or ut any other ratio not cor
responding with the commercial value Of the
two metals would be forced loan from the
} people to the owners OF silver mines and silver
bullion without d promise of repayment by
anybody. One loan was forced for the benefit
Of the government In time Of war, but the
. proposition of the advocates of free coinage is
S to force another loan for the benefit of private
individuals and corporations, in q time Of pro-
found peace. In principle the two measures
are precisely alike.
I The free coinage of legal tender silver woult
! be far more unjust than the issue of legal ten
der United States notes. 1t is not my purpos,
q now to discuss the question of free coinage.
think the abandonment Of or suspension Of thu
d aggressive movement against this fnancia
heresy would be most unwise at this time, es
i pecially In view of the fact that concerted
q effort is evidently now being made in the soutf
and west to regain tho ground lost during thu
u last six months.
u The speaker closed with the hope
g that the political platforms of both the
great parties would henceforth be cleal
and uncquivocal.
Z II q majority Of the people of the United
!, States Gce in favor Of the maintenance o
q standard value and opposed to free and unlim
4 tied coinage of legal tender silver, they ough
\ to have an opportunity to say so in form
u which will preclude all controversy as t
;. whether they have said so or not. On the othc
V hand If . majority OF our people are in favo
q OF changing the present standard Of value an
establishing silver monometallsm by the fre
= = and unlimited coinage of that metal into full
L legal tender money, they should have an oppor
tpnity to say that, When this issue is directl
g presented we need not fear the result.
:, The other toasts responded to were
e "Our Domestic Commerce." by Hon
l. julius c. Burrows; National Develop
d ment and Opportunity by Hol. {
= Emory Smith; "The City of Ney
q York" by Mayor Strong.