Western Kansas world. [volume] (WaKeeney, Kan.) 1885-current, 1895-11-23
OUR CURRENCY.
Secretary Carlisle's Speech at q
New York Banquet.
what He Regards as the Fundamental Vice
In Our Currency Systematic Cause
of Our Financial Troubles
Political Platforms.

New YORK, Nov. 2O-The 127th an
nual banquet of the chamber of com
merce of the state of New York was
held at Delmonico's last evening. The
yearly dinner of this organization is
among the most important events Of
the metropolis. Utterances that have
moved the policy of the government
have been made on these occa-
sions. It was somewhat after o'clock
when President Orr, in a brief speech,
introduced Secretary Carlisle, who
spoke on "Our Currency System"
have but little to say this evening, and will
take but little time to say 1t. Two years ago.
at your annual banquet, said that the dtspo-
Sition and ability of the government to main
tain it's own credit at the highest standard, and
to preserve the integrity of all forms OF cur
rency in circulation among the people, could
not be reasonably doubted and ought not to be
the subject of further controversy. But the
task is both difficult and expensive. Since that
celebration made here interest-bearing
bonds to the amount of S162, 315. 400 have been
issued to procure gold for the redemption OF
the United States notes
The fundamental vice in our currency Sys-
tenn is the legal tender note redeemable in
coin by the government and reasonable under
the law. There other defects, but this
theatenS the stability Of the whole volume
of our currency. So long these notes
are outstanding the slightest diminution of
the coin reserve at once excites feeling of
apprehension and distrust. affects the values
of all securities, curtailS investments and
more or less seriously embarraSSeS all the
business affairs of the people In attempting to
provide q circulating medium consisting of It's
own notes redeemaole in coin on presentation
and reasonable after redemption, the govern
ment of the United States is engaged in
business for which it is wholly untitled and
which was never for moment contemplated
by its founders.
No changes made in our currency system will
afford relief unless it provides for the retire
ment of the legal tenders.
The circulation of legal tenders has ten
dency to drive out of use and out OF the cOun-
try the very coin in which the government is
compelled to redeem them: and it has expelled
millions of dollars from our borders. Although
the government and our own people are COM
PEELED to receive them, they will not discharge
international obligations and gold must be got
to settle all final balances against No
other government in the world is required to
supply gold from it's treasury to discharge the
private obligations of its citizens.
The theories that the government can create
money by placing it's stamp upon paper or
other material that a legislative enactment
can make 80 cents equal in value to 100 cents,
that arti1cially inflated prices paid in depGe-
ciated currency are better for the people than
natural prices, paid in a sound currency and
various other vagarieS now flowing like bub-
bles in the political atmosphere all attrib-
utable to the long continued use of legal ten
der paper. The proposition that promise of
the government to pay money is money, is
just as absurd as is the proposition that
promise to deliver horse is q horse, and yet
there are eminent men high in public cOun-
ellis who believe that the United States
promiSSory note is actual money, and that the
statute which compels all the people to re-
ceive it as actual money is constitutional
and ought to be continued in force. The ag1-
tatlon for the free coinage of legal tender
silver is predicated upon the same vicious
principle that underlies the legislation maxi
ing paper promises legal tender: but there is
a practical difference between the two syS-
TENS. The United States note forced
loan from the people to the government, which
the government promised to repay in dollars.
but the free coinage of lie gal tender silver at
the ratio of Is to would be forced loan from
the people to the owners of silver mines and
silver bullion without promise of repayment
by anybody.
Much of our financial trouble has been
caused by doubt and speculation here and
abroad concerning the views and purposes of
Our people at large and the policies of the po-
litical parties to which they are attached. This
is a government by parties, and investors
watch with the greatest interest and solicitude
every manifestation of popular opinion,
pecsally changes to be made in the chief execu-
tive Office. It is of vast Importance
that these doubts and speculations
should be set at rest in order that
the world may certainly know what
is to be our permanent monetary policy.
Vague and indefinite declarations by the great
political organizations of the country not only
increase doubt and distrust abroad, but en-
courage harmful agitation at home, and mold,
therefore that it is the duty Of all who are or
may become in any degree responsible for the
welfare of the country to insist that there shall
be no further eQuivOcation or evasion in our
treatment of this great subject
Let us have no more ambiguous phrases, no
mere Inconsistent and irreconcilable clauses
in party platforms or in public utteranceS, but
let us make our meaning so clear and our pur-
poses so plain that they can be neither mis-
understood nor successfully misrepresented.
If majority of the people of the United States
are in favor of the maintenance of the present
standard of value, they ought to have an OPP
pOrtMnity TO say so. On the other hand If ma
1orfty of our people are in favor of abandoning
the present standard of value and establishing
portuniIy to say that. When this issue is pre-
sented we need not fear the result. Such an
appeal to common sense the commercial in
tegrfty and the national pride of our people
will not be in vain and when the contest is
over the question will be finally and conclu-
Sively settled in accordance with the general
judgment of the most advanced nations and
the real interests of our own c.Mlntry.