The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-13
He Thinks the silver Craze Is Ended,
Because Ii Has Ceased TO Exert In
huence Either Here or Abroad
SEVERAL REFORMS NEEDED
HE SAYS UNCLE SAM SHOULD NOT IS
SUE CIRCULATING NOTES,
And hat There eau be No Financial
Repose i'm This Country as Long as
the Present System Is Contfnued-

DOolO-N VIZ 4--IuC IiCtllllS VI llc
Massachusetts Reform Club at the Ven
dome tonight was a tremendous ovation
to Secretary Carlisle. and his speech on the
finances of the government under the pres
ent administration was listened to with
the greatest interest. The Secretary. upon
his arrival in the city. was welcomed by
the dinner committee OF he club and es-
cortedAtO the hotel. where a reception was
rendered him by the officers of the club.
An hour was spent in general. introduction
and handshak:ns. and shortly after z
o'clock those present filed into the large
banquet room The guest of the evening
sat on the right side OF the president OF
the club. George S. Hale. who presided.
At the same table were Collector Winslow
Warren. Causlen Browne. Postmaster Cow
entry. First Assistant Secretary of the
Treasury c.. s. Hamlin. Hon. John E. Rus
sell. Professor Charles Elliott Norton. Com
mander Greene. u. S. ", General Francis
A. Walker and Professor y. S. Shalsr, of
Harvard.
At the conclusion of the banquet Presi-
dent Hale raped for order. 1--WE are DEM
ocrats with Grover Cleveland he said.
and Republicans with Teddy Roosevelt.
sometimes We are Republicans with Ed
munds. sometimes with Sherman and even
with Greenhalge. We take our property
wherever We find it. But we sometimes
reject bad material Mr.. Hale read letters
of regret from Carl Schurz, John D..
Warner. of New York. Senator Hoar, Gov
ernor Greehalge. Lyman j. Gage, of Chi
cago. Chief Justice Field. and many others.
Secretary CarIisIe's Address.
The principal guest of the evening was
then introduced. He was received with
three cheers led by Causten Browne. Sec
rotary Carlisle spoke as follows:
From the earliest times in our history
the merchants, manufacturers, bankers and
professional men of your city have been
celebrated for the industry and ability dis
played In the conduct of their business and
they have met all their engagements. This
has given them a credit in the commercial
financial distrust than all their LANDS.
houses and goods, because a well-estab-
lshed credit is always available TO procure
In the markets what is needed, while prop
erty cannot always be Immediately utilized.
a deprecated and huctuating currency de-
stroys credit and thus robs the people of
one or their most valuable means of carry
ing on business The mere apprehension
that our currency might be debased by the
inability OF the government to continue the
policy OF redeeming its obligations in gold
has already produced one or the greatest
financial disturbances that ever occurred
in our history and resulted in the loss of
thousands OF millions OF dollars to our peo-
pie. There were doubles other causes con-
tributing to this result. but this was the
most potent one IN this country, and with
out II we Should not have suffered more
then other parts of the world from the
s4hfral depression What would have been
10elconsequence If these apprehensions had
proved correct. II the government had in
fact been unable or unwilling TO maintain
the equal exchangeable value of all forms
of currency in the hands of the people, no
man can tell. but hat they would have
been most disastrous nearly every WELL
informed man now comedies
Fortunately, one OF the causes which con-
tributed largely to produce a feeling of dis
trust and apprehension, and which very
greatly intensified that feeling at all the
stages of our long financial struggle, has
substantially ceased to exert any Influence
over the minds of the people here or
abroad. I mean the persistent and agrees
sive agitation in favor OF the free coinage
OF legal-tender silver, which for a short
time seriously threatened 10 revolutionize
our monetary system and reduce our en-
tire volume of currency TO about half its
present value. L do not mean 10 assert
that there was ever a time when there was
real danger that this would be done, but
there were times when the sentiment in
its favor was so strong and so aggressive
in its character that there was, at least,
reasonable grounds for fear that ii might
be accomplished. and especially reasonable
grounds for such a fear on the part of in
vestOrs abroad. who could not be expected
fully to understand the actual situation
here; but the free coinage movement has
lost its momentum, and is no longer formid-
able or aggressive. 1t is on the defensive
now. and when a revolutionary movement
is compelled TO halt and defend itself the
end is not far Off. 1t would not be correct
TO say that the contest is ever. because the
silver is still quite strong in some parts of
the country. but IL is not strong enough to
of either of the great political parties. and
without this IL can accomplish nothing in
the form OF legislation or in the d~etermina-
ton or administrative policy.
WILL NOT BE DEPRECATED.
NO well-informed man now believes that
our standard OF value will be changed
or that the financial policy which has been
steadily pursued BY the present admin
istration will be abandoned, and foreign
holders of our securities and foreign in
vestors in our Industrial and commercial
enterprises will make a great mistake
If they permit themselves 10 be Influenced
by the fear that our currency will be
aepreciated or tnat ali our oplgatlons VIII
The proposition that the United States
alone shall adopt the policy of free COIN
Yer dollar intrinsically worth only about
one-half as much as the gold dollar, and
declare both coins full legal tender in the
payment OF debts, is so unreasonable upon
its face that IL Is difficult 10 understand
how it could have received the support Of
so large a part OF our people. That two
fun legal tender coins Of the same denom-
nation. but OF unequal Intrinsic value, can
not be kept in circulation at the same
. time has been so often demonstrates by
actual experience that the question is no
longer open 10 serious discussion. In fact.
q very few OF the advocates OF free COIN
age now contend that gold and silver
WOULD continue TO circulate together under
their. policy. but they insist that the gold
standard ought 10 be abandoned. even
though gold coin should be ban
ished from the country. because,
they say. the effect of the pres
ent system Is TO reduce the prices
OF commodities. increase the burdens OF
what is called the debtor class. and enrich
the holders OF capital in the form OF
money at the expense OF farmers and
other producers 1t must be admitted
that these are serious allegations, and III
they could be proved a strong case for
relief would be made: but they have not
been and cannot be proved.
In order 70 show that the adoption and
maintenance of the gold standard of value
has OF itself, reduced the prices OF com
modities. Il would be necessary 10 prove
that IL produced a contraction of the cur
rcncy, or that it had impaired credit. which
Is, by Ear, the most important factor In
trade. II has done neither We have much
larger circulation in the aggregate. and
much larger per capita than we hadN i'm
Ile. when the gold standard was legally
adopted. And IL Is evident that the credit
OF the man who proposes 10 pay I'm good
money il always better than the credit of
the man who proposes TO pay in bad money.