The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1895-11-20

prOmissOry note is actual money, and
that the statute which compels all the
people to receive it as actual money is
constitutional and ought to be CON
tinued in force. The agitation for the
free coinage of legal tender silver is
predicated upon the same vicious priu-
ciple that underles the legislation
making paper promises a legal tender;
but there is a practical difference be
tween the two systems. The United
States note was a forced loan from the
people to the government. which the
government promised to repay in dol
lars, but the free coinage of legal ten
der silver at the ratio of is to / would
he forced loan from the people to
the owners of silver mines and silver
bullion, without a promise of repay
ment by anybody.
"lf the friends of a sound and STABLE
measure Of value are vigjiant and ac-
tive this effort cannot possibly sue
ceed, and the question win soon re-
cede from the public view. But the
United States legal tender notes will
remain to complicate the currency
system and embanass the govern
mCnt.
''In my opinion legislation in this
direction, at the earliest possible day.is
imperatively demanded by every sub
stantial interest in the country and its
postpOnemeht upon any preteXt of
political eXpediency, or upon the as
sumption, in advance, that no satisfac-
tory result can be accomplished. would
be very grave mistake.
No nation can reasonably hope to
control the trade of any considerable
part Of the world unless it's exchanges
are based upon standard of value
recognized as sound in all the centres
Of commerce. The pound sterling has
made London not only the principal
market, but the clearing house of the
whole world. England not only reali-
res from the profit from her own
trade, but takes toll out of the inter
national trade of all other countries.
With an inferior currency, we could
never successfully contest her supre-
macy, and the belief that we can pun
ish her. or enrich ourselves, by de
stroying the value of our own money
is one Of the most remarkable de-
lusions of the age.
Much of our financial trouble has
abroad, concerning the views and pur-
poses of our people at large and the
policies of the political parties to
which they are attached.This is gov
ernment by parties, and investors
watch with the greatest interest and
solicitude every manifestation of pop
ular opinion especially when changes
are to be made in the chief executive
gfff 2 tc ,,F hs%
these doubts and speculations should
be set at rest in order that the world
may certainly know what is TO he oGr
permanent monetary policy. \
Vague and indefinite declarations
by the great political organizations of
the country not only increase doubt
and distrust abroad, but encourage
harmful agitation at home, and /
hold therefore, that it is the duty of
all who are or may become in any de
gree responsible for the welfare of the
country to insist that there shall be
no further equivocation or evasion in
our treatment of this great subject.
Let us have no more ambiguous
phrases, no more inconsistent and ire
conciliable clauses in party platforms
or in public utterances, but let us make
OuA iiCdliliiS ~ CiSdl anu our purpose
so plain that they can be neither mis-
understood nor successfully misrepre-
sented."
Secretary Carlisle's speech was fre-
quently applauded.
He was followed by United States
Senator j. {. Burrows, OF Michigan,
who spoke on Our Domestic Com
merce"
Charles Emery Smith, OF Philadel-
phia, eX-Minister to Russia, was the
third speaker, his toast being Nation
al Development and Opportunity"