The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1895-11-20
MARVELLOUS STRIDES
Ex-Minister Smith on National
,sa... Development" s.f,asss,,.
SECRETARY CARLISLE ON FINANCE

.'e 40" o''a''ef VI
How We Are outstripping tho Nations
OF the Old World.
-.
NEW YORK, NOV. su.-ihe lsfeh hhhua,
banquet o. inc Chnnper OF Oommsrce OF
inc STATE OF new fork was heia az DEL
monicos last evening tho yearly oinner
oi TINS organisation arc among ene ihose
Important evonts OF tne metfopohs anu
tnhu Oh iass nlShc was no eNcep.ion. "
teranccs ona, nave lhoVeu ehe policy ol eho
government nave peeh inaue on .noso oe-
casions' ana IL was ap one o. tne cnaiiipers
upiiers .h'e oec,c.ary y, eho ireasuy
Winaom was striokeh Win sudden ueash
lew years ago.
IL was soineWnao aiter CLOCK Wneh
President OFT raped Tor order, anu IN
prici speech, In wnion ne rcierrcu 70 the
armenian atrocities' introduced SECRETARY
carlisle. VINO spoke on our currency
Syseein. IN tne course oi ms icng'ny "o-
dress MT Cariiste SAID;
IN attempting 10 provide a circuiaeing
medium consisting OF It's own hooes re-
deeinabio IN coin on presentation anu re-
issuapie ai.er reacnp.ion, eno eoycrh,neii' ,oa,
Oh the onitea States IS ensaseu ,n pusi,
ness ior which IL IS wnoily uhitpeu anu
whlch was never Tor moinehe conoen-
t'rr- -
borrow money anu issuo eVioencoS vi one
debt, and IL has q right to coin money anu
regulate It's values-that ID, 20 declare
what the reiatVe Va'ucs OF inc 'neeais
snail DO IN the coihhge-pup IL was never
contempiatea tnat it shouiu consero itsci,
ihto pank oi ISSUE unu iurnisn .os"l pl
tchuer paper currency LOT thu use u Vie
people IL mas no department OF agency
properly oreanizeu OF equippeu ior my
TRANSACTION OF stich pusihcss, even II this
were legitimate governmental iuhcSion,
Tho treasury department ougnt 70 Dc, anu
was lnuehueu 10 pe' Simply aPuphc asonoy
for the management oil tho rscai AFFAIRS Oh
the govcrnment-as government noe us
bank.
mo change that can be maue ID our
currency system will afford the relief to
which the government and the people arc
entitled unless 1t provides Tor the retire-
ment and cancellation OF tho legal tenuer
United States notes. Anything less than
this will be simply palliative, and NOT q
cure, for the financial Ills 10 which the
country Is now subject. The circuiaoioh
of legal tender United States notes mas
tendency to drive out OF use and out oil tine
country tho very coin In which the govern.
ment Is compelled to redeem them' ana IL
has expelled millions OF dollars from our
borders. Although the government and
our own people are compelled TO receive
them, they will not discharge interna-
tional obligations, and gold must go OUT 70
settle all final balances against u.s.
The Uniteu states hote was iorcea
loan from the people TO the government
which the government promised to pay In
| dollars, but the FREQ coinage OF legal ten
| der silver ut tho ratio OF 10 to l, OF at any
| other ratio not corresponding with the
commercial value of the two metals, would
be n forced loan from the people to the
| owners OF silver mines and silver builion,
| without a promise OF repayment by any
! body. One loan wns forced Tor the beneht
of the government in time OF war, but
! the proposition OF the advocates oil Tree
| coinage Is to forco another loan Tor the
benefit OF private individuals and corpora
tions in timc of profound pence
"But the United States Legal tender
notes will remain to complicate tho cur
| rency system and embarrass tho govern
/ ment until the people, through their rep
resentatives In congress, agree upon some
plan by which they can be retlred and
| some other form OF currency substituted
in their place, at least SO far as the neces'
stiles OF the country may require sucn SUD
stitution. In my opinion legislation In
this direction at the earliest possible day
Is imperatively demanded by every sub
stantial interest In tho country"
Secretary Carlisle's speech was fre-
quently applauded, especially that part
where he committed himself to sound
money.
He was followed by United States Sena-
tor j. g. Burrows, OF Michigan, who spoke
on Our Domestic Commerce
Charles Emory Smith, OF philadelphia,
ex-minister to Russia was the third
speaker, his toast being National Devet
opmcnt and Opportunity" Mr.. smith