The times. [volume] (Richmond, Va.) 1890-1903, 1895-10-13
Secretary Carlisle Says all Danger Of
Such Legislation Is Passed.
FALSE IMPRESSIONS CORRECTED.
The Prices Of Commodities Not Reduced.
Amount of Money in Circulation Per
Capita Is Larger Than i'm 1878.
Notes should be Retired.
Other Speakers.

cnt. Hon. George ;. Hale, the president,
presided.
Seated on either side OF him were Hon.
John G.. Carlisle. who was the special
guest OF the evening; Assistant secretary
OF the Treasury Hamlln. Collector War
ren; ex-Mayor Matthews. OF Boston; Hon.
NJ. T. Kernard, former sub-treasurer;
Hon. Joseph O'NeiI present sub-treas-
urer; Samuel y. Aldr!ch, president of the
State Bank: Causten Brown, and Post
master COveny, and among others pres
ent were Hon. John r.. Russell, Charles
y. Jackson, Josiah quincy. Dana Estes,
Charles Elliott Norton, Samuel BOWles,
and many other representatives OF the
business ana professional --.e OF the
Commonwealth.
la his opening remarks Presid mt Hale
alude, 10 the non-rartisan character of
the club. and cead letters of regret rom
Senator Hoar, John Dewitt Warner, Of
New York, and many others.
sfcarfAEy cAHlIsiiis spficH.
Secretary Carlisle. On rising TO speak,
vas received With three hearty cheers
and the Entire assemblage rising. lie
spoke for nearly an hour, and was heard
with the most earnest attention. many
OF his striking points being greeted Will
Spontaneous applause.
His allusion 10 the croWning necessity
for the retirement ard cancellation 6f
Government demand notes as the ess an-
tial preliminary of the establi shment of
q sound currency, was heartily approved,
ard his assertion that the credi- uf the
Goyornment would be preserved by the
present admin 'trlti)n in the only man
ner possible-by the purchase of gold
co n through the Issue OF bonds. so long
as it has the power to do so, was re-
ceiyed with great applause and ch 3ers.
The Secretary. IA thanking the Reform
Club for selecting sound currency as the
subject for his remarks. and compliment
ing BOytonians. who 'rresp,c.ive Of poll
tics, had in he most critical period Of
business deposited 100000 in the Treas
ury, declared that the mere apprehen-
sion that our currency might be iebased
by the liability of the Government 10
continue the policy Of redeeming its obs
legations in gold, has already produced
one of the greatest financial disturbances
that ever occurred in our history. and
resulted in the loss Of the thousands OF
millions of dollars 10 orr people.
FREE SILVER AGITATION.
fortunately one of the causes which
contributed largely TO produce a feel
ing of distrust and apprehension. and
which very greatly intensified that feel
ing az al. the stages Of our long hnan-
cial struggle has substantially ceased
to exert any influence over the minds Of
the people here or abroad.
''I mean the persistent ani aggressive
agitation in favor of the free coinage Of
legal-tender silver. which for long time
seriously threatened TO revoiut'Onlze our
monetary system AID reduce our entire
volume OF currency 20 about half its
pre sent value.
IL do not mean 10 assert that there
was ever a time when the sentiments IN
its favor was 90 strong and 80 aggres-
siye In its character that there was az
least reasonable grounds f0r the fear
that. it might be accomplished, and es-
pecially reasonable ground for such a cfar
pccially reasonable ground for such a fear
could not be expected TO fully under
stand the exact situation here but the
free coinage movement has lost its mo-
mentum and IS no longer formidable or
aggressive. II is on the defensive now,
and when a revolutionary movement Is
compelled to halt and defend Itself the
end IS not far of.
1T would not be correct TO say that
the contest is over, because the senti-
ment in favor Of the free coinage Of
silver IS still quite strong in some parts
Of the country. but it is not strong
I'm tho councils OF either OF the great
political parties. and without this It can
accomplish nothing in the form Of legis-
lation or in the determination Of aGmlnis-
trative policy. No well-informed man
now believes that the financial policy
which has been steadily pursued by the
present administration win be abandoned,
and foreign holders OF our securities and
foreign investors in our Industrial and
commercial enterprises will make Il great
mistake IF they permit themselves TO be
influenced by the fear that our currency
viii be deprecated or that all our 0bliga-
tlons will not be promptly and honestly
discharged.
FALSE IMPRESSION CORRECTED.
''The proposition that the United States
alone shall adopt the policy of free
coinage AT a ratio which would make the
silver dollar ntrinsically worth only
about half as much as the gold dollar.
and declare both coins full legal tender
in the payment of debts. is 50 unreason-
able upon its face that it is difficult 10
understand how il could have received
the support OF so large a part OF our
people
Secretary Carlisle combattcd tho sug-
geston that the gold standard has re-
duced the prices of commodities.
lie showed that the amount of money
I'm circulation per capita Is larger than
il was in 1873 when the gold standard
was legally adopted He stated that the
entire Indebtedness of the American peO-
ple-that is, the current Indebtedness,
contracted ia ordinary business
affairs - has been increased since
the adoption of the gold stan
darl, ana he contends that there
was no injustice in requiring payments
10 be made In the kind OF money recog-
nizel by law at the date Of .he contract
He asserted that the average rate Of in
terest was never lower than at the pres
ent time, and ,hat profits upon invest
ments have been reduced 70 the small
est per cent consistent with the continu-
ance OF the enterprise in which the In
vestments were made. "NOtwithstand-
ing this. the great body or our producers.
the laDoring people OF the country, are
receiving as high wages as they ever re-
celved at any period in our history, and
the money In which they are paid pur-
cnases In the market more OF the COM
forts than ever before
..rhe constant tendency In this coun-
try is 10 give the laDorer more and capi-
tai less out OF the proceeds OF their
joint products.
..'rhis Is A fixed law OF our Industrial!
nrogress. and unless disturbed by yio-
Ience or by unwise legislation. tt viii
continue to operate until the relations
between the tNo forces are permanently
adjusted upon an equitable basis.
..,rhelr real interests are not confhcting
but dependent and every attempt 10 ar
raw one against the other Is Injurious to