Mineral Point tribune. (Mineral Point, Wis.) 1869-1938, 1895-05-23
ADDRESSES \ LARGE AUDIENCE
IN CONVICTION.
THE HISTORY OF FINANCE
Goes Into all the Details of the Sub
ject From the Foundation of the
Government His Remarks Were
Received with Great Enthusiasm
Features of the Speech.

large audience here on the subject of
Sound Money The speech was very
lengthy one, and went into all THE de
tails of the question from the founda-
ton Of the government. The secre-
tary's remarks We're received with
great enthusiasm.
Mr. Carlisle said among other
things. when Mr.. Cleyehnd's first
administration went out of Office on
the 4th day OF March. 1851, the gov
eminent had an ample revenue for all
purposes; the free gold in the treasury
amounted To S196,6S0,6l4; agriculture,
manufactures, and commerce were in
Il reasonably healthy and prosperous
condition, and the prospect for the CON
tiuuance OF Il fairly active business
era was apparently as good ms 1t had
been for many years During the fou
years of hIr. Clevehnds administers
ton the sum of S341, 44s. 400 was paid
on the public debt, and nj its close
there was left in the treasury Il bal
ance of $3.50 ,34S,9l6, including gold re-
serve, This vast sum had been accum-
and they had right to expect that
II would be faithfully applied to the
eXtinguishment of the public debt and
10 the payment of the necessary ex-
penseS Of the government without
waste or extravaganza; hut il requires
4 very brief statement of the results
Of President IIarrson's administration
TO show how these just expectations
We're disappointed When his admin
iStlntion closed oil the Ath of March
1898, and a democratic administration
came IN again, the cash balance IN the
treasury had dwindlcd down TO Sl62,
450,517, including the gold reserve, or
So. 450,5TI exclusive Of the reserve
Notwithstanding the payments upon
the public debt during his term
amounted to S105. 900. 600 less than the
payments made during Tile preceding
four years. In addition to the actual
receipts of the government, which
were very large. congress. hy law
passed in 1890, turned into the treas
ury as Il part of the general assets
TO be used for public purposes, Il
trust fund amounting 10 more than
SOD 100000. which belonged to the ma
tional banks and had always been
held for the redemption OF their notes,
and this fund or what was left of
it, helped to swell the balance at the
close of the administration.
There came with President Ilarri
SON a republican congress. and for the
first two years Of his administration
that party had absolute control IN
both branches of the legislative de-
partment as well as in the executive
and was therefore wholly responsible
for the government Of the country
That congress will I've distinguished in
history for three things only: First.
the enactment Of the law Of July II.
1890 providing for the purchase Of e.
! 100000 ounces of silver bullion each
month and the issue Of legal-tender
treasury notes To pay for H.; secondly,
the passage Of the so-called Mckinley
tariff act, which largely increased tax
alton upon the people and ut the same
time diminished the revenues of the
government; and, thirdly. the inaugu-
ration Of the most wasteful and ex-
trayagant system of public eXpendi
lures that ever existed in this country
in time Of peace, the evil effects Of
which must continue TO be felt for
years TO come. The revenues had been
greatly diminished and the current eX-
penditures had been enormously in.
creased by the passage OF laws max
ing permanent and other appropria-
lions which the treasury was bound
! to pay; the compulsory purchase Of
silver bullion and the issue Of legal
tender treasury notes We're still going
on, and silver was being piled up Ia
the treasury at the rate of more than
"a tons per month; distrnst Of our
ability under the circumstances 10
meet the obligations Of the government
and maintain the parity Of the two
metals prevailed and was increasing
in all the great financial centerS at
I home and abroad, in consequence Of
which gold, to the amount Of more
than $50 100000 had been withdra wn
from the treasury and shipped to
other countries during the three
months just preceding the Inaugural
tion Of the new administration, and
not a dollar had been brought I'M; In
short, unWise legislation had already
produced its inevitable results, and
whatever criticism the impatient spirit
Of q disappointed and restless people
may have prompted them to make
upon the present administration. am
sure impartial history will place the
responsibility for what has occurred
where 1T properly belongs. and am
willing ia wait until It is written.
Whether we shall continue to pre-
serve our existing monetary system,
under which all the dollars in use.
whether they be gold, silver, or paper
possess equal purchasing power iii the
markets. or provide by law for tie
free and unlimited coinage Of silver
dollars containing 412 ~ grains Of
standard silver, and make them the
units aud measures of value in the
exchange Of commodities and iii the
payment Of debts, IS by far the most
important question that has been pre-