Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-10-13


He asserted that the average rate OF in
terest was never lower than AT the pre-
sent time. and that profits upon invest
mcuts have been reduced to the smallest
per cent. consistent with the continuance
~ the enterprises in which the invest
,nents were made. Notwithstanding this.
the great body OF our producers, he la
horiny peopie OF the country, are re-
ceiying as high wages as they ever re-
ceiyed at any period In our history. and
the money in which they are paid VIII
purcbage in the market more of the com
forts OF life than ever before.
The constant tendency III this country
4. IN give the laborer more ard capital
less out Of the proceeds o. their JOINT
actiyit,cs This IS a GXed law Of cur
industrial nro ..ress. and unless disturbed
nv violence or by unwise legislation. II
viii continue 70 operate until the rela-
tio,,s between the two forces are perna-
uently adjusted upon an equitable basis
Their real interests are not conflicting
bur .aterIependent. and every attempt TO
arrav ono against the other IS injurious
to both. ......,
CLASS PREJUDICE.
He regretted that "one OF the most
erfecti-.e weauons In the hands Of our
crao.sfIvor opponents has heretofore con-
sisted OF appeals to the class and sec
tionaI preiudices Of the people. but these
appeals appear now To have spent Their
force. and | think We may now consrat-
Mate the country upon the prospect Of n
more dispass!onate and intelligent cis-
crssion Of the subject hereafter"
SECRETARY Carlisle went on to say that
tho abandonment or defeat OF the free
silver movement would not be sufficient
10 procure financial peace in this coun-
try. He reviewed the logal-tender paper
currency legislation. which he character
izod as radical and dangerous departure
from trle financial principles. If not a
serious infraction Of the Constitution OF
the United States. He described the pro-
cess by which these legal-tcnder notes
arr. used t. deplete the Treasury, and SAID
that the notes when redeemed should
lee cancelled and not reissued. In other
words said Mr.. Carlisle, 1.-The debt when
psld ought % be cXtinguished.'
The Government Of the United States
ought not 10 be engaged In the business
OF issuing notes to circulate as money;
r. IS not a proper function of govern
ment and the sooner this truth is real
lied by tho people, the better it will be
for the country.
MY contention is that the notes ought
not to be kept outstanding. but should
b.. retired aud cancelled as speedily as
sound and safe currency can be provided
to take their places.
THE GOLD RESERVE.
There can be no financial repose IN this
country so long as these notes constitute
a part Of our currency because the fact
that hoy exist compels the government
to provide a large gold reserve. which in
the very nature Of things. cannot b. per-
ut o.
and whenever IL begins To diminish. a. So
trust and apprehension arise in the pub
lie mind. values are unsettled. business
IS disturbed. and more or less loss is en-
tailed upon the people.
THE losses already sustained on this
account are almost beyond computation.
and there is no good reason to believe
that the country can escape further in
Jury I'm the future II tn policy Of the
government : unchanged I'm this respect.
Tine fact that the souuines7 q our
currency depends. or f. supposed 70 de-
pend. upon the maintenance Of certain
nxcl reserve in the Treasury, keeps the
business Of tho country in an almost con-
stan, state Of agitation and alarm. and
Is from every poin' Of view detrimental
70 The interests Of the people"
He placed the responsibility upon the
people ana their representatives. in Con-
gross to determine whether the public
debt should be increased from time TO time
in order . redeem and reissue this paper
money. which was. I'm his opinion. OF
doubtful constitutionality.
The executive authorities must obey the
laws IS they stand. whether they be good
or bad. but all the powers conferred
upln them ~ The atprutes he promised,
would he carefully and fearessly eyer
60 ~. -
walton Of the public credit and the main
tenance Of a sound currency.
In conclusion. the Secretary declared
that until legislation provides a safe cur
rency. the parity OF the two metals
would be maintained. and the whole vol
ume OF our currency. paper ana coin alike,
would be kept equal 10 the highest stand
ard recognized by the commercial nations
OF the world.
Secretary Carlisle was followed by
Councillor :. X. Leeson, representing
the Commonwealth; Collector Warren.
Charles r.. jackson, and Hon. John T..
Russell. The latter paid glowing tri-
butte to the work OF the Secretary. de-
claring that no previous Secretary OF the
Treasury in the history OF the govern
ment had encountered so great difficult
ties, or mastered them so easily; that
the action Of the President and his Sec
rotary in maintaining the governments
credit through the greatest financial panic
In the history OF the country, entitled
them to a monument more enduring
than bronze, and that Mr. Carlsle's
speeches in favor Of sound money during
the crisis Of last summer had turned the
tide against financial heresy, and had
second time saved the country from
financial disaster.
FREJGHT WRECK.