Perrysburg journal. (Perrysburg, Wood Co., O. [Ohio]) 186?-1965, 1895-10-26
CARLISLE ON THE CURRENCY.
| The Secretary of tho Treasury Inveighs
Against Free silver.

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-
tributed largely to produce feeling of dis
trust and apprehension, and which very great
ly intensified that feeling at all the stages OF
bur long financial struggle, has substantially
ceased to exert any influence over the minds
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 revolu-
tioniZe our monetary system and reduce our
entire volume Of currency to about half its
present value l do not mean to assert that
there was ever time when there real
danger that this would be done. but there were
times when the sentiment in its favor was so
strong and aggressive In its character that
there we're at least reasonable grounds for the
fear that 1t might be accomplished, and es-
pecially reasonable grounds for such o fear
upon the part of investors abroad who could
not be expected fully to understand the actual
situation here, but the free coinage movement
has lost It's momentum and is no longer for
midable or aggressive.
1T is on the defensive now, and when a rev.
olutionary mo ovement 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 sentiment in favor OF the free
coinage OF silver is still quite strong In some
parts OF the country. but 1t 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 well-informed man now believes that
our standard of value will be changed or that
the financial policy which has been steadily
pursued by the present administration will be
abandoned, and foreign holders OF our securi-
ties and foreign investors in our industrial en-
terprises will make great mistake II they
permit themselves to be influenced by the fear
that our currency will be deprecated or that
all our Obligations will not be promptly and
honestly discharged.
The proposition that the United States
alone shall adopt the policy of free coinage at
q ratio which would make the liver 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 un-
reasonable upon its face that 1t is difficult to
understand how it could have received the
support OF so large part of our people That
two full legal tender coins Of the same denom-
ination, but OF unequal intrinsic value, cannot
be kept in circulation at the same time has
been so often demonstrated by actual expert
ence that the question is no longer open to
serious discussion
I'm fact, very few OF the advocates OF free
coinage now contend that gold and silver
their policy, but they insist that the gold
standard ought to be abandoned. even though
gold coin should be banshed from the coun-
try, because, they say, the effect OF the pres
ent system is to reduce the prices OF commodi-
ties, increase the burdens OF what Is called
the debtor class and enrich the holde rs of
capital in the form OF money ut the expense of
farmers and other producers
1T must be admitted that these are serious
allegations, and If they could be proved a
strong case for relief would be made. but they
have not been and cannot be proved In order
to show that the adoption and maintenance OF
the gold standard Of value has OF itself re-
duced the prices OF commodities 1t would be
necessary to prove that 1t hai produced a con-
traction OF the currency, or that IL had i'm
paired credit. which is by far the most impor-
tant factor in trade lthas done neither We
have u much larger circulation in the aggre
gate and much larger per capItI than we had
in 1878, when the gold standard was legally
adopted, and 1t is evident that the credit OF
the man who proposes to pay in good money is
always better than the credit OF the man who
proposes to pay in bad money.
In order to show that the adoption and
maintenance OF the gold standard has in
creased the burdens Of the debtors 1t would be
necessary to prove not only that the existing
Indebtedness was contracted under different
monetary system, but also that the amount OF
legal tender money In use or available for use
Is less now in proportion to the total indebted
ness than 1t was the time the indebte inesS
was contracted Neither of these propositions
can be established. The entire indebtedness,
OF our people-that is the current Indebtedness
contracted in the transaction of their ordinary
ousiness-has been incurred since the passage
of the act OF 1873 adopting the gold standard Of
value. and certainly there Is no injustice in re-
Quiring payment to be made in the kind OF
money recognized by law at the date OF the
contract
While we know very nearly the amount
of legal tender money in circulation or avail
able for in the country at different peri
DDS, there are no authentic statistics showing
the total amount OF Indebtedness at any given
date, and therefore 1t is not possible to make
an absolutely correct comparison between the
amount OF such money and the amount of in
debtedness but there is no reason to believe
that the proportion has changed to the dsad-
vantage OF she debtor Certainly the advo-
Gates OF free coinage have not proven. or, so
far as know, attempted to prove. that such a
change has occurred, and their argument upon
this subject is. therefore, founded upon mere
assertion unsupported by evidence
In order to show that the adoption and
maintenance of the gold standard OF value has
enriched, or has q tendency to enrich. the
holders OF capital at the expense OF the pro-
ducers II would be necessary to prove that
money yields larger profit to the owner un-
der such monetary system than IL would
under different one. Idle capital makes no
profit, and il the profits of the capitalist have
been increased 1t must be because he receives
! q higher rate of interest than formerly, or be-
cause he realizes larger returns from his in
vestments than formerly. Instead OF this be-
| ing the case, however, IL is we'll known to
| every gentleman in this assemblage that the
| average rate OF interest was never lower in
| this country than at the present time, and that
| profits upon investments have been reduced
! to the smallest percentage consistent with the
| continuance OF the enterprises in which the
| investments are made.
| While this Is true the great body of our
| producers, the laboring people OF the country
| are receiving as high wages as they ever re-
| ceived at any period in our history and the
! money in which they are paid will purchase
| In the markets more Of the necessarieS and
comforts OF life than ever before, Capital and
| labor combined are the only real producers OF
wealth. and tho constant tendency in this
| country Is to give labor more and capital less
| out OF the proceeds OF their joint products
| This is fixed law OF our industrial progress
! and unless disturbed by violence or by unwise
| legislation 1t will continue to operate until the
| relations between these two forces per-