The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1895-05-25
The Currency Question.

Hon. John G. Carlisle, Secretary Of the
Treasury, made a speech q Covington, Ken
lucky. on Monday night, on the money ques-
ton. 1t was carefully prepared and given to
the press before It's delivery. 50 that it could
be published simultaneously in all parts of the
country the next day.
Mr.. Carlisle is one of the ablest statesmen
of the age, and his speech was decidedly the
ablest presentation of the money question
from. the single gold standard standpoint
that has recently been made. He frankly
acknowledged that his! views of seventeen
wears ago were mistaken ones, and he plants
himself squarey for single gold Standard
and ossposedto the free coinage OF silver at
any ratio. Mr. Carlisle, however, neglected
to give any explanation why he did not carry
oui his Expressed Intention. two years ago, to
pay ont silver and gold, at his discretion, to
STAY the depletion of the treasury of its gold.
Mr.. Carlisle, in that position, was hacked by
an overwhelming public. sentiment. Had he
carried out his intention no bond issues TO re-
pIenish the gold reserve would have been
necessary, and fortunes would not have been
made by banking syndicates in negotiating
government loans.
Mr.. Carlisle predicted dire financial disaS-
ter would follow the free coinage of silver
at the ratio of IS to l, and there was
mich force in his argument. But he seemed
TO have been combating the position OF eN-
IRENE silyerites. rather than to have been
dealing with the question of bimetallism and
na.the proper use of both gold and silver as
n basis of our circulating medium. There has
been no effort upon the part of the government
10 maintain bimetallism, and the nited States
has perhaps the worst financial system OF any
government of ike importance in the world.
II i within the power of a few New York
bankers at any time to depete the treasury
of its gold aud force bond issue. The banks
have The power 10 enlarge or'courract the cur
rsrfe& Sllehever alis To their interest to do so,
and the people do not seem to be taken INTO
consideration al all.
The idea used 10 be that money was
medium Of exchange measure Of value, and
that the government stamp meant something.
Coin now is considered and treated IS q com
faadstv. sla article Of commerce, TO be cornered
like whea, and pork for speculative purposes
Everybody wants sound money; a currency
that Is stables dollar that Is a dollar When
people eive credit they wrsnt that credit re-
deemed IN a dollar Of the same value a was
she dollar when the credit was given. They
,rayt-si measure Of value that Is unaiteTable
aud this canno, he done a long a. money IS
treated as commodity and Is an article Of
speculation.
What this stable measure Of values Is, Is the
question. Able and patriotic men. men hon
est aud honorable. differ materially, and Mr.
Carlisle has done public service in the pre-.
sentation Of the position Of those who believe
that gold should be the only standard He
believes il the best. because gold Is the chief
international measure Others believe that
a donble standard--the gold dollar and the
silver dollars the more stable. because by
the use Of either neither could iuctuate much
They believe. too. thar there Is not enough
gold in the world for basis for sufficient
amount Of circulating medism. They believe
that the cutting of Of silver has resulted in
lower prices Of farm products and real estate,
and those in debt believe tha, the virtual con
traction Of the currency BY closing the min's
10 silver enlarges their debts.
The money question Is now the chief issue
in national politics. It shoald be discussed
eeudidly and frankly. with the public welfare
inview, and al demagogy and humbuggery
avoided Mr.. Carlisle speech will command
respee, and attention, because It i enlinenily
business speech. Il win be eomba'ed hy
the other side, both as TO it, financial history
and lis predictions Of disaster.