The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-10-13
Massachusetts, Reform Club
Gives Him an Ovation.
HE TALKS ON THE CURRENCY.
Says the Free Coinage Movement Is
No Longer Formidable.
Inc Thing 10 Be Done Next Is to Re-
tire the Greenbacks-He says the
Present Administration VIII Issue
Bonds W henever Necessary.

Boston. Oct. 12.-The meeting OF the
massachusetts Reform Club at the Ven
dome tonight was a tremendous ovation
10 Secretary Carlisle, and MS speech on
tne finances Of the government under the
present administration was listened 10
with the greatest interest. Secretary Car
Isle began by asserting that the business
men or Boston needed no instruction upon
the subject OF sound currency" He said
they deserved the thanks OF the whole
country for having put aside party poi
ties n their honest efforts during the past
two or three years 10 uphold the admins
tration at Washington City and nelp sus-
tain the credit and honor OF the govern
ment and prev ent the depreciation OF its
currency He spoke Of the action of the
Boston bankers. who. at a critical period
an the business affairs Of the country, al
most emptled their vaults OF gold by de-
posting s4,0o0c0 in the treasury 10 re-
pIeaish The vanishing reserve. He said
this action had been fully appreciated at
Washington City and not wholly unex-
pected. Continuing, he said:
The mere apprehension that our cur
reucy might be debased by the inability
Of the government - continue the policy
Of redeemiug It's obligations IN gold has
already produced one OF the greatest
financial disturbances that has ever oc-
CURED in our history and has resulted IN
lars 10 our people. There We're doubtless
other causes contributing TO this result.
but this was the most potent one in this
country. and without il We should not
have suffered more than the other parts
Of the world from the general depression.
Fortunately. one Of the causes which
contributed largely TO produce a feeling
of distrusI and apprehension. and which
very greatly intensihAi the feeling at all
the stages Of our long financial struggle.
has substantially ceased 10 exert any in
nuence over the minds of the people here
or abroad. l mean the persistent and ag
gressive agitation in favor of The free
coinage Of legal tender silver, which for a
long time seriously threatened 10 revolG-
tionize our monetary system and reduce
our entire volume of currency TO about
half It's present value l do not mean to
assert that there was ever "A time when
there was real danger that this would be
done. but there were times when the SEN
timent IN its favor was so strong and so
aggressive in its character that there
were al least reasonable grounds for the
/ fear that ii might be accomplished, and
especially reasonable grounds for such
fear upon the part of investors abroad.
But the free coinage movement has lost
its momentum and is ma longer forruidao Ole
or aggressive. Ii Is on the defensive, and
when a revolutionary movement is COM
pelled to halt and defend itself the end is
not fir off. No one we'll informed now be-
heves that our standard Of value will 0e
changed or that the financial policy which
has been steadily pursued by the present
administration viii be abandoned
The secretary then reverted 10 his Oft
repeated arguments in favor Of a gold
standard as against the free coinage Of sill
YER. lie declared. however. that the
abandonment or defeat Of the free silver
n 1Vement must not be expected 20 alone
be sufficient 10 insure permanent financial
peace. lie went AT length into the ques-
tion Of the governments obligation under
the S345, $50 eco OF outstanding notes sub
ject 20 redemption on presentation. One
OF the most important questions the people
have now 70 consider. he said. Is whether
they can afford to adhere longer 10 a sys-
tenn which, periodically augments the pub
lie debt ffr the purpose Of securing gold
hy the is5uing OF bonds TO he exchanged
for notesJ which, when redeemed. are not
retired and Cancelled, but are reissued and
put IN circulation. to be over and over
again presented for redemption.
80 far as The merits Of this single ques-
ton are affected" he said lit is imma-
tersal whether our standard Of value is
10 be Eo!d or silver, because the coin for
redemption purposes, whether It be gold
coin or silver coin, must be provided by
the government, and Il can be procured
only by the sale OF bonds. Whether we
continue 20 maintain the gold standard of
value or deaase our currency 10 the silver
standard. tho obligation OF the govern
ment t1redeem its notes upon presentation
VIII remain. and consequently the question
whether the notes when redeemed shah
be retired and Cancelled or reissued Is one
which cannot be avoided or settled by A
change IN our coinage laws. II must he
settled by legislation in another direction
and the advocates of free coinage cf silver
AZ the ratio of IS 70 /. or at any other "a
tio are as much interested in It's correct
solution as the opponents of that policy"
The secretary declared IL 10 De hts opn-
Ton that the notes outstanding should be
retired as speedily as sound and safe cur
-ency can be secured 10 take their place
He said he would not take the time u
discuss the various plans for the retire
me1t az the old United States notes and
treasury notes. but he assured his hearers
that untl such time as congress should
eDact the necessary legislation - eliminats
this weakness in the nattcus financial sys-
TEN. the present administration might be
depended on 20 follow the course which Il
had pursued IN the past emergencies.
Collector Warren. Charles Jackson and
Hon. John Z. Russell also spoke.