The Irish standard., 1895-11-23
dOLDBU05 M SESSION.

vOcacy of the free and unlimited COLL
age of silver the annual banquet Of the
!! Chamber of Commerce 81 New York was
being held iii that city. Secretary Carlisle
| was the chief speaker Of the evening and
Of course the burden Of his song was
! Sound money He dwelt upon many
phases Of the currency question and all
his remarks were highly pleasing to the
bankers and money lenders who were
present. Touching upon the imitation OF
the currency he said:
No change made in our currency system
will afford relief unless it provides for the
retirement Of the legal tenders. The cir
culation of legal tenders 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 bord-
ers. Although the government and our
own people are compelled to receive them,
they will not discharge international obll-
cations, and gold must go out to settle ali
final balances against u.s. No other gov
eminent in the world is required to supply
gold from its treasury to discharge the
private obligations of its citizens.
While the pecuniary loss to which the
people have been subjected by the issue
and continued circulation of legal tender
paper has been almost incalculable, this
has not been the only injury inflicted
upon the country The theory that the
government can create money by placing
it's stamp upon paper is incorrect. NO
legislative enactment can make SO cents
equal in value to 100 cents. That artl-
1icially inflated prices, paid In depre-
ciated currency, are better for the people
than natural prices, paid in sound cur
rency, and various other vargaries now
floating like bubbles in the political at
mosphere are all directly attributed to the
long continued use of legal tender paper.
The proposition that promise OF the
government to pay money is money, is
Just as absurd as the proposition that to
promise to deliver horse is horse, and
vet there are eminent men, high IN PUBIC
councils, who believe that the promissory
note is actual money and that the statute
which compels all people to receive it as
actual money is constitutional and ought
to be continued in force.
Taking up the question of free silver
he said:
The agitation for the free coinage OF
legal tender silver is predicted upon the
same vicious principle that under!ies the
legislation making paper promise a legal
tender. but there is practical difference
between the two systems. The United
States note was a forced loan from the
people to, the government, which the gov
eminent promised to repay IN dollars out
the free coinage of legal tender silver at
the ratio of 16 to 1, would be forced
loan from the people to the owners OF sill
YER mines and silver bullion without a
PROMISE of repayment by anybody.
The campaign against the proposition to
debase cur standard Of value should no5
he abandoned OF suspended. If the friends
of sound and stable measure Of value
are vigilant and active this effort cannot
possibly succeed, and the question Will
soon recede from the public view. But
The United States legal tender notes Will
remain to complicate the currency system
and embarrass the government. In my
opinion legislation in this direction at the
earliest possible day is demanded by
every substantial interest in the country
and it's postponement upon any pretext OF
political expediency or upon the assump-
tion. in advance, that no satisfactory re-
sult can be accomplished, would be very
grave mistake.
No nation can reasonably expect to con-
troll the trade of any considerable part OF
the world, unless its exchanges are based
unon A standard Of value recognized as
SOUND in all the centers of commerce.
In the latter connection he referred to
the pound sterling of England as an illus
tration, Just as If that was not made what
it is by the fiat Of law.
One thing Mr.. Carlisle did say, however,
which must meet with the approba-
ton Of all honest men and that was that
Vague and indefinite declarations by the
great political organizations Of the coun-
try not only increase doubt and dlstrust
abroad, but encourage harmful agitation
at home, and hold, therefore, that it is
the duty Of all who are or may become
in any degree responsible for the welfare
Of the country to insist that there shall be
no further equivocation or evasion in our
treatment of this great subject. Let us
have no more ambiguous phrases, no more
inconsistent and irreconcilable clauses in
party platforms, or in public utterances,
but let us make our meaning clear and
cur purpose so plain that they can neither
be misunderstood nor successfully misrep-
resented. If majority Of the people OF
the United States are in favor of the
maintenance of the present standard OF
value, they ought to have an opportunity
to say So. 80.
The wonder is that Mr. Carlisle could
have said this about equivocation or evas-
ion in face of7.the fact that the present
administration turned its back squarely
upon the Democratic platform on the
question Of currency.