St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1895-05-24

Let us organize ourselves into a move
ment militant, and not quiescent; for,
believing as we do, we would be re-
creant to our duty if we failed at all
times to let our views be known. Let
us nail our colors to the masthead and
let the old ship go on her course re-
gardless of the obstacles that we may
encounter having faith that with the
truth as our guide we will reach our
destination safely. We should take
heart at the fact that our views are
sanctioned by all the great people OF
this country outside Of political life.
Suppose we adopted the free coinage
of silver at the ratio of 16 to 1. 1t will
bring about
SILVER MONOMETALLISM
pure and simple. When the simple is
sue is put before the people, l do not
believe that they will be willing to
put this country on a silver basis.
These remarks were frequently inter-
rupted by applause. After the selec-
ton of G. C. Matthews, associate edt-
tor of the Commercial Appeal, as sec
retary, committee on resolutions was
appointed, and on motion of G. M.
Rose, of Arkansas, a delegate from
each of the states represented was ap-
pointed without debate. The committee
was made as follows: Alabama,
Richard H. Clarke; Arkansas, U. M.
Rose; Mississippi, Leroy Percy; Louis
lana, J. C. Morris: Texas, Rufus
Hardy; Maryland, Daniel Miller; Ken
lucky, John M. Atherton; Georgia, +.
H. Richardson; Florida, S. c. Cox;
South Carolina, George M. Trenholm;
Missouri George E. Leighton; Tennes-
see, Josiah Patterson.
Secretary Of the Treasurer John G.
Carlisle was then introduced by Chair
man Catchings, and as the distin-
guished Kentuckian appeared on the
front Of the stage the audience rose.
and cheered enthusiastically for sew
eral minutes.
MR.. CARLISLE SAID:
Mr.. President and Gentlemen of the
Convention: 1 congratulate myself
upon my good fortune in having the
opportunity to appear before this large
assemblage of Southern business men,
and 1 congratulate the people of the
South upon their good fortune in being
able to send here SO many real repre-
sentatives of their great industrial and
nothing less than full appreciation
Of the vast importance of the questions
to be considered could have secured
the attendance of SO large a number
of active business men upon this oc-
casion, and the fact that they have
voluntarily abandoned their usual avo-
cations to participate in the proceed
ings of this convention encourages me
to believe their efforts in behalf of
a sound financial policy will not cease
when it has adjourned.
After complimenting the people OF
the South upon the splendid energy
with which they have repaired the dis
asters of the war, Mr.. Carlisle said: -
For a long time, during the early
history of the world, and even during
the medieval ages, gold and silver,
in bullion or in form of coins, constl-
tuted almost the entire circulation
among the people, even In the nations
most advanced in trade and clvlllza-
ton. and, consequently. the quantity
of these metals that could be procured
and kept in use was a question OF lar
greater importance then than 1t Is now
or ever can be in the future. The use
of credit in the form of bank notes,
checks. bills, and other evidences soI
of debt has so increased In mooerh
times that in all highly organized COM
mercial communities the use OF coln'
except in making change, has peen
almost entirely dispensed with. The
PERCENTAGE OF COIN
actively employed in conducting eusi-
ness in this country is so small tnal ~
is almost inappreciable; SO .sliaii, III
tn
would not be felt if we had substl-
tute for, or a paper representative o,'
the subsidiary pieces. In England
Erance and some other countries,
larger amount of coin is USED, because
thew have no very small notes.
Although we have the gold standard,
or measure of value, in this country,
our actual stock of gold bullion ana
ooir amounts to only about one-third
of our actual currency-a condltlon OIL
affairs which would have peen liicoii-
ceivable a few centuries ago. we nave
about $625, 900 in gold, $59l, ,ooz,oio III
full Iegal-tender silver, $5lo, ,ooV IN
old United States notes, $l49 Al III
treasury notes issued in the purchase
of silver bullion, $2O9, 719,S5O In natlonai
bank notes and SIG, 1863, ,569 in subsidiary
silver coin, making in all $l,So4, iVi,io5'
exclusive of the minor coins, and every
dollar in this vast volume OF currency
is kept equal in value to the standaro
established by law, so that every man
who receives a silver dollar or paper
dollar in exchange for his products, OF
in satisfaction of a debt, gets just as
good a dollar as the man who receives
gold. This is the monetary system
and this is the financial condition
which the advocates of free coinage at
the ratio of 16 to 1 now propose to
revolutionize at once by change In
the standard of value. so that the
whole mass of circulation left for the
use of the people would be reduced to
about
HALF THE PURCHASING POWER
it has now In order to eliminate all
irrelevant matter and simplify the
argument, allow me to state exactly
what the proposition now pending be-
fore the people is: 1t is proposed that
the United States, without the CO.
operation or assistance OF any other I
government, shall provide by law that
all the silver bullion, or foreign silver
coins, that may be presented at the
mintS by individuals or corporations,
foreign or domestic, shall be coined, at
the public expense, into silver dollars, +
at the ratio of 16 to with gold-that
is, that sixteen pounds of silver shall
be considered equal in value to one
pound of gold, and the weights of the
coins shall be adjusted accordingly
and that the coins so made at the
public expense shall be delivered to the
owners of the bullion, or foreign silver
coins, as the case may be, and all the
people of the United States, but no
body else, shall be compelled by law to
receive them as dollars of full value, 4
in the payment of debts due to them
from their own fellow citizens and
from the citizens or subjects of other
countries. 1t is not proposed that the
citizens or subjects of other countries,
with whom our people trade, shall be
compelled to receive these silver dol
lars in their transa ctions with us, be-
cause that can be done only by inter-
national agreement, and our impatient
free coinage friends declare their de-
termination to proceed at once in