The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1895-11-20
SOME MARVELLOUS STRIDES.
EX-MiniSter Smith on "NauOnal
Development"
SECRETARY CARLISLE ON FINANCE
Notable Addresses at the Annual Banquet
of the New York Chamber of Commerce
How We Are outstripping the
Nations of the Old World.

How We Are OuGstrlpptng the
Nations Of the Old World.
NEW YORK, Nov. 2O.-The 127th annual
banquet of the Chamber of Commerce of
the state of New York was held at Del
monico's last evening. The yearly dinner
of this organization are among the most
important events of the metropolis and
that of last night was no exception Ut
terances that have moved the policy of the
government have been made on these oc-
casions, and it was at one of the chambers
dinners that Secretary of the Treasury
Window was stricken with sudden death
a few years ago.
1t was somewhat after o'clock when
President Orr raped for order, and in
brief speech, in which he referred to the
Armenian atrocities, introduced secretary
Carlisle, who spoke on "Our Currency
System" in the course of his lengthy re-
dress Mr.. Carlisle said.
"In attempting to provide a circulating
medium consisting of it's own notes re
deemable in coin on presentation and re-
issuable after redemption, the government
of the United States is engaged in busi-
ness for which it is wholly untitled and
which was never for moment contem-
plated by its founders. 1t has right to
borrow money and issue evidences Of the
debt, and it has right to coin money and
regulate it's values-that is, to declare
what the relative values of the metals
shall be in the coinage-but it was never
contemplated that it should convert itself
into a bank of issue and furnish a legal
tender paper currency for the use of the
people. 1t has no department or agency
properly organized or equipped for the
transaction of such business, even if this
were legitimate governmental function.
The treasury department ought to be, and
was intended to be, simply apublic agency
for the management of the fiscal affairs of
the gOvernment-as government, not as
q bank.
no change that can be made in our
currency system will afford the relief to
which the government and the people are
entitled unless it provides for the retire
ment and cancellation of the legal tender
United States notes. Anything less than
this will be simply palliative, and not
cure, for the financial ills to which the
country is now subject The circulation
of legal tender United States notes has n
tendency to drive out of use and out of the
country the very coin in which the govern
ment is compelled to redeem them, and it
has expelled millions of dollars from our
borders. Although the government and
our own people are compelled to receive
them, they will not discharge interna-
tional obligations, and gold must go out to
settle all final balances against us.
"The United States note was a forced
loan from the people to the government
which the government promised to pay in
dollars, but the free coinage of legal ten
der silver at the ratio of 16 to l, or at any
other ratio not corresponding with the
commercial value of the two metals, would
be a forced loan from the people to the
owners of silver mines and silver bullion,
without promise of repayment by any
body. One loan was forced for the benefit
of the government in time of war, but
the proposition of the advocates of free
coinage is to force another loan for the
benefit of private individuals and corpora
tions in a time of profound peace.
"But the United States legal tender
notes will remain to complicate the cur
rency system and embarrass the govern
ment until the people, through their rep
resentatiyes in congress, agree upon some
plan by which they can be retired and
some other form of currency substituted
in their place, at least so far as the neces
sities of the country may require such sub
stitution. In my opinion legislation in
this direction at the earliest possible day
is imperatively demanded by every sub
stantial interest in the country"
Secretary Carlisle's speech was fire.
quently applauded, especially that part
WI nr he committed himself to sound
money.
vas followed by United States Sena-
tor j. c. Burrows, of Michigan, who spoke
on "Our Domestic Commerce"
Charles Emory Smith, of Philadelphia,
ex-minister to Russia, was the third
speaker, his toast being National Devel-
opment and Opportunity" Mr. Smith
spoke in substance as follows
"Ours is a land of fullness and not of fam
inc Providence has lowered us with match
less opportunity and the worlds evolution
unfolds before us the crowning destiny of
mankind. The merchant princes, even of
middle age before me have within their
own business lives seen our young repub-
lie pass and outstrip all the old nations,
hoary with the moss of IA thousand years.
In the two decades from 1870 to 1890 the
three mighty powers of Great Britain,
France and Germany, all combined, with
their 1926 100000 people, gained in wealth
$50, 0,0OO,O 100000, while the United States
alone, with it's 6O,OOO,OOO people, gained
S338, 600, 100000.
"The examination of national earnings
tells the enl1indling story of triumphant
advance Great Britain is estimated to
earn about So, 100000 a year, France
$1,000, 700 and Germany about the same,
while the United States earns over Sl2,-
600, 100000, or two-thirds as much as all
the other three put together, If we were
not such magnificent spenders how we
should astonish ourselves in stupendous
savings But spending makes consump-
ton, and consumption makes production,
and as we are the greatest consumers so
we are the greatest producers in the world.
Today we earn two-thirds as much as the
three great powers of Euro1e combined.
Soon we shall leap beyond them. From
1870 TO 1890 Great Britain increased her
earnings 81, 600, 100000 year, and France