Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-10-13

, John T.. Russell. Charles y. Jackson.
Josiah Quincy. Dana Estes. Charles Eliot
Norton, Samuel Bowie. and many
other representatives. OF the business ana
| professional life OF the Commonw attn.
| In his opening remarks President II %
, alluded to the non-partisan character OF
the club. and read letters Of regret from
: Senator IIoar; John Dewitt Warner,
{ OF New York, and many others.
Secretary Carlisle, on rising TO speak
was received with three hearty cheers.
the entire assernblage rising. lie spoke
for nearly an hour. and was heard vi h
| the most earnest attention, many Of his
/ striking points being greeted with spon-
(. neous applause. His allusiOn 20 the
crowninC necessity for the rttiromcnt and
cancellation Of government demand notes.
as an essential preliminary 20 the eS-
Enlistment OF a sound currency was
heartily approved. ana his assertion that
the credit Of the government would be
preserved by the pres9ni administration
IN the only manner Possibility the pur-
chase Of gold coin through The issue OF
bonds so long as It has IT, power 70 do
so-was received with great applause and
cheers.
The Secretary IN thanking the Reform
club for selecting sound currency as the
subject OF his remarks. and compliment
Ing the B1etonians who. irrespective OF
notifies. had in the most critical period or
business DEPOSITED $4,000 in the Treas
ury. declared that the mere apprehension
Nat our currency might he debased by
the inability Of the government 10 CON
tlnue its policy Of redtemirs It's obliga-
lions in gold. has already produced one
Of the greatest financial disturbances That
ever occurred in cur history. and resulted
81, IL Of n al
.ars 10 our people There were doubtless
other causes contributing 10 this result,
but this was the most potent one in this
country. and without il we would not
have recovered any more than other parts
Of the world from the general depression.
What would have been the consequence
# this apprehension had proved correct;
4 the government had. In fact, been una
Die or unwilling 10 maintain the equal
exchanguable value Of all forms OF cur
reucy In the hands OF the people, no man
can tell; but that they would have been
most disastrous nearly every wel.-inform-
ed man now comedies
FREE SILVER.
fortunately, one of the causes which
contributed largely to produce feeilnS
Of distrust and apprehension, ana when
very greatly intensified that 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.
81 mean the persistent and aggressive
agitation in favor Of the free coinage OF
legal-tender silver. which for long time
seriously threatened 10 reyoiuuonize our
monetary system and reduce our entire
volume Of currency TO about half its pres
tnt value.
IL do not mean to assert that there
was ever a time when the sentiment in
its favor was 50 strong and 50 aggressive
in its character that there was the least
reasonable ground for the fear that II
might be accomplished, and especially rcd-
sOnable ground for such fear upon the
mart of investors abroad. who could not be
expected To- fully understand the situation
here. But the free-coinage movement mas
lost its momentum, and is no longer FOR
rnidable or aggressive. 1t is on the de-
fensive now, and when a revolutionary
movement is compelled 20 halt and de-
fend itself the end is not far off.
1T would not be correct 10 say that
the contest is over. because the sentiment
I'm favor OF the free coinage or silver Is
siil quite strong in some parts or the
country, but IL Is not strong enough TO
exert a controlling influence in the coun-
and without this II can accomplish nothing
in the form OF legislation. or In the deter
,,ination OF administrative policy. No
well-informed man now believes that the
financial policy which has been steadily
pursued by the present administration
will be abandoned. and foreign holders
Of our securities and foreign investors in
our industrial and commercial enterprises
viii make AK reat mistake II they permit
themselves TO be influenced by the fear
that our currency will be deprecated.
or that all our obligations will not be
nromptly and honestly discharged
THE proposition that the United States
alone shall adopt the policy OF free coin
age at e. ratio which would make the
silver dollar intrinsically worth only
ahout half as much as the gold dollar.
and declare both coins full legal tender
in the payment OF debts, is so unreason-
ahIe unon its face. that 1t is difficult TO
understand how IL could have received the
sunnort Of so large a part Of our people"
THE GOLD STANDARD.
Secretary Carlisle combatted the sug-
qestlon that the gold standard has re-
duced the prices OF commodities. He
showed that the amount OF money in cir
culatlon per capita Is larger than II was
In 1s73 when the gold standard was legal
Iv adopted. He stated that the entire
Indebtedness OF the American people
that Is the current Indebtedness con-
tracted I'm ordinary business affairs, has
been increased since the adoption OF the
gold standard, and he contends that there
was no injustice in requiring payments
10 be made In the kind OF money recog-
-. ~, Tau, at Ihe dale nf the contract