The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-05-21

We publish the full text this morning
Of the speech delivered last night by Sec
rotary Carlisle al Covington. Ky, on the
silver question. Il IS so comprehensive.
so clear in its statement Of facts and so
logical IN its conclusions that we are
confident that those who read 10 viii
feel satisfied that this country could make
no greater mistake than 10 abandon gold
as the measure OF values ana adopt sill
yer. IL is speech that should be read
and studied by every citizen. II IL were
read by every business man, every pro-
fessional man and every working man
there would be an end OF the silver craze
al once.
Mr.. Carlisle makes # clear that the
coinage OF the silver dollar was aban-
doned in 1873 for excellent reasons, that
the purpose Of the silverites is not BIZ
metallism, but silver monome tallism. be
cause the free coinage Of silver at the
ratio OF &c TO woud drive gold out Of
circulation. and that silver monometallism
means debased currency and great BUSH
ness and financial disaster. The falla-
cies Of the siverites are so completely
exposed that there is no difficulty in see
ing them, and the dangers of adopting
those fallacies are presented in a mastery
manner.
A part Of the speech that will clear away
doubts that exist in many minds
is that which treats of what
is called primary or redemp-
ton money. The silverites claim that
the decline in prices is due TO the small
ness of the amount of redemption money
in circulation, and that the smallness Of
the amount Of redemption money is due
to the stopping of the coinage of the
silver dollar In 1873. Mr. Carlisle shows
that there was no silver in circulation in
1873. and that gold was the measure of
| values. Silver wasn't known. Therefore,
the determination in 1873 not to coin any
more silver dollars could not have affected
| prices. But what would be the effect OF
| free silver coinage? IT would be to drive
| out of circulation the S625, 100000 of gold
/ we now have. and WHICH the silverites
/ claim is our only redemption money. II
would take our minis fifteen years TO COR
this amount of silver and silver
in the meantime would be oui
redemption money. If then price:
depend upon the volume o.
the money that is the measure of values
prices would fall instead of rise. il tn,
coinage of silver was made free. The fal
lacy of the claim of the silverites, there
fore, becomes apparent.
Mr.. Carlisle shows, and rightly too, tina
prices are not fixed by the prices Of re
demption money alone; that all kinds o
money, gold, silver bank notes, Unite,
States notes checks and even credit hav
their influences. And it is all nonsens
to say that silver is demonetized. Hun
dreds of millions of dollars of silver hav
been coined and put In circulation sine
the much discussed act of 1873 was passed
Silver money in this country to-day doe
all the duty as redemption money tina
gold does, as it is a fun legal tender.
Mr.. Carlisles speech clears away man
Of the errors with which the silverite
have numbered the discussion of the silve
question. They are handling the questio
much as they are handling the speec
which he delivered in congress seventee
years ago-that is, In a way TO mislea
the people and befog the public mind.