Birmingham state herald., 1895-10-13
STILL MORE BONDS, B'GOSH SecretaryCarIis Says TheyWill
 Be Issued TO BUY GOLD FOR RESERVE Whenever the Administration Thinks fit-The Rest of His Speech Is Similar to
 Secretary Herbert's.

Reform club held one of the most largely attended and enthusiastic banquets in it's history at the Hotel Vendome this evening. More than 200 members an1 invited guests were present. Hon. George S. Hale, the president, presided. Seated on either side of him at the table were Hon. John G. Carlisle, who was the spa- cial guest of the evening; Assistant Sec retary of the Treasury Hamlin, Collector Warren, Hon. M. P. Kennard, a former sub-treasuer; Hon. Joseph ONeil, pres ent sub-treasurer and Postmaster Co., veny. Among others present were Hon. John E. Russell Hon. Morefield Storey Charles B. Janekson, Josiah Quincy Dana Estes and many others.
 In his opening remarks President Hale alluded to the non-partisan character of the club, and read letters of regret from Senator Hoar, Henry Lee, John Dewitt Warner of New York and many others.
 Secretary Carlisle, in rising to speak, was received with three hearty cheers, the entire assemblage arising. He spoke for nearly an hour and was heard with the most urgent attention, many or ms striking points being greeted with spon- taneous applause. His allusion to the crowning necessity for the retirement and cancellation of government demand notes as the essential preliminary to the establishment of a sound currency was heartily approved, and his assertion that the credit of the government would De preserved In all manner possible by the purchase of gold coin through the issue of bonds, so long as 1t has the power to do so, was received with great ap- plause.
 The secretary, in thanking the Reform club for selecting sound currency as the subject of his remarks, then compliment ing the Bostonians, who, irrespective or politics, had in the most critical period of business deposited $4,6OO,0O0 in the treasury declared that the rare appre- hension that our currency might be de- based by the inability of the govern ment to continue the policy of redeemlnB Its obligations in gold has already pro duced the greatest financial disturbance that has ever occurred in our history and resulted in the loss of $1,OO0, ,O00 to our people.
 There were doubtless other causes con tributing to this result, but this was the most potent one in this country, and without it we would have suffered more than other parts of the world in the gem eral depression. What would have been the consequences if these apprehensions had proved correct, if the government had not been able or unwilling to maln, tain to equal exchangeable value all forms of currency in the hands Of the people, no man can tell; but that they would have been most disastrous nearly every we'll informed man now comedies. Fortunately one of the causes which con. trlbIted largely to produce 1eehng oI distrust and apprehension, and which very greatly intensified that feeling at all stages of our long financial struggle, has substantially ceased to exert any in- fluence oyer the minds of the people here or abroad. mean the persistent and aggressive agitation In favor or tne free af A long time threatened to revolutionize our monetary system and reduce our en- tire volume of currency to about half its present value.
 I do not mean to assert that there was ever a time when the sentiment in it's favor was so strong and aggressive in It's character that there was at least reason able grounds for the fear that 1t might be accepted, and especially reasonable ground for such fear on the part of in- vestors abroad, who could not be ex- pected to understand the actual situaA tion here; but the free coinage movement has lost it's momentum and is no longer formidable or aggressive. It is on the de- fensive now, and when revolutionary movement is compelled to halt and ue- fend itself the end is not far off. It would not be correct to say that the contest IS over, because the sentiment in favor of the free coinage of silver is still quite strong in some parts of the country, but it is not strong enough to exert a con trolling influence in the councils of either of the great political parties, and with out this it can accomplish nothing in the form of legislation or in the determine ton of administrative policy. No well informed man now believes that the financial policy which has been steadily pursued by the present administration will be abandoned, and the holders of our securities and foreign investors in our commercial enterprises will make a great mistake if they permit themselves to be influenced to believe that our currency will be depreciated or that our obliga- tions will not be promptly and honestly discharged.
 The proposition that the United States alone shall adopt the policy of free coin age at a ratio which would make the sil7 yer dollar intrinsically worth only about half as much as the gold dollar and de- clare both coins full legal tender in the payment of debts is so unreasonable upon its face that it Is difficult to understand that 1t could have reached the support of so large a part of our people.
 Secretary Carlisle combatted the sug- gestion that the gold standard has re- duced the prices of commodities He showed that the amount of money in cir culation per capita is larger than it was in 1873, when the gold standard was le- gally adopted. He stated that the entire indebtedness of the American people that is the current lnueDteuHeSS cOnlracl- ed in ordinary business affairs-has been increased since the adoption of the gold standard. and he contends that there was no injustice in requiring payments to be made in the kind of money recognized by law at the date of the contract. He as- serted that the average rate of interest was never lower than al the present time and that profits upon investments have been reduced to the lowest percentage consistent with the continuance of the enterprises in which the investments were made Notwithstanding this the great body of our producers, the laboring people of the country, are receiving as high wages as they ever received at any period in our history, and the money in which they are paid will purchase in the market more comforts than ever before. The constant tendency in this country is to give the labor more and capital less of the proceeds of their joint products.
 This Is a fixed law of our industrial progress and until disturbed by violence or by unwise legislation it will continue to operate until the relations between the two forces are permanently adjusted upon an equitable basis Their real in