The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1895-05-21

CONVICTION, Ky, May 20.-The Score.
tary of the United States Treasury, the
Hon. John G. Carlisle, opened the dis
cussion OF the question Of sound money
here tonight in structure called
Central Garden" The rush to hear
tho speaker was tremendous. An at
tempt was made to reserve seats for
ladies, but it was given up when the
pressure for admission was felt The
Secretary, when called upon by repre-
sentatives OF the press, who asked again
and again his position with regard to
the Kentucky Senatorship, said he was
not a candidate now for that or any
other Office.
Congressman Albert S. Berry intro
duced the speaker in q brief speech, in
which he paid high compliments to the
man who, under the most difficult cir
cumssances. had faithfully administered
his high Office. After tumult OF ap-
plause Mr. Carlisle spoke in part as fol-
lows:
Although absent from tho State for
very considerable time, l have never
ceased to feel deep interest in everyr
thing that concerns the welfare of Its
people, and especially the welfare OF
my old constituents in this Congres-
sional district. But my close relations
to the people here do not in the least
diminish my obligations to my fellow
citizens in other parts OF the State, who
have never failed TO give me generous
support In all my aspirations, and it
would be unbecoming In me to withhold
the expression OF my thanks for the
confidence they have reposed In me, or
refuse to participate in the discussion
OF public questions which vitality Affect
their interests
1t nay or may not add to the force
OF my arguments, or the weight of my
advice, to assure you that / am not, and
do not expect to become, candidate for
any office in the Rift of the people, or
their representatives, and that do not
appear in the State in the interest Of
any candidate.
IA great wave of depression has swept
over the whole industrial, commercial
and financial world, more Injurious in
its effects in some places than In others,
but entailiDg great loss and distress
nearly everywhere. 1t did not begin
twenty years ago, as some of our friends
are in the habit of asserting, but less
effects were felt in Argentina. Foreign
holders OF our securities, in order to
procure means to meet their obligations
at bone and in Argentina, sent them
here in large amounts for redemption
or sale, and, consequently, the feeling
OF apprehension and uncer tainty, which
already existed to considerable ex-
tent, WAS intensified in ell the great
centres Of trade and finance. But II our
own domestic affairs had been wisely
and economically conducted our people
would nave soon recovered from the
effects Of this foreign disturbance.
During the four years of Mr.. Cleve-
lands first administrator tae sum of
S341 ,44S, 449 was paid On the public debt
and at its close there WAS left in the
Treasury balance of $780, GIG, in
clnding the gold reserve. This vast
sum had been accumulated by taxation
upon the PEOPLE, and they had a right
to expect that it would be faithfully
applied to the extinguishment Of the
public debt and to the payment OF the
necessary expenses of the government
without waste or extravaganza; but 1t
requires very brief statement OF tn I,
results OF President Harrisons a mtn
istrAtion to show how these just ex-
pectations were disappointed. When
his administration closed on the 4th OF
March, 1893, and Democratic admins
tration came in again the cash balance
in the Treasury had dwindled down to
Sl62, 450,577, including the gold reserve,
Ga S6S, 450,577 exclusive OF the reserve,
Notwithstanding the payments upon the
public debt during his term amounted
to SlO5 COO, 600 less than the payments
m ade during the preceding four years
"There came with President Harrison
Republican Congress, and for the first
two years OF his administration that
party had absolute control In both
branches Of the legislative department.
as we'll as in the executive, and was
therefore wholly responsible for the
government of the country That Con.
gress will be distinguished in history
for three things only: First, the en-
actment OF the law OF July, IA, 1890.
providing for the purchase of $500, 600
ounces OF silver bullion each month
and the Issue OF legal tender
treasury notes to pay for 1t; secondly,
the passage OF the 80 called Mckinley
tariff act, which largely increased taxa
ton upon the people and at the same
time diminished the revenues of the
government; and, thirdly, the Inaugural
ton of the most wasteful and extraya-
CANT system Of public expenditures that
ever existed in this country in time of
peace, the evil effects of which must
continue to be felt for years to come.
1.-THE result OF this Legislation and OF
the general policy of the Republican
administration was that when the Dem.
ocratic party secured possession of the
executive power for the second time, 1t
found the financial affairs of the gov.
ernment in most unsatisfactory and
precarious condition and rapidly grow