The true northerner. [volume] (Paw Paw, Mich.) 1855-1920, 1895-05-24

garden Monday evening Secretary of
the Treasury Carlisle spoke on the silver
question. In substance he said:
Most Important Question.
The question whether we shall maintain at
an equal purchasing power in the markets all
the dollars In use provide by law for the
free and unlimited coinage OF silver dollars,
each containing 4l2Ii grains OF standard silver,
is by far the most important one that has been
presented to the American people in this gen.
GRAFTON. and IL now confronts us. The
substitution OF n new unit OF measure OF value
is not an ordinary experiment that can be safe
ly tried to-day and abandoned Tomorrow
II found injurious. The immediate conse-
quences would continue 10 be felt for years
after the policy had been reversed. II 1t were
true that n great crime was surreptitously
committed in 1873, that would not even conduce
TO prove that the free coinage OF silver at 10
TO would be beneficial to the country under
conditions now existing But it is net true,
and the act of 1873 was simply legal recog-
milton OF monetary condition that then had
existed in this country for about thirty-hve
years The value OF the United States note
or greenback was always measured by gold
and not by silver From 1862 TO 1878 COM
modities had a gold price and paper price,
but never "A silver price because even the
subsidiary silver CONS had not been in use
for eleven years prior TO 1873 Our own ex-
perience has twice demonstrated what the his
kinds OF coin cannot be kept in circulation at
the same time with full legal-tender qualities
under free coinage at ratio which does not
conform substantially TO the intrinsic or com
mercial ratio Ia the markets Of the world.
When the act OF 1873 was passed our legal po-
sition was bimetallic, but our actual measure
of value was gold. and our actual circulating
medium was paper. with purchasing power
measured by the gold standard.
Don't Want Deprecated Dollar.
II the United States could coin without
charge to the owners all the silver in the
world available for coinage purposes. 4l2h
grains of standard silver as bullion would be
worth much in this country as silver dol
lar, but what would the silver dollar itself be
worth: Everywhere the people are being
told that under free coinage II will require
twice as many dollars 10 procure any given
quantity OF commodities are required now.
which means that the money would be only
half as valuable as now Mr.. Carlisle does not
believe the people of the United States want a
deprecated dollar, whether IL be gold, silver
paper, and deniesthat those who are
opposing free coinage at the ratio of 10 to
| propose any change in the present stand
ard OF value or to discontinue the use OF sill
yer as money. He holds that the only way TO
secure the use OF both gold and silver at the
same time is TO make one of them the stand
ard OF value, and SO limit the coinage of the
other that the government which issues them
and receives them for public dues may at all
times be able to maintain their exchanged
bility What the free silverites demand would
result in practical silver monometallism.
Eject of Free Coinage.
The speaker showed how this would con-
tract the currency by the immediate with
drawal OF s625 100000 of gold from circula-
ton, that this contraction would reduce prices,
destroy credit and produce the most serious
financial disturbance the country ever has
UitnpSSpn. pTnnlOV-
ment TO labor would be bankrupted at once,
and nobody be benefited except the owners OF
silver, the brokers and spectators, while it
would require more than fifteen years to put
silver dollars in place of the gold we now have
and give back to the country the same amount
OF metallic money now existing The effect
ON domestic trade would be depiorable and the
farmers must be among the worst sufferers.
He said il is not true that our people owe any
debts contracted FAR back as 1873. and IL
some of the great corporations do their bonds
issued before that date have all been refunded
at low rates OF interest
No Enmity silver.
Mr. Carlisle said it VAS folly to suppose that
the purchasing power OF "A dime would be in
creased by calling 1t "A dollar or that the
workingman would be benefited by reducing
the buying power of the dollars paid him for
his toll lie said his opposition TO free coin
age is not dictated by cnmity TO silver, and IL
silver were our standard to-day. with gold de-
preciated he would oppose a change to the
gold standard. n he preservation OF the ex-
listing monetary unit and measure OF value
upon which the contracts of the people and
the wages of labor have been adjusted is the
vital thing involved in this controversy" AS
long as there appeared to be reasonable
ground for the hope that silver could be raised
TO parity with gold at the ratio OF 10 to |
by the separate action OF the United States
he was willing to make the experiment, but
alFn latf V.la tim
providing for the free and unlimited coinage
OF silver at that or any other ratio. When he
made his speech in congress on that subject
seventeen years ago silver only at about
per cent. discount; but fifteen years expert
ence has demonstrated that those of us who
believed in 1878 that larger use of silver by
the United States would enhance it's price or
value were mistaken.
Big tires in Russia.