The Providence news. (Providence [R.I.]) 1891-1906, 1895-05-24
SOUND CURRENCY
Essential to the Prosperity
of the Nation.
Address by Secretary Carlisle Points
Out Danger From Free Coinage.

MEMPHIS, May 2i.-Upward Of 300 peo-
pie were present at the Auditorium at 2;l5
O'Clock yesterday when Chairman j. w.
Crawford called the sound money con-
vention to order.
In a fcw appropriate words, the dele
gates and visitors were welcomed to Mem
phis, the purpose of the convention was
stated, and the work OF organization
begun. The selection OF Congressman
Catchings' for permanent chairman was
made by an unanimous viva voce vote,
and the congressman accepted the honor
In a graceful speech. After the selection
of q. o. Matthews as secretary, COM
mittee on resolutions was appointed, and
n delegate from each Of the states rep
resented was appointed without debate.
Secretary of the Treasury Carlisle was
then introduced by Chairman Catchings,
and as the Kentuckian stepped TO the front
of the stage the sudiente arose to its feet
and cheered enthusiastically for several
minutes. After quiet had been restored,
the secretary spoke substantially as fol-
lows:
The proposition to revolutionize our none
tary system and thus destroy the credit Of the
government and the people at large, Mt horne
and -abrnad. Is one Khlcn- Challenges The In
telligence, patriotism and commercial honor
Of every man to whom 10 Is addressed. No
matter what may be the real purpose and
motives Of those who make the proposition TO
legalize the free coinage OF silver az the ratio
~ ~ 70 !, these are the consequences involved
IN their sshsme. and, in my opinion, they can
not be avoided II IL should be adopted.
After reviewing the ratios of coinage and
The amounts of gold and silver in use as
elrplllafinn nn fnadft,v, Tho oatI
A Difficult Question.
Iconfess my inability to understand what Is
really meant by a double standard Of money
vsue the idea is incomprehensible I'm r,y
mind, because cannot conceive how 10 IL pos
sible 10 have two different legal and authort
tative measures of the same thing in use at the
same time. as for instance, n pound weighing
10 ounces or pound weighing ounces, or
only half as much. and both declared by law
to be legal.
Reviewing the fact that values will al.
ways be measured by the kind of money
In actual circulation, Mr.. Carlisle stated
the proposition before the people as being
that without cooperation of other nations
we should declare that all silver should be
made into coin at Che ratio of 10 pounds of
silver to equal the value of one pound OF
gold. Continuing, he said;
We, "a people. shall be compelled 10 re-
ceive these coins in payment of debts TO us
dollar for dollar, but when we pay debts to
other nations we must use gold. think we
are fully justified in concluding that II the
United States alone should adopt the policy of
unlimited silver coinage at 10 to l. ID would be
an generalization OF that metal 100 per cent
Speaking Of the act Of July IA, 1890, and
the repeal of the purchasing clause In No
vember, 1893, the secretary said:
The 90 N .ft,.o-
not possibly affect the price Of cotton or wheat
abroad, whatever it's effect might be upon the
nominal price In this country. Farmers and
producers do not sell their wheat or cotton
abroad, but to somebody here who takes
chances not only on the fall of the price Of the
produce abroad, but on the rise In the price Of |
silver between the time of their purchase and |
the time whom they receive the proceeds Of their
sale. IL IL impossible 70 estimate the amount |
OF loss this would infiict upon American PRO |
ducers OF exportable products, but II would b. |
great, as the value Of such exports is now $40 |
200 per annum.
A long and exhaustive review % the rel. |
alive values of labor and the purchasing |
power OF It's wage, was taken up by the |
secretary, following which he said:
attach very little Importance TO the per |
capita argument. because the amount OF cur |
rency required in country depends mainly
upon the volume Of business transacted One |
OF the most effective arguments made by the |
advocates OF free coinage is that the people are
In debt. This argument comedies that under
the proposed system Of free coinage at bt |
all the various kinds Of currency in use by the |
people, including the silver dollar itself |
would be worth less than IL Is now; for. of |
course, money would be no cheaper than IL Is |
now.
Concerning Debt.
To assert that the people are in debt il TO |
simply say that they have traded with each |
other on credit. II 10 Is a crime to lend money |
10 man who wants 20 borrow It, let the per. |
petrstors be properly punished, but let us not |