The Breckenridge news. (Cloverport, Ky.) 1876-1955, 1895-05-22
Conditions Entirely Changed Since
1878.
The Great Leader Has Spoken Now
ye "Sixleen-to- one Lunatics"
Take TO
The Woods and Quit Your HowIlng.

CovINGToN, KY, May 20.-Secretary
Carlisle spoke to an immense audience
tonight. Central garden was packed
and then nine-tenths of the crowd was
on the outside. After long parade Mr..
Carlisle proceeded to the garden, where
he was introduced by Congressman
Berry. He started at once into his
speech and was frequently interrupted
by applause.
Mr.. Carlisle said tonight he had nc
idea of speaking anywhere save at the
four places advertised.
Mr.. Carlisle at the outset announced
that he was not candidate for any
office in the gift OF the people or their
representatives. He then launched into
a discussion Of the panic and its causes,
attributing it to the attempted initiation
of the currency in Argentina and its
effect on European banking institu.
tions. He charged the Republican
party with mismanaging the finances Of
this country during the four years oil
Harrison's administration, the squander-
ing of the surplus, the increase OF taxa.
ton and depletion of revenue, and piling
up more fixed expenditures. The
Sherman law was one of the evils he
complained OF, bring directly responsible
for the draining OF gold from the treasury.
He said he was sure impartial history
would place the blame where it properly
belongs. lie defended the legality and
justice OF this administration acts in
maintaining the governments credit
He then launched directly into the
currency issue. lie denied that the act
OF February ~. 1873, which made the
gold dollar the unit Of value and dropped
the silver dollar from the coinage, was
passed by stealth, or that the purpose or
effect was to deprive the people of the
use OF any coin then in use or then in
existence in this country. That act was
discussed for three years before its adop-
ton and recogniz d silver, in the crea-
ton of the trade dollar, only as subsidia-
ry coin.
The first coinage law, adopted in 1892,
provided for full legal tender gold and
silver coins at a ratio of Is TO |, but it
soon became evident that this was not
the correct ratio, as the people would not
take 10 pounds Of silver for | pound OF
gold. In May 1905 President Jefferson
stopped the coinage OF the silver dollar,
and for II years thereafter not a single
silver dollar was coined at the minis of
the United States. In 1884 congress
changed the ratio to Is to in order to
bring gold back into circulation. In
1858 congr6 81 reduced the weight of the
metal in subsidiary coins to maintain
their circulation. This brought the
matter up to 1873 Our legal position
was bimetalic, but our actual measure
OF value was gold, and our actual circu-
lating medium was paper, with a pur-
chasing power measured by the gold
standard.
In 1873 it was determined to restore
the standard silver dollar to the coinage
and to circulation with full legal tender
qualities, not by opening the minis to its
free and unlimited coinage, as is now
proposed, but by providing for the pur-
chase and coinage Of not more than four
million, nor less than two million dollars
worth of silver bullion each month by
the government itself. Under this act
and the so-called Sherman act, and the
act for the r, coinage Of the trade dollars,
there have been coined at the minis of
the United States and put into circula-
ton Turing seventeen years 1897 ,652, S73
in full legal tender silver dollars, as
against $S,03O,0O0 coined during the
whole previous existence OF the govern
ment-a period OF eighty-nine years. He
denied that silver had been demonetzed.
Free coinage OF silver at the ratio of 10
10 /, he said, means that the owner of
bullion may have it coined, at the public
apxense, into dollars each containing
ll24 grains OF standard silver, the dollars
when coined to be delivered to the owner
'f the bullion, and all the people OF the
United States to be compelled by law to
receive them as dollars in the payment
II debts, although not intrinsically
worth more than fifty cents each. The
IS $40 grains Of standard gold contained
n gold dollar is worth 100 cents, the
world over, but Il3l grains Of silver are
not worth anywhere more than fifty
'ents. In the United States 10 pounds
II silver, coined into dollars, will now
purchase as much as l pound Of gold |
'oins, but this would not be the case I'M
Ter system Of free and unlimited coin
ge on individual account.
He said be did not propose change 10
he measure or standard OF value now