The daily morning Astorian. [volume] (Astoria, Oregon) 1883-1899, 1895-05-21
cAR11s1E's SPEECH ON SILVER.

Covington, KY, May 2O.-Secretary Car
Isle, Of the treasury department, spoke
here tonight In behalf of sound money.
Mr.. Carlisle prefaced his remarks with
brief Introductory in which he assured
his audience that he is not. and does not
expect to become, a candidate for any
office in the gift of the people or their
representatives, and that he does not APP
pear in the state in the interest of any
candidate.
There has never been time" contln-
ued the secretary, ''slnce the close of the
civil war, and the settlement of the
questions growing out of 1t, when passion
and prejudice exerted such a powerful
influence in controlling the action of the
people upon political and economic ques-
tions as they have during the last two
years. A great wave of depression has
swept over the whole industrial, CONNER
clal and financial world, more injurl us
In It's effects in some places than others,
but entailing great loss and distress
NEARLY everywhere: 1t did not begin q
years ago, as some of your friends are
in the habit of asserting, but less than
five years ago. Its first effects were felt
In Argentina. where the people and the
government, notwithstanding the warn
,ngs of experience in all ages, determined
to try the experiment of cheap and in
Hated currency
1.-THE allegation even II 1t were true,
that a great crime was surreptitiously
committed an 1873, or at any other time,
does not prove, or even conduce to prove,
that the free coinage Of silver at ratio
of 16 10 1 would be beneficial to the
country under the conditions now exist
ing. But, gentlemen, 1t Is not true that
the act of February u, 1873, which mad
the gold dollar the unit of value and
dropped the standard silver dollar from
coinage, was passed by stealth, or that
its purpose or effect was to deprive tn
people of the use Of any coin then In
use or then in existence in this country.
"The plain truth is that this act of 1873
which has been the subject Of so much
misapprehenslon and denunciation, was
simply the legal recognition Of the none
tary condition which had existed In fact
in this country for about S5 years, or
ever since a short time after the passage
of the coinage act of 1874. The value OF
a United States note or greenback was
always measured by gold and not by
silver, and commodities had gold price
and a paper price, but never a silver
price, because silver except half dollars,
quarters and dimes coined under the
act Of 1858, had been out of use here
for more than 20 years before the com
mencement of the war, and even thes
subsidiary coins had not been In use for
II years prior to 1873. Our own monetary
history had already furnished two most
striking Illustrations of the operation
of the natural law under which coins
which are over valued by statute always
drive out OF circulation those under
valued. Our own experience had again
demonstrated what the history Of tho
world already showed-that whenever thu
coinage laws Of tiny country permit thu
free coinage of both metals with full
egal tender qualities at ratio OF value
which does not conform substantially l.
their intrinsic or commercial ratio In the
markets OF the world, both kinds o.
coin can not be kept In circulation
the same time.
II have never been, and an not now
unfrlendly to silver in the sense Of
string to see It excluded from the mon
etary system Of the United States, or OF
any country. but know that It canno
be kept In circulation along with gold
by means Of any ratio that any one coun-
try may attempt to establish by law
between the two metals,
II am, therefore, in favor OF the pre-
servation Of the existing standard Of
value with such use OF full legal tender
silver coins. and paper convertible into
coin on demand. as can be maintained
without lmpairing or enGangering the
credit Of the government or diminishing
the purchasing or debt-paying power OF
the money In the hands OF the people.
This is what mean by the term Sound
money This Is neither gold monometal-
lism nor silver monometalllsm, but It
means that one standard or measure Of
value shall be maintained. and that all
! forms OF standard coins in use shall be
kept equal 30 that standard IN the pur-
chase OF commodities and in the pay-
ment OF debts"