The Bolivar bulletin. (Bolivar, Tenn.) 1888-1946, 1895-05-31
TALKS UP FOR GOLD
Carlisle in Behalf Of the Yellow
Money at Memphis.
"SOUND MONEY" MEN IN CONVENTION.
Hon Thomas c. Catchings of sIIsssIssIppi,
Made Chairman of the Convention.
Gathering of Many Prominent
SouthernerA

Currency and Better Banking Facili-
ties" between seven and eight hundred
representative men of the southern
states assembled at the auditorium yes
terday afternoon TO express their op-
position to the doctrine of the free and
unlimited coinage of silver and to de-
clare in favor of the continuance of
present monetary conditions.
Chairman Crawford of the local
committee of fifteen assumed the
welcome in behalf of the Bluff CITY
were prettily and qnickly spoken and
permanent organization was then in
order,
Mr.. Clarke. of Alabama, presented
the name of General Catchings, of Mis-
sissippi, as permanent chairman, who
was elected. A committee on motions
was next selected. Just as the COM
mittee had been completed tha tall
form of Secretary Carlisle, emerged
from the stage. In an instant a NIGH
ty shout went up. The ovation con-
tinued for several moments after which
Mr.. Carlisle began his speech.
Among other things, Secretary Car
Isle said:
The proposition to revolutionize our none
tary system. and thus destroy the credit OF the
government and the people at home and
abroad violate all obligations of all contracts,
unsettle nll exchangeable values reduce wages
OF labor, expel capital from our country and
seriously obstruct the trade OF our people
among themselves and with the people Of other
countries. is one which challenges the intelli-
gence. patriotism and commercial honor of
every man to whom IL is addressed.
No matter what may ~ the real r1urDOSe and
motive OF those who make the proposition to
legalize the free coinage Of silver at the ratio
10 to /, these are the consequences involved in
their scheme and in my opinion cannot be
avoided II IL should be adopted. In no part Of
the country will the consequences of such a
policy prove more Injurious TO the material in
terests Of the people than in the undeveloped
and progressive south.
do not charge that our fellow-citizens who
propose to revoluttoniZe our monetary system
really desire to see the business OF the country
ruined, or even injured, but In my Judgment,
the results would be most disastrous, and
therefore, appeal to them to carefully review
the grounds before it is too late TO correct a
preme Importance to themselves and to their
pOsterity.
The secretary reviewed at some
length the history of the use of gold
and silver as moneys, and went on to
say:
The percentage Of coin actively employed in
conducting business in this country is so small
that IL IS almost fnappreciable; so small in
fact that its disuse in our transactions would
be felt IL we had a substitute for 1t, or paper
representatives OF the subsidiary pieces AL
though we have the gold standard IN this coun-
try, our actual stock OF gold bullion and coin
amounts to only about One-third of our actual
currency, condition OF affairs which would
have been inconceivable a few centuries ago.
Oua-r oil Nfr11 Cf1r 01d Fad
States notes. treasury notes and subsidiary
silver coin aggregate 81 s04 7O5 1853 exclusive of
the minor coin. and every dollar of this vast
amount is kept equal in value 70 the standard
established by law. This is the financial con-
dition which the advocates OF free coinage at
rs to now propose to revolutionize by a
change in the standard OF value, so that the
whole mass Of circulation for the use of the
people would be reduced TO about one-hah the
purchasing power IL has now.
II has been contended by many advocates OF
free coinage that the effect Of their policy
would be not 20 abolish the present standard
OF value and substitute the single gold stand
ard in fits place, but that IL would establish
what they call bi-metalliSm and double stan
dard- I confess my inability to understand
what is meant by double standard because
cannot conceive how IL is possible to have two
different legal measures OF the same thing at
the same time-as for instance, pound weigh
ing sixteen ounces and another eight ounces.
After quoting various authorities on
the subject of bi- netallism, Secretary
Carlisle said:
It is proposed that the United States with
out the cooperation OF any other government,
shall provide by law that all silver bullion or
foreign silver coins that may be presented at
the mints by individuals or corporations for
eIgn or domestic, shall be coined at the public
expense, into silver dollars at the ration Of Is
10 / with gold. and that the coins so made shall
a. N4~.VrF
and TO all people OF the United States. But
nobody else shall be compelled by law to re-
ceive them as dollars of full value
All who are indebted 20 US before. have the
privilege OF paying in silver, while all to whom
we become Indebted are to have the privilege
OF requiring us TO pay in gold.
The attempt 70 coin the two metals without
limit as TO the amount into legal money and
keep both in circulation at the same time has
been made by nearly every civilized nation and
has failed. Our country is not without expert
ence upon this subject and the results here
were just the same as every one else expe-
rienced.
All who have been or may be induced to give
their support TO this revolutionary policy up
on the assurance that IL will give the country
more money for use in the transaction OF bus
mess will be greatly disappointed for they
viii find. when IL is too late, that instead OF
having more money they will have less and
and that IL Will be deprecated in value be-
sides.
The introduction into the currency of the
country OF any kind OF money about which
there is the least doubt. will always operate
to drive out the same amount, or about the
same, OF better money and thus leave the peo-
pie with about the same volume OF currency
they had at the beginning.
Free coinage would absolutely give a de-
preciating and fiuctuating currency and the
question is whether the producers OF exporta-
bic articles viii be benefited by such result
The character OF value OF the currency in use
in the producing country does not affect the
price OF the money abroad TO any extent what
ever. But. IL our monetary system we're
changed that IL would require two dollars TO
purchase here what one dollar would purchase
now, the exchange with foreign countries
would be double, making pay twice much
in our money now, while the foreigner
would pay only half as much in money in the
same number OF dollars as he pays now.
The assertion that the fall in prices since 1873
is due 70 the appreciation OF gold alone is
bssed upon the assumption that the relations
between supply and demand have not changed
so that there has been no diminution of the
cost OF the production and distribution; that
the facilities for affecting financial exchanges
have not been improved; in short that the
world has made no progress in the conduct OF
its industrial and commercial operations for
more than twenty years
This assumption is so Inconsistent with the
well known economic and historic facts that it
seems scarcely ueFth WRils 70 sIys Is consider