Mexico weekly ledger., 1895-11-28
Carlisle Speaks in New York.
ADDRESS OF THE SECRETARY
BEFORE THE CHAMBER
OF COMMERCE.
Vicious Principle Underlying the Free
Coinage Agitation-Effeet of Poll
tics Upon Finances.

= NEW YORK, NOV. 19.-Ihe seven
teenth annual banquet of the Chamber
CT Commerce of the City of New York
was held at the Delmonico this even
ing. The yearly dinners of this or
ganization r among the most i'm
portant events of the metropolis, and
that of tonight was no exception. The
Chamber always musters notable
speakers and distinguished men
around it's board. Utterances that have
effected the policy of the Government
have been madeo on these occasions, and
it was at n of the Chambers dinners
that Secretary of the Treasury Win
dom was stricken with sudden death,
a few years ago. Covers were laid for
275 guests tonight.
The decorations were striking. Back
of President Orr's chair was the seat
of the Chamber, surmounted by a silk
and golden braided coat-of-arms of
the United States, draped in American
flags and flanked by the seals of the
State and City of New York. 1t was
somewhat after 9 o'clock when Presi-
dent Orr, welding the gavel of the
chamber, raped for order, and in a
brief speech, in which he referred to
the Armenian atrocities, introduced
Secretary Carlisle, who spoke on
"Our Currency System" Secretary
Carlisle's speech was frequently ap-
plauded, especially that part where he
committed himself to sound money.
He wasfollowed by United States Sem
ator j. G. Burrows, of Michigan, who
spoke on "Our Domestic Commerce."
Charles Emory Smith, of Philadel-
phia, ex-Minister to Russia, was the
third speaker, his toast being, "Na-
tional Development andOpportunity."
SECRETARY CARLIsLE's ADDRESS.
Mr.. Carlisle spoke as follows:
MIR. President and Gentlemen
have but little to say this evening and
will take but little time to say it.
Two years ago, at your annual ban
quet, l said that disposition and abili-
ty of the Government to maintain its
own credit at the highest standard,
and to preserve the integrity of all the
forms of currency in circulation among
the people, could not be reasonably
doubted, and ought not to be the sub
ject of further controversy. But the
task is both difficult and expensive.
Since that declaration was made here
interest bearing bonds to the amount
of S162, 315,40 have been issued to
procure gold for the redemption Of
thu Limited States notes.
The notes still remain the same as
at the beginning. Notes are redeemed,
but they are unpaid. Our legal stand
ard of value is as sound as that of any
country in the world, and il we had
such a currency system to guarantee
its permanent maintenance no Gov
eminent would command a larger
credit or realize greater benefits from
it than ours; but the great investors
of the world appreciate the difficulties
under which we are laboring and, I'M
til these difficulties are removed we
can not reasonably hope to see perfect
confidence restored at home or abroad.
The fundamental vice in our curren-
cy system is the legal tender note Q
deemable in coin by the Government
and reasonable under the law. There
are other defects, but this threatens
the stability of the whole volume of
currency. So long as the notes
are outstanding the slightest diminu-
ton of the coin reserve at once ex-
cites a feeling of apprehension and of
distrust, affects the values of all Sc
curities, curtails investments, and
more or less seriously embarrasses all
the business affairs of the people.
o GOVERNMENT BUSINESS.
In attempting to provide a circulate
ing medium consisting of its W notes
r~edeemable in coin on presentation
and reasonable after redemption, the
Government of the United States is
engaged in a business for which it is
wholly untitled and which was never
for a moment contemplated by it's
founders. 1t has a right to borrow
money and issue evidences of the debt,
but it was never contemplated that it
should convert itself into O bank OF
issue and furnish a legal tender paper
currency for the use of the people.
The Treasury Department ought to
be, and was intended to be, simply a
public agency for the management OF