The herald., 1895-06-15
Enthusiastic Reception Given to
Secretary Carlisle
SILVER DOLLAR QUESTION
Senator Blackburn Opens the Battle
at Frankfort
nissouri Democrats Still Working for a
Silver on-Missionary Work
to Be Done on The Coast
Associated Press Special Wire.

Associated Press special WIRE.
LOUISVILLE, Ky, June A.-The
large personal following of Secretary
Carlisle In this city. and the keen inter-
est felt by all classes in the currency ques-
ton, filed Music hall this evening with
such a crowd as never before was coDgre-
gated on a similar occasion. Long before
the hour at which the address was to be
given, the hall was filed to overtlowing,
the well-to- do and business men jostling
with the laborer and mechanic for con-
venient seat. Nor was the meeting a
gathering of Democr to honor party
leader. Republicans were out in force
Promptly at clock Mr.. Carlisle came
forward and was presented by G. K.
Long. His reception should have satis-
fed the most expectant. When the tre-
mendous applause subsidized, in his clear,
incisive voice, Mr.. Carlisle waded lmme-
diately into his subject. He repeated his
argument that the undervalued metal
the adoption of bimetalic system, and
at some length paid attention to the
claim that the fall In the price OF silver
was due to demonstration. He said:
1T is insisted, it is claimed. that the
fall in the pric of silver is attributable
States, France and various other coun
tries during and since the year 1873. and
tmost illogically. 1t is also insisted that
Notwithstanding the reduced price OF that
metal is the result of unfriendly action
OF great many governments acting IN
concert and with a settled purpose, the
United States can alone restore the val
ue of silevr. OF course if the required
action of twelve or thirteen different gov
ernments to bring the price OF silver to
its present state, it would seem quite
clear that no one of them alone could re-
store it. AS if the depreciation IN the
value of silver as compared to gold has
been caused solely by the adverse legisla-
tiCn implanted of, 1t follows that II that
legislation had never taken place the val
ue OF silver as compared to gold would not
be the same as it was in 1872. before that
legislation occurred. What, then. would
have occurred? What then, would have
been the result? Not q sinlge dollar OF
full legal tender silver would have been
in circulation in the United States at
this time or at any time since 1877, be-
cause at that time the bullion contained
in the silver dollar was worth about per
cent more than the bullion contained in
the gold dollar and the two could not cir
culate together
''The same law which drove silver out
of circulation under the acts OF 1884 and
1887 would have kept it out and instead
of having in circulation among the peo-
pie about 39s. 900. 900 legal tender silver
dollars, as we have now, we would have
none. The fall in the price of silver was
not due to the legislation complained of,
but to an enormous over-prodpction.
The average annual production of silver
in the world during the five years next
preceding 1868 was about S6G, 600, 000
while in 1888 it was over S209, 600. 0O0 an
increase of PIG per cent, much greater
than the increase of business or the popu-
= Ia \..t ! n nd limo
the fall in silver. silver mining con-
tinues to be a most profitable industry,
while the farmers and other producers
are struggling to live comfortably,
owners of silver mines have accumu-
lated enormous fortunes. 1t is not neces-
sary to discuss what might be the effect
of permanent or temporary establish
ment of international ratio by agreement
OF the commercial countries of the world
because the free coinage people repudi-
ate the suggestion that any other nation
should be consulted and all that is neces-
sary is for the United States to proceed
Independently at once. Ii the hat OF a
single government is sufficient to lmpart
value to a coin or any other commodo-
ties. perhaps these gentlemen are right
but the whole world has been wrong for
thousands of wears and all the labor and
all the taxation to which the people OF the
world have been subjected in the past
has been unnecessary and unjustifiable.
That the fiat of the government does not
make money was illustIateds by the
history of the trade dollar. That was
coined tree of charge and delivered with
out expense to the owners of bullion and
contained 16 more grains than was con-
tained in two half dollars or four
quarters. 1t was legal tender for all debts
up to s., Just as half dollars and quarters
were. The trade dollar, more valuable
intrinsically. but without the credit of
the government 1t sank TO so cents. while
the less valuable coins we're maintained
at full par. What happened to the trade
cloliar was exactly what would happen
Ito all other silver dollars if free and
unlimited coinage were adopted"
Mr.. Carlisle will leave here tomorrow
for Washington.