The Colfax chronicle. [volume] (Colfax, Grant Parish, La.) 1877-1981, 1895-12-14
CARLISLE ON THE CURRENCY.
The Secretary Of the Treasury InveiShs
Against Free Silver.

Against Free Silver.
At the meeting of the Boston Reform
club the other evening Secretary Car
Isle, of the United States treasury,
spoke at length upon the nations
finances and the subject OF the free
coinage of silver. On the latter subject
he said:
"Fortunately one of the causes which con- L
tributed largely to produce o feeling Of dis
trust and apprehension and which very great
iy intensified that feeling at all the stages OF
our long financial struggle, has substantially
ceased to exert any influence over the lninos
of the people here or abroad. ! mean the per-
sistent and aggressive agitation In favor OF
the free coinage of legal tender silver, which
for long time seriously threatened to revoiu-
tionize our monetary system and reduce our
entire volume Of currency TO ABOUT nai us
present value. ! do not mean to assert tnat
there was ever tune when there was reai |
danger that this would be done. but there we're |
times when the sentiment In It's favor was 30
| strong and aggressive In its character that |
| there we're at least reasonable grounds for the
| fear that It might be accomplished, ana es-
| pecially reasonable grounds for SUCH rear
| upon The part OF investors abroad, VINO couio
] not be expected fully to understand the actual
| situation here but the free coinage movement
| has lost its momentum and Is no longer for
| midable or aggressive.
/ at Is on the defensive now. and when rev
| olutionary mo vement Is compelled to halt ana
| defend itself the end Is not far on. 1t would
| not be- correct to say that the contest Is over,
because the sentiment In favor OF the free
coinage OF silver IL still quite strong In some
| parts Of the country. but It is not strong
| enough to exert controlling influence In the
councils Of either Of the great political par
ties, and without this 1t can accomplish moth
ing in the form of legislation or In the deter
mination Of administrative policy.
mo welEinformed man now believes that
| opr standard Of value win be changed or that
| the financial policy which has been steaoiiy
pursued by the present administration wal %
abandoned. and foreign holders OF our securi-
ties and foreign investors In our industrial en-
| tprnrises will make great mistake II they
| permit themselves 10 be influenced by the rear
| that our currency will be deprecated or that
oil our obligations will not be promptly and
honestly discharged
1.-The proposition that the United states
alone shall adopt the policy OF free coinage ct
= ratio which would make the silver dollar in
trinsically worth only about one-half as much
| As the gold dollar and declare both coins full
legal tender in the payment OF debts is SO I'M
reasonable upon its face that 1t Is dlhlcuis TO
understa nd how 1t could have. received the
support of SO large part Of our people That
two full legal tender coins Of the same denom-
nation but OF unequal intrinsic value cannot
be kept in circulation at the sand time has
been so often demonstrated by actual expert
ehce that the question is no longer open to
serious discussion
"In fact very few Of the advocates of free
coinage now contend that gold and silver
would continue to circulate together under
their policy but they insist that the gold
standard ought 10 be Abandoned even though
gold coin should be bahished from the coun-
try, because, they say, the effect OF the pres
: ent system is to reduce the prices OF commodi-
\ I'm brr called
the debtor class and enrich the holders oil
= capital In the form OF money at the expense o.
; farmers and other producers
1T must be admitted that these are seriou
allegations. and If they could be proved
strong case for relief would be made. but the!
have not been and cannot be proved In orde
TO show that the adoption and maintenance o.
the gold standard of value has OF Itself re-
: duced the prices OF commodities 1t would us
necessary to prove that 1t hal produced con
traction Of the currency. or shat 1t had i'm
paired credit, which Is by far the most impor
tant factor In trade 1t has done neither w
have q much larger circulation In the aggre
4 gate and much larger per capt. than We ma
!, In 1873, when the gold standard was legal
d adopted, and It is evident that the credit 2
n. the man who proposes to pay In good money
n always better than the credit OF the man WI
proposes to pay In bad money.
sin order to show that the adoption an
lc maintenance Of the gold standard has IN
IS creased the burdens OF the debtors 1t would
90 necessary to prove not only that the exlstin
. Indebtedness was contracted under dinerer
d. monetary system, but also that the amount
n, legal tender money In use or available for US
nc Is less now in proportion to the total indebted
| ness than 1t was i.he time the indebte Inc:
Va was contracted Neither Of these proposition
can be established. The entire indsbtedne
m OF our pcople--that is the current indebtedne
~, contracted In the transaction OF their ordina
| b,cp i.ru since
CT of the act of 1879. adopting the gold standard
as value and certainly there is no injustice in r
IN curing payment to be made yin the Eind
:, money recognized by law at the date OF 4
=, contract g..
of legal tender money In circulation or ava
Il, able for use in the country at. different pei
:" DDS. there are no authentic statistics shown
IT. the total amount OF Indebtedness at any CIV
W. date and therefore 1t is not possible to ma
n an absolutely correct comparison between Z
-, amount of such money and the amount OF |
debtedness. but there Is no reason to belle
de that the proportion has changed to the disa
ty vantage of the debtor Certainly the adv
o. | Gates of free coinage have not proven. or,
far as know, attempted to prove, that sucf
change has occurred and their argument up
ne this subject Is therefore founded upon me
~ | assertion unsupported By evidence
~ IN order to show that the adoption o
IA maintenance OF the gold standard OF value I
tie enriched, or has tendency to enrich.
ar, holders OF capital at the expense OF the p
,af ducers 1t would be necessary to prove II
money yields larger profit to the owner
der such q monetary system than u wo'
ed under different one. Idle capital makes
nd profit and II the profits Of the capitalist ha
,.s been increased 1t must be because nc recet
a higher rate of interest than formerly. or
es, cause he realizes larger returns from MS
in yestments than formerly Instead OF TINS
nd ing the case. however,it is we'll known
every gentleman In this assemblage tnae
AZ average rate Of interest was never lower
this country than at the present time, and .
re? profits upon investments have been redu'
-, to the smallest percentage consistent with
continuance of the enterprises In which
III Investments are made.
too While this is true. the great body OF
tb- producers, the laboring people OF the couh
are receiving as high wages as they ever
i,s ce;ved at any period In our history ana
the money in which they are paid Will purcn
her IN the markets more Of the necessaries