The record-union. [volume] (Sacramento, Calif.) 1891-1903, 1895-06-15
THE CURRENCY QUESTION.
DISCUSSED BY SECRETARY CAR
Isle AT LOUISVILLE.
The Fall In the Price of Silver Due to
an Enormous Over-Production
of the Metal.
Special to the REcoRD-UNroN.

Special 10 CQ0 fSECORD-ONION.
LOUISVILLE, June 1.-THE large per-
sonal following of Secretary Carlisle in
this city, and the keen interest felt by all
classes in the currency question. filed
Music Hall this evening with such a
crowd as never before congregated on a
similar occasion. Long before The hour
at which the address was to be given the
hall was filled to overf1owing. the we'll
to-do and business men jostling with the
labor and mechanic for convenient seat.
Nor was the meeting gathering of Demo-
Gratis to honor party leader. Repub-
licans were out in force.
Promptly at s o'clock Mr.. Carlisle came
forward, and was presented by C. r.
Long. His reception should have satis-
fed the most expectant When the tre-
mendous applause su ubsided, in his clear,
incisive voice. Mr.. Carlisle waded inn
mediately into his subject Mr.. Carlisle
repeated his argument that the UNDER
valued metal would be driven out of the
country by the adoption of bimetallic
system, and at some length paid attention
to the claim that the fall in the price of
silver was due to demonstration. He
said:
''It is insisted, it is claimed, that fall
in the price of silver is attributable to the
legislation in Germany. the United
States, France and various other coun-
tries during and since the year 1873, and
most illogically it is also insisted that
Notwithstanding the reduced price Of
that metal as the result of unfriendly
action of great many Governments act
ing in concert and with settled purpose,
the United States can alone restore the
value OF silver. Of course, if it required
the action Of twelve or thirteen different
fy fof h.i, fhav Ill.
to its present state, it would seem quite
clear that no one of them alone could re-
store it.
IF the depreciation in the value of
silver as compared with gold could be
used solely by the adverse legislation
complained OF. it follows that ii legisla-
ton had never taken place the value of
silver as compared to gold would not be
| the same as it was in 1872, before that leg
islation occurred. What then would
have occurred? What then would have
been the result? Not single dollar of
| full legal tender silver would be in circu-
| lation III the United States at this time.
or any other time since 1872. because 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 circu-
late together.
1.-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 III circulation among the people
about 39S, 100000 legal tender silver
dollars, as we now nave, we would have
had none.
"The fall in the price Of silver was not
due to the legislation complained OF, but
to an enormous overDrOduction. The
average annual production of silver in the
world during the five years next preced-
ing 1868 was about SGT, 900 900, while in
1893 il was over 500. 100000. an increase of
2l6 per cent, much greater than the in
crease of business or the population of
the world. Notwithstanding the fall in
silver. silver mining continues to be a
most profitable industry. While the
farmers and other producers are strug-
Cling to live comfortably, the owners of
silver mines have accumulated enormous
fortunes.
ut is not necessary to discuss what
might be the effect of permanent or
temporary establishment OF International
ratio by agreement OF the commercial
countries OF the world, because the free
coinage people repudiate the suggestion
that any other nation should be con-
suited, and all that is necessary is for the
United States to proceed Independently
at once.
sIf the fiat of a single Government is
sufficient 70 in1part value to coin or any
other commodities, perhaps these gentle
men are right, but the whole world has
been wrong for thousands of years. and
all the labor and all the taxation to which
the people of the world have been SUBJ
jected in the past has been unnecessary
and unjustifiaple.
'.That the fiat of the Government does
not make money was illustrated by the
history of the trade dollar. That was
coined free of charge and delivered with
out expense to the owners of bullion, and
contained thirty-six more grains than
was contained in two half-dollars, or
four quarters. 1t was legal tender for all
debts up to s.. just as half-dolIars and
quarters were. The trade dollar, more
valuable intrinsically. but without the
credit of the Government, sank to so
cents, while the less valuable coins were
maintained at full par. What happened
| to the trade dollar was exactly what
would happen TO all other silver dollars
If free and unlimited coinage were
| adopted
Mr.. Carlisle will leave here tomorrow
for Washington.