The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1895-05-21

Covington. KY, May 2o.-The secretary
OF the United States treasury Hon. J. G.
Carilsle. opened the discussion OF the
question of sound money here tonight.
The rush 10 hear the speaker was tremen-
dous. The beginning Of the address vas
delayed by a street demonstration o. con-
siderable magnitude IL was s:25 when the
crowd az the doors parted and Secretary
Carlisle. escorted by Congressman Berry
and accompanied by n. r, ingalls, and
Gen. MichaeI Ryan. assistant United States
treasurer. entered the hall Shortly after
ward the working clubs entered 20 the
stirring airs by the band OF "Oid Kentucky
Home and Dixie" followed by the pain
tive Aud Lang Syne." Twenty minutes
later Hon. 4. ;. Berry introduced the
speaker In a brief speech, In which he
paid a high compliment to the man who
under most difficult circumstances had
faithfully administered his high office
Mr.. Carlisle prefaced his remarks with
a brief Introduction, in which he assured
his audience that / am not and do not
expect to become candidate for any office
in the gift OF the people or their represen-
tatives. and / do not appear in the state IN
the interest of any candidate.
There has never been time" contin-
ued the secretary, since the close of the
civil war and the settlement of the ques-
tioas growing out of 1t, when passion and
prejudice exerted such a powerful influ-
ence I'm controlling the action Of the peo-
pie upon political and economic questions
as they have during the last two years
a great wave of depression has swept over
the whole Industrial. commercial and
financial world, more injurious In its ef
fects in some places than ia others but
entailing great loss and distress nearly
everywhere. 1t did not begin twenty years.
ago, as some of our friends are in the
habit of asserting, but less han five years
ago. It's first serious effects were felt in
Argentine, where NE people and the gog-
ernment, Notwithstanding the warnings
OF experience in all ages. drteTmned to
try again the experiment OF a cheap and
Inflated currency"
The secretary reviewed the acts of the
last Republican administration. and de-
clared the present administration had
found the financial affairs Of the govern
ment in a most unsatisfactory and pre-
carious condition. and rapidly growing
worse. 'Unwise legislation had already
produced its inevitable result, and what
ever criticism the impatient spirit of a
disappointed and restless people may have
prompted them to make upon the present
administration. | am sure impartial history
viii place the responsibility OF what has
4
am willing TO wait until IL Is written.
Whether we shall continue 10 preserve
our existing monetary system. under
which all the dollars in use, whether they
be gold. silver or paper, possess equal pur-
chasing power in the markets. or provide
by law for the free and unlimited coinage
OF silver dollars containing 4l2i2 grains Of
standard silver. and make them the units
and measures of value in the exchange of
ard ha of 4.
Is by far the most important question that
/ mas been presented for the consideration
Of the American people during this gem
Grafton; and that question now confronts
US.
The allegation. even II It were true
that a great crime was surreptitiously
committed In 1873. or al any other time.
does not prove. or even conduce to prove
that the free coinage Of silver at the rat10
OF L. TO / would be beneficial TO the coun-
try under the conditions now existing
But. gentlemen. ii is not true that the act
OF February y, 1888, which made the gold
dollar the unit OF value ard dropped the
standard silver dollar from the coinage.
was passed 10y stealth. or that its purpose
or effect was 20 deprive the people OF the
use of any coin then in use or then in cx-
istcnce In this country. The plain truth
Is that this act OF 1873. which has been
the subject Of so much misapprehension
and denunciauon vas simply "A legal rec
ognition OF a monetary condition which
had existed In fact I'm this country for
about thIrty-fiVe years. or ever since a
short time after the passage Of the coin
age act Of lStt. The value OF the United
States note or greenbaCk was always
measured by gsi5 and not by silver. and
commodities had a gold price and a pa
per price, hut never a silver price because
silver except the half dollars, quarters
nd s~4. n.
had been out or use here for more than
twenty years before the commencement of
the war. 8Ud even these subsidiary coins
had not been ia use for eleven years prior
10 1S7S our own monetary history had
already furnished Two striking I5ustra-
tfons of the operation Of the ustHTal law
under which the coins which are over
valued by statute always drive out ol cir
culatiou the coins which are under-valued.
oar oWu experience had again demon
s,rated what the history of the world al
ready showed that Whenever the coinage
laws ~ any country permit The f:ce coin
aga % both metals with fuH legal tender
qualities. az a ratio Of value Whsea does
not conform substantially 10 their in3rin-
sis or commercial ratio In the markets of
the world hoth Kinds of coin cannot be
ken. ia circulation at the same ,ime.
There never was in our whole history
on4-sAfr8 a. mach legal tender silver lu
fsEa ina the ft-FfH states - Nt+tt tiItitt
.~e~a is row ard il Is uzc3 without i--
.,~fvfnz us Of all oar gold. which vas
never ar~s before silver is uct demon
-tgsa tr -his country. hut its coinage has
haer So limited and regulated oT law. ana
.t,s Hrs9rial affairs Of the government
s,e>e nre1 SO conducted. that up 10 the
r,~,esr. time SIS Purchasing power has
s.-e0 preserved and {ts circulation 20 a
f4~-e sraaa1t has been maintained con-
-.,v~.,rsfy with other forms oi money.
r,,tv!.nst sn8l0x s. has been coined a.
ratt7 w-7lrh does uot conform - the resi-
,-afra ~ the metal contained 81 r. 3n Pa
r-~fes7 states sixteen pounds ~ silver
~.fne4 into dollars VIII row purchase as
r,.f.A as ore pound oE gold coins bat ta5s
ev3t Tot oe ,ne case undcr system ~
free and unlimited coinage on Individual
account.
- have never been. and am not now. ur-
f~fans}y % silver la the sense % desiring
"a sees ft excluded from tHe monetary sys-
t.-n az .he Tul;e4 states. or 81 any other
,-.ant~v. Aut / know that - cannot oe
kent in circulation along Win gold by
means u any ratio the law % one country
may ATTEMPT 10 establish between che TWO
metals aud th8t the orlr Way to secure
sNs use or hoth at the sArne slime IS 20
make one ~ taew the standard OF value.
AMI So M-1lt tae coinage o. the ether that
.he government w&grA issues z1d receives
fhess Tor paIltc dues may Pc able at all
gsYg~es n maintain thatr exe haurea t.5l.ty-.
esaer directly or Indirectly. through the
opera -io1 - i,s aseal system. arm. there-