The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-22

Dut ne KNEW Tue only way 10 secure Tue
use of both metals at the same time was
to make one OF them the standard OF val
ne and so limit the coinage OF the other
that the government which issues them
and receives them for public dues may
be able at all times to maintain their ex-
changeability either directly or indi-
rectly though the operation OF it's financial
system. He, therefore, favored the
preservation Of the existing standard OF
value with such use OF full legal-tender
silver coins, and paper convertible into
coin on demand, as can be maintained
without imparing or endangering the
credit OF the government or diminishing
the purchasing or debt pay ing power Of
the money in the hands Of the people.
This, he explained, is what is meant by
the terms "sound money" Free and
unlimited coinage Of silver at the ratio
Of l6 to l would at once establish silver
monometallsm, for the coins OF the over
valued metal would ultimately drive
the coins OF the other out of circulation
and out OF the country, even when the
legal ratio varies but a small fraction
from the commercial ratio, but the ex-
pusion OF the undervalued coin would
be instantaneous when its value is really
double the value of the other. 1t would
Immediately drive the S525, 100000 Of
gold out OF circulation. This would be a
contraction, and thus il would destroy
the argument that the debt pa, ing power
of money would be increased. 1t would
create a panic, the withd avail of de-
posts the settlements of debts, and cause
a contraction just when greater volume
Of currency would be needed. Only the
holders of gold, the owners of silver
mines, the holders OF silver bullion and
the brokers and spectators in the stocks
of silver mining companies would be
benefited. The advocates OF the free
coinage propose a sudden and revolu-
tionary change in the standard upon
which all existing contracts are based
and by which all values are mea ured,
and let the consequence take care OF
themselves.
He said that the argument that free
coinage would make a permanent in
crease of prices was delusion. At best
it would be only temporary and would
be hurtful to the laborer and the great
consuming public. II prices have fallen
since 1873, the decline has taken place
in spite of the fact that our full le-
gal tender metallic money has increased
until it now amounts to more than seven
times as much as it did in that date, and
consequently the alleged decline in prices
must be attributed to some other cause
than the demonstration of silver.
Concluding his speech, Mr.. Carlisle
said
"Hou have been detained too long al
ready, but in view OF the determination
exhibited in some quarters to criticise
my personal record upon this question
rather than answer my arguments, /
think my old friends here at my own
home have a right to expect at least a
brief reference to that subject. 1t is
proper, in the first place, to say that my
opposition to free coinage is not dictated
by any prejudice against the use OF sill
yer as the standard of value merely be-
cause it is silver, nor by any preference
for the use of gold as the standard mere
lY because it is gold, for, if the condi-
tions now existing were reversed, if sill
yer was our standard OF value and gold
was deprecated in value as silver now
is, would be as much opposed to a
change from silver to gold as l am now
to change from gold to silver. The
preservation of the existing mont tary
unit and measure of value upon which
the contracts of the people have been
made and the wages of labor have been
adjusted is the vital thing involved in
this controversy, for if the standard is
preserved everybody is willing to use
and will use every available form OF cur
rency that can be kept equal to it in
value. AS long as there appeared to be
reasonable ground for the hope that sill
yer could be raised to parity of value
with gold at the ratio OF 10 to l by the
action of the United States, l
was willing to make the experiment, but
l was never willing to make it by legis-
lation providing for the tree and unlim-
tied coinage OF silver at that or any other
ratio. The only speech l ever made in
on this subj ct was delivered in
the house OF representatives more than
seventeen years ago, at time when the
value OF the bullion contained in a gold
dollar, and /, together with many other
opponents of free coinage, believing that
a restoration Of silver TO our minis would
bring it to parity with gold, supported
a measure providing for the limited coin
age of silver dollars on government &C
count, not on the account OF private in
divlduals and corporations as is now pro-
posed. Fifteen years experience, how
ever, demonstrated that those OF us who
believed in 1873 that larger use OF sill
yer by the United States would enchance
It's price or value were mistaken. In
stead OF increasing the price of silver, it
to fall with greater rapidity
han before, notwithstanding all the ef-