The herald., 1895-10-13
A Tremendous Ovation Given
Secretary Carlisle
THE REFORM CLUB MEETING
Apprehension Of Debasement Has Cause
Disturbance
But the Free Coinage Movement Has Lost Its
Momentum and Must Halt to
Defend Itself

DOOlON, OCts Ia ut meeblDB VI JU0
Massachusetts Reform club at the Ven
dome tonight was tremendous ovation
to Secretary Carlisle and his speech on
the finances of the government under the
present administration was listened to
with great interes..
Secretary Carlisle began by asserting
that the business men of Boston need ed
no instruction upon the subject of sound
currency. He said they deserved the
thanks of the whole country for having
put aside their party politics in their
honest endeavors during the past two or
three years to uphold the administration
at Washington. and help sustain the
credit and honor of the government. anu
prevent the depreciation of its currencyH
He spoke of the action of the Boston
bankers, who at a critical period in the
business affairs of the country. almost
emptied their vaults of gold by depositing
81, 900. 900 in the treasury to replenish the
vanishing reserve. He said this action
had been fully appreciated at Washington
and not wholly unexpected.
Continuing he said: 1.-THE mere appre.
hension that our currency m light be de-
based by the inability of the. government
to continue the policy of redeeming its
obligations in gold has already produced
one of the greatest financial distuI Dances
that ever occurred in our history and re-
suited in the loss Of thousands of mil
lions of dollars to our people. There
were doubtless other causes contributing
to this result, but this was the most po-
tent one in this country, and without it
We should not have suffered more than
other parts of the world from the general
depression. Fortunately, one of the
causes which contributed largely to pro-
ducs feeling of distrust and apprehen-
sion, and which very greatly intensified
more feeling at all the stages of our
long financial struggle, has substantially
ceased to exert any influence over the
minds OF the people here or abroad.
mean the persistent and aggressive agi-
tatiou in favor of the free coinage Of le-
gal tender silver, which for long time
seriously threatened TO revolutionize our
monetary system and reduce our entire
volume of currency to about half ITS ies-
ent value. 1 do not m can to assert that
there was ever a time when there was
real danger that this would be done, but
there were times when the sentiment in
it's favor was so strong and so aggressive
in its character that there were at least
reasonable grounds for the fear that it
might be accom- plished, and especially
reasonable grounds for such fear upon
the part of investors Abroad but the free
coinage movement has lost its momentum
and is no longer formidable or aggres-
sive. 1t is on the defense. ana whenever
a revolutionary movement is compelled
to halt and defend itself the end is not
far off.
mo we'll informed person now believes
that our standard of value will be chang
ed or that the financial policy which has
been steadily pursued by the present ad-
minstration will be abandoned.
Whether We continue to maintain the
gold standard OF value or debase our cur
rency to the silver standard, the obliga-
ton OF the government TO redeem its
notes upon presentation will remain, and
consequently the question whether the
notes when redeem ed shall be retired
and cancelled. or re-issued, is one which
cannot be avoided or settled by cnange
in our coinage laws.
'It must be settled by legislation. in
another directi on, and the advocates of
the free coinage of silver at the ratio of
16 to l, or at any other ratio. are as muc Ii
interested in its correct solution as the
opponents of that policy"
Collector Warren, Charles Jackson and
Hon. John Z. Russell also spoke.