The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-24
The ATTENDANCE VERY LARGE.
Secretary Carlisle, the Chief Speaker.
Enthusiastically Received.
He Presents the Familiar Arguments
Against Free Silver-C hecrs Greet
the Mention of Cleveland's Name
Anti-silver Literature 10 BE Circu-
lated in the south.


is much bigger affair In point OF attend
anee than the NEST sanguine projectors
anticipated. There are thousands OF Wis
ttors IN the city. MIR. Carlisle arrived at
o;S0 O'Clock this morning and was escorted
ny committee TO hotel. His apart
ment was crowded all morning with prom
inenJ Memphis citizens.
Shortly after O'Clock Chairman " 7
crawford, OF the committee appointed by
the mercantile bodies OF Memphis. called
me convention 10 order. The purposes of
the convention were announced. Con-
gresham Clark nominated Congressman
Thomas c. Catchings for permanent
chairman Mention OF President Cleve-
land and Secretary Carlisle brought tre-
mendous applause. G.. c. Matthews OF
the Commercial Appeal. was elected sec
retary. Congressman Catehings then be-
gan his address TO the convention, accept
ing the nomination as permanent chair
man. l. N. Rose. of Arkansas moved
that the chair appoint committee on res
oiuilons' 70 be composed of one represen-
tative from each state. The motion. after
being amended so that the chairmen of
the state delegations should name the
representatives OF their respective states.
was adopted.
Secretary of the Treasury John G.. Car
isle was then introduced by Chairman
Catchings. When the distinguished Ken
tuekian stepped TO the front OF the stage
the audience rose 10 It's feet and cheered
enthusiastically for several moments. Al
ter quiet had been restored the secretary
spoke as follows:
Secretary CarlisIe's speech.
Mr.. President and Gentlemen of the
convention: | congratulate myself upon
my good fortune in having the opportu-
nlty before this large assembiage of
Southern business men. and | congratu-
late the people OF the South upon their
good fortune in being able TO send here
so many real representative of their
great industrial and commercial inter-
ests.
Ihe proposition TO reyolutionize our
monetary system and thus destroy the
credit OF the government and the peopIe
at nome and abroad, violate the obIiga-
tons 70 all contracts, unsettle all ex-
changeabe values. reduce the wages of
labor. eXpel capital from our country
ana seriously obstruct the trade of our
people among themselves and with the
peoples OF other countries is one which
challenges the intelligence patriotism
and commercial honor of every man 10
whom 1t is addressed. No matter what
may be the real purposes and motives of
those who make the proposition 10 legal
lie the free and unlimited coinage Of sill
yer at tte ra ito of 16 to l. these are the
consequences involved in their scheme
and, In my opinion, they cannot be
avoided IL II should be adopted In no
part Of the country Will the consequences
OF such policy prove more Injurious 10
the material interests OF the people than
In the undevelcped and progressive South.
In internal trade. whether payments
are made in gold or silver coins. or bull
ion, actual intrinsic Value determines the
amount or quality to be delivered. no
matter what may he the legal tender
laws o. the different countries. even
though they have the same ratios Of
value between the metals within their
respective limits. The law of France. for
instance places a higher value upon sill
yer relatively to gold than is placed upon
Il by the laws Of the United States the
French ratio being 15i5 70 l. and ours be-
ing IL to T. but IL i6 pounds OF our silver.
coined or uncoined. were sent 10 that
country TO he used in the payment Of a
debt or in the purchase Of commodities
IL would not he accepted at the ratio of
l5i2 20 l. or at the ratio of Is to as COM
pared 10 gold. but only at tho ratio Of
about s. 20 l. Coinage is free I'm Mexico
and the dollar full legal tender contain
ing 57717 grains of pure silver. while our
dollar contains only 371 = grains of pure
silver: yet Mexican dollars are sent into
the United Stat.s aud other parts Of the
world and sold at the price Of the bull
ion IN them. about oue-half their nominal
or legal value In their own country. II
is the metal that fixes the value OF the
coin. and not ne coin that fixes the value
Of the metal
The use of the credit in the form Of
banknotes. checks. bills and other evil
dences Of debt has so increased I'm mod
ern times that IN all highly organized
commercial com nunities the use Of coin.
except in making change. has been al
most entirely dispensed with. The per
centage of coin actively employed in con-
ducting business in this country is so
small that II Is almost inappreciabe: so
small in fact. that its disuA In our
transactions wifi not he fel, II We had a
substitute for or a paper representative
OF the subsidiary pieces
Although we have the gold standard. or
measure OF value. IN this country. our ac-
tual stock Of gold bullion and coin
amounts 20 only about one-third Of our
actual curren@v-a condition Of affairs IN
conceivable a few centuries ago. We have
about ss25 90 IN gold $s97. 81 .s73 IN full
legal tender silver. s3f6 ssi. co in old United
States notes. $li95Si.7n In treasury notes
issued in the purchase Of silver bullion.
s21a. 10 so IL national bank notes, and S16.-
ls9 5sg in subsidiary silver coin. making
in all 81 004 107,763 exclusive OF the minor
coins. and every dollar ~ this vast VOL
unle Of currency IS kept equal in value %
the financial condition which the advo-
Gates of free coinage a the ratio Of i6 70
: propose TO rev0iuUOn!ze at once by a
change IN the standard OF value. 50 that
II would require about double tho amount
az currency required now 20 perform the
came service IN the exchange of commodi-
.feS For long fme credit, which con-
s.tr.i-ae bv far the most important fac
TOR IA our financial and commercial trans
arslons. would he Substantially destroyed
~ tho confusion and uncertainty Hcces-
Sa-flv following such a great ana sndlen
change in our monetary system
II Is routeudei ~ large numner of
a4,se.ates of free coinage that tho effect
- +h.ir poHcy would establish what they
.,lt hf--ge-a'5len and "A double standard.
~o~fass ny ina hIlity 20 un1ers stand VIII 81
T. ~ae14v meant ~ double standard or
measure os value. the idea IS tncompr"
bnoslhfe 20 my mind, because cannot
conceive noqv Il IS possible 20 h&Se tNo
aiae-anf legal and authoritative meanings
90 .ha Same thing IN use az the same
,t.re 4 Mound weighing sixteen ounces
s . r,o,,r.s weighing eight ounces h0'n
/ declared s7y law legal pounds. Instead .
e5~-, ho.h gold ard silver as Sc ID 'fsow
an larger amounts than ever before n our
/ hi~to~v We should instantly expel the
7no~s valuable metal from the country and
MIKE ne other thc sole basis Of our cur
r@orv. We have u0~ practical h'-Inefa4-
,ss-r-tha use o. both metals as money
u.e should have :hen practical mono
r.,ats stfar7-tfle gFe of only one mffai -