The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1895-06-15
WHY SILVER rs CHEAP.
He Claims That Its Present Low
Price Is Not Due to De-
monetiZation.
LAWS SAID TO BE USELESS.
The White Metals Decline Attrib-
uted Entirely to Its Alleged
OVerproduction.

LOO1o lLLE, N.Y., y uHe l4.-Ine large
personal following of Secretary Carlisle in
this city and the keen interest felt by all
classes in the currency question filed the
Music Han this evening with such a crowd
as never before congregated on a similar
occasion. Long before the hour at which
the address was to be given the hall was
filled to overlooking, the well-to-do and
business men iostling with the laborer and
mechanic for a convenient seat. Nor was
the meeting a gathering of Democrats to
honor a party leader. Republicans were
out in force.
Promptly at o'clock Mr. Carlisle came
forward and was presented by G. R. Long
His reception should have satisfied the
most expectant. When the tremendous
applause subsidized, in his clear, incisive
voice Mr.. Carlisle waded Immediately into
his subject. He repeated his argument
that the undervalued metal would be
driven out OF the country by the adoption
of bimetallic system, and at some length
paid attention to the claim that the fall in
the price of silver was due to its denone-
tization. He said:
1t is insisted, it is claimed, that the fall in
the price OF silver is attributable to the legis-
lation in Germany, the United States France
and various other countries during and since
the year of 1878, and most illogieally it is in
sisted that, Notwithstanding the reduced price
of that metal is the result of unfriendly action
of great many governments acting in concert
and with settled purpose the United States
can alone restore the value of silver.
OF course if it required action OF twelve
or thirteen different governments to bring the
price of silver to its present state, it would
seem quite clear that no one of them alone
could restore it, as if the depreciation in
the value of silver as compared to gold has
been caused solely by the adverse legislation
complained of, it follows that if that legislation
had never taken place the value of silver
compared to gold would not be the same as il
was in 1872, before that legislation occurred.
What then would have occurred? What then
would have been the result? Not single dol
lar of full legal tender silver would be in circu-
lation in the United States at this time or any
other time since 1872, because at that time the
bullion contained in 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 cir
culation under the acts of 1884 and 1887
would have kept it out, and instead OF having
in circulation among the people about $685.
100000 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 enor-
nous overproduction. The average annual
production of silver in the world during the
five years next preceding 1853 was about $780,
900, while in 1893 it was over 5000 ,0OO,-
600, an increase of PIG per cent, much greater
than the increase Of business or the popula-
ton of the world. Notwithstanding the fall in
silver, silver mining continues to be most
profitable industry. While the farmers and
other nrOdupprS StrnppljQp n live
fortably, owners of silver mines have &C
cumulated enormous fortunes.
1t is not necessary TO discuss what might be
the effect of permanent or temporary estab-
lishment of an international ratio by agree
ment OF the commercial countries of the world,
because the free coinage people repudiate the
suggestion that any other nation should be
consulted, and all that is necessary is for the
United States to proceed independently at once
If the fiat of single Government is suffi-
Gent to impart value to q coin or any other
commodity, perhaps these gentlemen are right,
but the whole world has been wrong for thou
sands of years, and ali the labor and all the
taxation to which the people of the world have
been subjected in the past have been unneces-
sary and unjustifabe.
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 without expense to the
owners of bullion, and contained thirty-six
more grains than was contained in two half
dollars or four quarters. 1t was legal tender
for all debts up to So, just as halves and quar-
tiers were. The trade dollar, more valuable in
trinsically, but without the credit of the Gov
eminent, sank to 80 cents, while the less valu-
able coins remained at full par. What hap
pened TO the trade dollar was exactly what
would happen to all other silver dollars if free
and unlimited coinage were adopted.
Mr.. Carlisle will leave here tomorrow
over the Chesapeake and Ohio for Washing
ton. After speaking tonight the Secre-
tary was rendered reception at the Wat
terson Club.