Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1895-11-20

New York, November 19.-The one
hundred and twenJy-seventh annual
banquet of the Chamber Of Commerce
or the S-ate OF New York, was held at
Delm0n.co's this evening.
Covers for 215 were laid tonight.
Tt was somewhat after o'clock when
President orr, welding The gavel OF thd
Chamber, raped for order and in a
brief speech In which ne referred to
the Armenian atrocities. introduced Sec
r7tary Carlisle. VINO spoke on Our
Currency system.
SECRETARY J. G. CARLISLE.
AIR. President and Gentlemeu:-I
have 0u, E,Jie To- say this evening, and
viii take buJ liJJle time to say it.
Two years ago. az your annual ban
que, l said ,hat the disposition and
aolIJy OF the government. 10 maintain
.-s own credit az The highest standard
ana 10 preserve the integrity Of all the
forms OF currency ia circulation
among the people, could not be reason
ably doubted and ought not 10 be the
subject OF further controversy. But
the task is both difficult and expensive.
Since that declaration was made here,
interest bearing bonds TO the amount of
Slt2.315,40J have been issued to pro-
cure gold for the redemption of United
States notes. The notes still remain
the same as aC the bginning. The notes
are redeemed, but they are unpaid. OWf
legal standard of value is as sound as
thg- of any country i'm the world, and
~ We had such q currency system as >
guarantee It's permanent man-ainauce,
no government would command a
larger credit or realize greater benefits
from it than ours, but The great in
yea-Crs of the world appreciate the diff
fcu,-ies under which we are labOring,
and until those dimcul-ies are removed,
we cannot reasonably hope to see per-
feet confidence restored at home or
abroad
THE FUNDAMENTAL VICE
in our currency system is the legal ten
der notes redeemable in coin by the
government and raissuable under the
law. There are others defects, but this
threatens the stablliJy Of the whole vol
ume of our currency.
The Treasury Department ought to
De. and was intended TO be simply q
public agency tor the management of
.be fiscal affairs Of the government
as O. government not as q bank.
No change made in our currency sys-
tenn viii AFFORD relief unless It provides
for the retirement Of the legal tenders
The circulation of legal tenders has
@ tendency 70 drive ont of use and out
of The country the very coin in which
The government is compelled to re-
deem them, and it has expelled mill
lions OF dollars from our borders
The theories that the government can
create money by placing its stamp
upon paper or other material; that a
lesi islotive enactment can make 30
cents worth one hundred cents;
that artifcially inflated prices,
paid I'm a deprecated currency. are
better for the people than natural
prices. paid i'm sound currency, and
various other vaE3ries now floating
like bubbles i'm the political atmOs-
phere are all directly attributable to
the long continued use Of legal tender
paper.
The agitation for the free coinage
of legal tender silver is predic9ted
upon the same vicious principle that
underlies the legislation making paper
promises q legal tender: but there is
n practical difference between the two
systems
r-trr, r->-rrr,D crATrS. NOTE
Was forced loan from the people to
the government. which the government
promised to repay i'm dollars, but the
free coinage OF legal tender silver at
rhe ration of rs to 1. would be a forced
loan from the reople to the owners Of
silver mines and silver bullion without
a promise of rerayment by anybody.
The o9mD9ign against the DrODOsi-
+ioD to debose ont standard of value
should r0r be abandoned or suspended.
Tf the friends of q sound and stable
ucaeure of value are vigilant and
active this effort cannot possibly sues
cee8 and the question viii soon recede
from the public view.
No nation can reasonably hope to
control the trade OF any considerable
part of the world unless its exchanges
are based upon standard OF value
recognized as sound in all the centres
of commerce,
The pound sterling has made Lon
don not only the principal market, but
tha clearing house of the world.
0rucb Of the financial trouble has
has beer caused bv doubt and specula-
tion. here and abroad. Concerning the
views and
pr-ppOSES OF DIR PEOPLE
.s ...,;.;o,1
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