The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-05-24
shows How Ii Would Affect Our Busi-
ness interests Generally and the
Wages of All Workingmen.
NOTHING WOULD BE GAINED
4 SILVER STANDARD HERE wov-rn
NOT RAISE PRICES ABROAD.
And All the Gold in This Country
Wouid he Hoarded, GobbIed by
Spectators or Fly 20 Europe.

MEMPHIS, Tenn, May 3.-J6fA Griffin
carlisle, Secretary of the United States
Treasury, delivered one of the preates,
speeches of his life here this afternoon be-
fore the delegates to the sound money
convention. 1t was a plain, convincing
argument in behalf of a sound monetary
system and a complete refutation OF the
assertions hv silverites that unlimited free
coinage would benefit the country. Mr..
Carlisle was introduced to the convention
by Congressman Catchings. AS the dis
tinguished Kentuckian stepped TO the front
of the stage the audience arose 10 its feet
and cheered enthusiastically for several
minutes. After quiet had been restored.
the Secretary spoke as follows:
congratulate myself upon my good for
tune In having the opportunity to appear
before this large assemblage of Southern
business men, and 1 congratulate the people
or the South upon their good fortune In De-
ing able TO send here SO many real repre-
commercial interests. At has frequently been
my privilege TO address commercial and
financial organizations i'm other parts of the
country, but nowhere have met "A greater
number OF earnest and intelligent gentle
men than l see before me to-day. l am
sure that nothing less than a full apprecia-
ton OF the vast Importance of the questions
10 be considered could have secured the
attendance OF so large a number of active
business men upon this occasion and the
fact that they nave voluntarily abandoned
their usual vocations 10 participate I'm the
proceedings OF this convention encourages
me TO believe that their efforts I'm behalf
OF sound financial policy will not cease
when II has adjourned.
Mr.. President. 1 do not think the inpor-
tance or the questions you are called 10 con-
slider can be oyerestimated. or that the
gravity OF the situation can be oyerStafed.
The proposition to revolutionize our none
tary system and thus destroy the credit OF
the government and the people at home and
abroad, violate the obligations of all con-
tracts. unsettle all exchangeable values, re-
our country. and seriously obstruct the trade
OF our people among themselves and with
the peoples of other countries. IS one which
commercial honor of every man 10 whom
IL is addressed. No matter what may be the
real purposes and motives of those who
make the pi, position to legalize the free
and unlimited coinage OF silver at the ratio
or l6 TO l. these are the consequences in
they cannot be avoided If it should be
adopted. In no part of the country will the
injurious TO the material interests Of the
people than IN the undeveloped and pro-
cressive South.
When the great civil war closed. your in
dustral system destroyed. your COM
tnercial relations were all broken up. your
currency was worthless, your farms were
devastated, your mines were closed, your
forests were untouched your water power
was useless and your railways were unsafe
and inadequate. even for the limited service
they had to perform; but your great natural
resources were still unimpaired. and upon
that foundation you have constructed. and
are still constructing. system OF diversified
industries and interstate and international
commerce which, If not disturbed by unw;se
experiments I'm financial legislation. must
attract to your section of the country all
the active capital and skille.. labor neces-
| sary TO make IL the most prosperous part
of the continent. Your magnificent deposits
of coal and iron. your fertile soI adapted
9 otbe e 6Ie Vl Which Do ohea par OF thy
| country will yield. your unrivaled facilities
| for the manufacture of iron and steel. cot
| ton goods lumber. oil. furniture. and almost
innumerable other articles which can he
| cheaply produced from the raw materials
within your limits constitute the elements
| of marvellous growth and prosperity
which nothing can prevent III the people or
| the South will continue 10 exhibit In the
future the same spirit of conservatism and
| the same devotion to principle that have al
| wavs characterized them I'm the past
exhibtion of '''s Courage and fortitnde than than
was presented here when a defeated and
| impoverished people. without money or
credit. and almost destitute OF the tools am
implements necessary to the performance
! of manual labor. went uncompiainingiy 10
| work 10 re-establish their social order. re-
new their commercial relations and recon-.
struct their industrial system: and l
| unwilling to believe that the same people
| business depression. or so moved by
peals TO their prejudices. that they viii
hastily resort TO new and hazardous expert-
| ments with the currency In which all their
| transactions must be conducted
! AN APPEAL TO SILNERITES
I do not charge that our felow-citizens
1 who propose to revoutionize our monetary
system by sudden change i'm the standard
| OF value really desire toasee the business
| of the country ruined, or even injured.
| that they believe any injurious conse-
! auences would follow the adoption of their
| policy. but. in my judgment. The results
| would be most disastrous 10 the material
| interests of all the people in every part OF
| the country, and. therefore, l shall appeal
| to them carefully to review the grounds
| upon which their opinions have been formed
before II is too late to correct a possible
| mistake upon a subject of such supreme
| importance TO themselves and TO their
| posterlty. IL is not necessary 10 impeach
| their motives I'm order 10 answer their argu-
| ments nor would IL be wise or proper 70
| underestimate the intellectual and ma
! ferfal forces behind this great popular
| movement in the South and West. a move
| ment which now seriously threatens TO
| disrupt existing political organizations and
| reform party lines; but, no matter what
| may be the motives or the present numer-
icai strength OF our opponents in this coh-
| troversy. the merits OF the policy they
| propose 10 inaugirate must be subjected
IL IL is shown TO be fmpracticable. or
fundamentally wrong in principle. we may
| be confident that IL will not nnaily CON-
| nand the support or a majority OF our
Before proceeding to the discussion of the
| main question presented. n may be adj
| Vantageous 10 state briefly "a possible
! "A few admitted or well-establiShed facts hav-
ing an important bearing upon IL. From
| the earliest times gold and silver have
| been used as money. not because there was
at the beginning any law declaring them
| 10 be money but because. by reason OF their
| limited and regular supply. their great
| value as compared with other things In
| proportion 10 weight and bulk. and their
! durability. they were more stable ari con-
! venient than any other commodity as
| measures OF value in making exchanges.
! consequently, these metals used
| money by common consent cf the people
| for centuries before there MAS any law
| upon the subject or any coins I'm existence:
| they passed by weight. and their values
| in effecting exchanges were determined by
| the quantity Il pure metal contained In
l ZACH niece. zach metal had a distinct UnIkao