The Portland daily press., 1895-05-21
GIVEN AN OVATION.
Secretary Carlisle Argues Against Free
Silver at COvingtOn, Ky.

Silver at COyingtOn, ny.
An Abstract of His Forceful and Interest.
ing Remarks-His Views Regarding
"Sound Money"
Cincinnati. May 20-ln the Central Garden
at Covington tonight Secretary Carlisle re-
ceised an ovation unparalleled In the
history of poiticts in that section. Three
thousand jammed themselves IN space
hardly large enough for two thousand
people and women were there notwlth-
standing it was urged that they stay away
and let the voters hear the speaker. Many
thousands could not get beyond the gates
When the Secretary appeared at the garden
there was wild cheering and hardly more
enthusiastic than that given him at the
home of Mr. Queen few minutes before.
when he reviewed this parade. The Secre-
tary was loudly cheered throughout his
speech and at its close. He spoke In oppo-
sition to the free coinage of silver.
Among other things Mr.. Carlisle said:
Those OF us who oppose the free coinage
of silver at the ratio of l6 to l are proposing
no change in the measure or standard Of
discontinue the use of silver as money.
have mover been, and ALI not now. IN
friendly to silver in the sense OF desiring to
see it excluded from the monetary system
of the United States. or Of any Other
country, but know that it cannot be kept
in circulation along with gold by means of
any ratio the law of any one country may
attempt to.establiSh between the two metals,
and that the only way o 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 exchangeability. either
directly or indirectly through the operation
of its fiscal system. ] an, therefore. in
favor of the preservation of the existing
standard of value with such use of full legal
tender silver coins, and paper convertihle
into coin on demand, as can be maintained
without iuipairing or endangeiing the
credit of the government or diminishing the
purchasing or debt-payiIg power Of the
money in the hands Of the people. This is
what mean by the terms "sound money"
and, in my opinion, it is what is meant by
an overwhelming majority of the opponents
of free coinage at the ratio of l6 to !. This
is neither gold monometallism nor silver
4 mon ONE allism, but it means that one
standard or measure of value shall be main
tanned, and that all forms of standard coins
in shall be kept to that standard in the
purchase of commodities and in the pay
ment of dents. Any policy which would dis
continue the use of silver as money. by
direct legal enactment or by under valulng
it relatively to gold in the coinage laws,
/ would certainly result in practical gold
mon ometallism, and, OH the other hand, it
is equally clear that any policy which would
discontinue the use of gold as money. BY
legal enactment or by under valuing that
metal relatively to silver in the coinage
laws. would result in practical silver mono
llism. Free and unlimited coinage at
The ratio of Ii to would al once establish
silver monomefallism, pure and simple. for.
as already shown, the coins of the over
value metal will ultimately drive the coins
OF the other out of circulation and out of
the county, even when the illegal latlo
varies but small fraction from the COM
mercial ratio, but the expulsion of the
under value coin from circulation would be
instantaneous when its value is really
double the value of the other. How long do
you suppose the S625, ,OO0.0u0 of GOLD in this
country would remain here and be used as
money under such Il policy? The banking
and other great financial institutions,
which own and hold in their reserves much
the gteater part of this gold. would at once
sell il at large premium for silver-about
two dollars for one dollar-or they would
exchange it for silver bullion in the market
at The ratio of about 90 pounds of silver for
each one pound of gold, have the 81 pounds
of silver coined into dollars at the expense
of the people, and with this cheap money
to pay the demands of their depusitors and
other creditors. The masses of the people
cannot do this, for they have no gold nor
have they any silver bullion to be coined at
the expense of the government.
But it is said that alt though the masses Of
the people have no bullion, many Of them
are in debt and that the free coinage of sill
yer would increase prices and give them
more money, thus enabling them to dis
charge other obligations more easily. The
merit of this argument will he judged by
each individual according to the view
which he may take of the nature of his obli-
cations to the people who have loaned
money or sold property to him. If man
who has borrowed a Thousand dollars in
gold. or its equivalent, and has promised to
pay it, or has purchased thousand dollars
worth of another mans property and
promised to pay for it in the standard
money recognized by law at the date of his
contract, believes that it would be just and
honest to discharge his obligations in d new
standard worth only half as much as the
money he borrowed or the property be pur-
chased, he would appreciate and indorse
this argument and it would be useless to
discuss the question with him. But if, as
have already endeavored TO show. the
immediate effect of the adoption of free
coinage policy at the ratio of 16 to would
be to contract the currency to the extent of
about S625. .0OO.0t0, by the withdrawal of that
amount of gold from circulation and from
use as the. basis of notes and other forms
of credit, prices would not even nominal lily
advance. On the contrary. for the time
being at least. this contraction would great
ly reduce prices because it would alarm the
country, destroy credit, and undoubtedly
pi ioduce the most serious financial disturb
ance JDlS country has aver with aSSed. Eyarv