The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-05-30
Poor Man and Cheaper Si1ver-Gems
From Carlisle's Speech.

The following extracts made from Mr..
Carlisle's great speech are all on the sub
ject of the poor man and cheap silver,
carefully brought together from different
parts of the speech. To understand his
position we give this
Those of us who oppose the free coin
age Of silver are proposing no change in
the measure or standard of values now
existing nor are we proposing to discon-
tinue the use of silver as money have
never been, aud am not now unfriendly
to silver in the sense of desiring to see II
excluded from the monetary system of the
United States, or of any other country,
but know that it cannot be kept in cir
culation along with gold by means of any
ratio the law of any one country may at
tempt to establish between the two
metals, and that the only way to secure
the use of both at the same time Is to
make one of them the standard of value
and so limit the coinage of the other that
the government which issues them and
receives them for public dues may be able
at all times to maintain their exchange
ability either directly or Indirectly through
the operation of its fiscal system. l am,
Therefore, in favor of the preservation of
the existing standard of value with such
use Of full legal tender silver coins and
paper convertible into coin on demand as
can be maintained without impairing or
endangering the credit of the government
or diminishing the prchasng or debt pay
ing power of the money in the hands Of
the people.
In that last statement the secretary, It
will be noticed, differs but little, even in
his language from the declaration which
we keep standing at the head of this col
umn. Alter explaining, as we have sew
e-al times done, that under unlimited
coinage the cheaper metal drives out the
dearer for the reason that man will not
pay debt with 100 cent dollar if fly
cent dollar will answer, the secretary says
How long do you suppose the $685.
600, 600 Of gold in this country would re-
main here and be used as money under such
a policy2 The banking and other great
financial institutions, which own and
hold In their reserves much the greater
part Of this gold, would at once sell it at
a large premium for silver--about 81 for
Sl-or they would exchange it for silver
bullion in the market at the ratio of
about thirty two pounds of silver coined |
into dollars at the expense of the people |
and with this cheap money pay the de-
mands of their depOsitors and other credi. |
tors. The masses of the people cannot do |
this, for they have no gold, nor have they
any silver bullion to be coined at the ex-
pense of the government. But it is said |
that although the masses of the people .
have no bullion, many of them are in debt,
and that the free coinage of silver would
increase prices and give them more
money, thus enabling them to discharge
their obligations more easily. The merit
Of this argument will be judged by each
individual according to the view which he
may take of the nature of his obligations
to the people who have loaned money or
sold property to him. If man who has
81, 900 in gold, or its equivalent.
md has promised to pay it, or has pur-
,hased 81, 900 worth of another mans
property and promised to pay for it in the
standard money recognized by law at the
late of his contract, believes that it would
,e just and honest to discharge his obliga-
ion in new standard worth only half
Is much as the money he borrowed or
he property he purchased he would ap-
,reciate and endorse this argument, and
t would be useless to discuss the question
With him. But if, as 1 have already en-
leavored to show, the immediate effect of
he adoption of a free coinage policy at ;
he ratio Of 10 to would be to contract |
he currency to the extent of about $685. {
90, 900, by the withdrawal of gold from '
REGULATION, for the time being, at least {
his contraction would greatly reduce
rices because it would harm the country, !,
estroy credit and would undoubtedly :
roduce the most serious financial disturb I
nee this country has ever witnessed. I
Every depositor in the savings and 9
ther banks, fearing that he would ulti- u
iately be paid in deprecated silver, ;
'ould Immediately demand the return of
is money, and this would compel the I
nnks to call at once for the payment of a
Il notes and other securities they had dis t
lunted for their customers and the con-
action of the currency would cause an !,
lcreased demand for currency at the very .
me when 1t could not be obtained and d
ius the difficulty of the situation would v
D increased by both causes. The banks s.