Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-11-20
CURRENCY QUESTION.
Secretary Carlisle at The New York
Chamber Of Commerce Dinner.
LETTER FROM THE PRESIDENT.
efforts of Chamber tn Save the
Country from Financial Madness
Ought To Re Appreciated by Patri-
Otic Citizens"

NEW YORK. November l9.--The Cham
ber of Commerce held its l2ith annual
banquet tonight at Delmonieo's. The
banquet hall was decorated with the Stars
and Stripes. and the greatest enthusiasm
prevailed. Alexander T.. orr, president
Of the Chamber Of Commerce, presided,
and around him were seated besides the
sneakers Of the evening, Hon. Carl
Schurz. Rear-Admiral Henry Erben.
Mayor Strong, Hon. Hilary y. Herbert,
Hon. Judson Harmon, General Thomas
II. Ruger, Commander Montgomery,
James y. Constable. William ii. Webb.
/ Calvin s. Brice. General Horace Porter.
J. Edward Simmons. John Jacob Astor.
and James G. Cannon. The meeting was
called 10 order by President Orr, who
introduced the Hon. John G. Carlisle.
| Secretary Of the Treasury. who spoke
on the currency question as follows
Two years ago ! said to you that the
! disposition and ability Of the govern
ment 10 maintain its own crodft at the
| highest standard. and to prove the IN
tegrity Of all the forms Of curr ncy in
| circulation among the people could not
be reasonably doubled, and ought not
to be the subject Of further controversy.
/ While scarcely any one now seriously
doubts either the disposition or the ability
| Of the executive branch OF the govern
| merit TO accomplish these objects. all VINO
| have given any attention TO the subject
must realize that I'm the existing state
Of our legislation the task is both DIM
| cult and expensive.
"Slnce that declaration was made here,
interest bearing bonds TO the amount oi
/ sl62 3i5 800 have been issued TO procure
/ GOLD for the redemption Of United states
notes and Treasury notes. and the obllBd-
tions Of the government on account OF
the notes still remain the same as at the
! beginning The notes are redeemed put
! they are unpaid, and II our legislation is
/ not changed no matter how oitcn ihey
| may be presented and redeemed mere
| after. they will remain unpaid. If thls
/ policy Of redemption and reissue Is con-
/ iinued. the interost-bearin debt VIII oe
/ greatly increased. while the ncn-interest-
/ hearing debt will not be in the least III
/ minished.
/ "The disadvantages Of such system
/ are so obvious that IL Is hardly necessary
/ 10 enunerate them. The government mas
undertaken TO keep an unlimited amount
/ of circulating notes, equal IN Ndlue W
/ gold coin. and AT the same time II mas
| no legal authority to compel anybody "a
/ give gold in exchange for the notes or I"
/ nav gold on any demand due 10 II.
"AlthOueh the amount Of United states
notes is fixed at s3iG s6l 600. and the
amount Of Treasury notes outstanding -
q little over $li0O1J,Or, the total amount
that may be presented for redemption ~
! unlimited. because fbere is no rtstrlcuoh
as 20 the number Of times the same note
NAV be returned to the Treasury and
be exchanged for gold.
FUNDAMENTAL VICE.
"The fundamental vice in our currency
system is the legal-tcnder note redeem
able in coin by the government and re
issuable undP the law. This threatens
the stability Of the whole volume OF our
currency, and has caused immense losses
bv fluctuations, OF which II Is Impossible
TO keep the public aware. IT was never
contemplated that the government should
convert itself into a bank OF issue Inc
Treasury Department is simply PUBIC
agency for the management or the ischI
affairs of the government The circula-
zion of legal-tender United States notes
and Treasury notes has "A tend my 10
drive out of use and out Of 'hc ooun-
trv the very coin in which the govern
ment is compelled TO redeem tnem. ani
il has expelled millions Of dollars from
our borders
"No other government In the world is
required 10 supply gold from its treasury
10 dtscharg. the private obligations Of us
citizens. and no government ought 10 he
rcallircd 10 DO so. The fact that the gov
ernuient is required 10 borrow money Us
AN injury 10 it, credit. and the credit OF
i-e ueople. but the injury resulting from
this cause f. insignificant in comparison
with the ruin that would follow an aban-
doumort Of the reserve while the notes
are outstanding: Tor all our currency
would thus be reduced 10 the silver stand
ard
"1he theories that the government can
create money by placing It's stamp upon
p4pcr. that a legislative enactment can
make 80 cents equal 20 100 cents; that ar
tfcially inflated prices. paid in a depre-
ciatad currency. are better for the people
than natural prices paid in sound cur
fency. and various other vaedrlos, are all
directly attributable to the long-continu-
cd use Of ieeal-tender paper. The propo-
stion that Il promise OF the government
TO pay money is money is just as absurd
as the proposition that promise TO de-
liver horse is d horse
FREE SILVER.
"The agitation for the free coinage Of
legal-tender silver at ratio which would
put only ~ cents worth OF bullion
IA silver dollar Is predicted upon the
same vicious principle. The United
States notes are a forced loan from the
people 10 the government. which the gov
ernment promises TO repay in dollars; but
the free coinage Of legal-tender silver at
the ratio OF IL 10 I. or at any other
ratio not corresponding with the COM
mercial value Of the two metals. would
be- a forced loan from The people 10 the
owners of silver-mincs and siiycr-bul-
lion. without a promise OF payment by
ANYBODY one loan was forced for the
benefit OF the government in time or war.
but the proposition OF the advocates Of
free coinage is 90 force another loan for
the benefit OF private individuals and cor
poratlOns in a time of profound peace.
In principle. the two measures are pre-
cisely alike. The free coinage OF legal
tender silver would be far more unjust
than the issue Of legal-tender United
States notes.
However ii Is not my purpose TO dis
cuss the question OF free coinage. 7 think
the abandonment OF suspension Of the
aggressive movement against this finan-
cial heresy would be more than unwise
az this time. especially i'm view o, the fact
that concerted effort is evidently now
being made in the South and West 10
regain the ground lost during the last
six months. IL the friends Of sound
money are vigiiant these efforts cannot
possibly succeed.
But the legal-tender notes will re-
main 10 complicate the currency system
until Congress agrees 10 their retirement.
and the substitution of others in their
place. This legislation is imperatively de-
manded. a. II concerns the welfare Of all
the people"
The speaker closed with hope that the
noIitical platforms II both the great
parties would henceforth be clear and
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