The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1895-10-13

r7ardOr7e tonight was a tremendous
o,,,+ion tn Secretary Carlisle, and his
sneesh on the finances of the govern
mont under the present administration
vas listened TO with the greatest IN
j.. +a,,as+ The secretary on his arrival
IN the city was welcomed by the dinner
COMMITTEES of the club, and was escort
"a RI fine hotel. where a reception was
4erSarad to him by the officers OF
The ci71h An hour was spent IN gen
eraI introduction and hand shaking,
ana shortly after Z o'clock those pres
Ut flied into the large banquet room.
The guest Of the evening SAT ON She
right of the political club, George D
Hale who presided. AZ lhS S9olile
table were Collector WINSTON warren,
n Au.gtin Browne, Postmaster Cove
new First Assistant Secretary or the
Treasury =. S. Hamlin, Hon. John Il.
Russell Professor Charles EIIlott NOR
ton. Commander Green, Z. >. n; Gen
eral Francis Walker and professor n.
s. Shaler of Harvard.
With Gold All the Time.
At the conclusion of the banquet,
President Hale raped for order
1--WE are Democrats with Grover
Cleveland he said, and Repuphcah
with Teddy Roosevelt Sometimes we
are Republicans with Edmunds, some
times with Sherman, and even win
Greenhalge. We take our property
wherever we flnd it But We some
times reject bad material.
Mr.. Hale read several letters Of re-
gret from prominent people from all
over the country. The prmclpal guest
of the evening, was then introduced.
He was received with three cheers, led
by c. Austin Browne.
Secretary Carlisle began by assert
ing that the business men of Boston
needed TO instruction upon the SUBJ
jeot OF sound money" He said they
deserved the thanks of the whole
country for having put aside their
party politics in their honest efforts
during the past two or three years to
uphold the administration at Wash
ington, and help maintain the credit
and honor of the government, and pre-
vent the depreciation Of its currency.
He spoke Of the action of the Bos-
ton bankers who. at a critical per-
iod, In the business affairs of the coun-
try, almost emptied their vaults Of
gold by depositing $4,000 900 in the
treasury to replenish the vanishing re-
serve, and how at a, later date when
the enemies of the public credit were
denouncing the administration for its
conduct of our finances, the Boston
chamber Of commerce assembled at a
special nesting and unanimously CALI
ed upon the senators and representa-
tiver from Massachusetts to lay aside
all question Of party advantage and
e,ssist IN the work of restoring public
Confidence
He said this action had been fully
appreciated at Washington and not
= wholly unexpected.
Result of the Imaginary Basis.
Continuing, he said: 1.-The mere ap-
prehensiOn that our currency might be
debased by the inability Of the gov
eminent to continue the policy of re-
deeming its obligations in gold has al
ready produced one of the greatest
financial disturbances that ever oc-
CURED in cur history and resulted in
the loss of thousands of millions Of
dollars to our people. There were
doubtless other causes contributing TO
this result, but this was the most po-
tent one in this country. and Without
It we should have suffered more than
the other parts Of the world from the
general depression. What would have
been the consequence If these appre-
hnsiOns had proved correct; if the gov
eminent had, in fact been unable or
unwilling TO maintain an equal eX-
changea bic value Of all form OF cur
rency in the hands Of the people. no
man can tell. Fortunately one of the
causes which contributed largely to
produce a feeling of distrust and APP
prehension and whicn very greatly
Intensified more 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. 1 mean the persistent
and aggressive agitation in favor of
the free coinage of legal tender silver
which for a long time seriously threat
ened to revolutionize our monetary
system and reduce our entire volume of
currency to about half its present
value. I do not mean to assert that
there was ever . time when there was
real danger tha< this would be done
but there were times when the senti-
ment n It's favor we're so strong
and so
Aggressive in Its Character
that there we're At least reasonable
grounds for the fear that it might be
accomplished, and especially reason
able grounds for such a fear upon the
part of investors abroad. But the free
coinage movement has lost its momen-
tum and is no longer formidable OF
aggressive. It is on the defensive, and
when a revolutionary movement $
compelled 70 halt and defend itself
the end is not far off. It would not be
correct to say the contest is over, be-
cause the sentiment in favor Of the
fref. coinage of silver is still quite
strong in some parts Of the country
but il is not strong enough to exer'
a controlling influence in the councils
Of each of the great political parties
and without this it can achieve moth
ing in the form Of legislation or IN
the determination Of the administra-
tive policy.
mo 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 administration will be
abandoned"
The secretary then reverted to his
oft-repeated arguments in favor of a
gold standard as against the free coin
age Of silver.
To Retire the Greenbacks.
He declared. however, that the aban-
donment or defeat of the free silver
movement must not be expected to
alone be sufficient TO insure permanent
financial peace. He went at length
into the question of the government
obligation under the 1916 $4,000 Of out
Btanding notes subject to redemption
on presentation. One of the most i'm
portant questions the people have now
TO consider, he said, is whether they
can afford 10 adhere longer to q sys-
TEN which periodically augnents the
public debt for the purpose of secur-
lny gold by the issuing Of bonds to he
exchanged for notes, which, when re-