The morning news. [volume] (Savannah, Ga.) 1887-1900, 1895-10-13
CARLISLE ON THE COINAGE
HE SPEAKS AT THE BANQUET OF
BOsTON's REFORM CLUB.

LtCGmA
The Retirement and Cancellation
of Government Demand Notes Rn
Essential Preliminary to the Es-
tablishment of "A sound Currency.
Boston, Mass, Oct. 12-The Massachu-
setts Reform Club held one Of the most
largely attended and enthusiastic banqueta
in its history at the Hotel Vendome this
evening. More than 200 members and in
vited guests were present. Hon. George
S. Hale, the president, presided. Seated
on either side of him at the table were
Hon. John G. Carlisle, who was the spe-
cial guest Of the evening" Assistant Sec
retary of the Treasury Hamlin, Colleo-
tor Warren. ex-Mayor Matthews of Bos-
ton, Hon. M. +. Kennard, a former SUD-
treasurer; Hon. ]. O'Neil. Samuel N. AL
drich, president of the state bank; Hon.
Causten Browne and Postmaster Coveny
and among others present were Hon. John
E. RUSSELL Hon. Morfilef Storey, Charles
b. Jackson, Josiah Quincy, Dana Estes,
Charles Eliot Norton, Samuel Bowles ana
many other representatives of the busl-
ness and professional life of the com
monwealth.
In his opening remarks President Hale
alluded to the non-partisan character or
the club and read letters of regret from
Senator Hoar, Henry Lee. John Dewitt
Warner of New York and many others.
Secretary Carlisle, on rising to speak,
was received with three hearty cheers,
the entire assemblage arising. He spoke
for nearly an hour, and was heard with
the most earnest attention, many OF his
striking points being greeted with spon-
taneous applause. His alluson TO the
crowning necessity for the retirement and
cancellation Of government demand notes
as the essential preliminary to the estab-
llshment of sound currency, was heart
lily approved, and his assertion that the
credit of the government would be pre-
served by the present administration in
the only manner possible-by the purchase
of gold coin through the issue Of bonds
so long as II has the power to do so--was
received with great applause and cheers.
The secretary, in thanking the Reform
Club for selecting sound currency as the
esubJect for his remarks, and compliment
Ing Bostonians who, irrespective of poll
tics, had In the most critical period of
business deposited 81 800, 900 In the treas
ury. declared that the mere apprehension
that cur currency might be debased by
the inability Of the government to con-
tinue the policy of redeeming its obliga-
tions In gold has already produced one OF
the greatest financial disturbances that
has ever occurred in our history, and re-
suited in the loss of thousands OF mill
lions Of dollars to our people. There were
doubtless other causes contributing to this
result but this was the most
potent one in this country,
and without it we would not have suffer-
ed more than other parts Of the world
would have been the consequences II
| these apprehensions had proved correct,
4 the government had in fact been una.
bic, or unwilling, to maintain the equal
exchangeable value of all forms of curren-
cy IN the hands Of the people, no man
can tell, but that they would have been
most disastrous nearly every well in
| formed man now comedies. Fortunately
/ one OF the causes which contributed
largely to, produce feeling Of dietrust
| and apprehension, and which very great
| ly intensified that feeling at all the stages
| Of our long financial struggle, has sub
stantially ceased TO exert any influence
abroad. / mean the persistent and ag-
| gresslve agitation in favor Of the free
1 coinage of legal tender silver, which for
/ a long time seriously threatened to revo-
! lutionize our monetary system and re-
duce our entire volume of currency to
about half its present value I do not
mean to assert that there was ever a
time when the sentiments in its
4 favor was so strong and so aggressive in
| its character that there were at least rea-
/ sonable grounds for the fear that 1t might
I be accepted, and especially reasonable
grounds for such fear upon the part Of
/ Investors abroad. who could not be ex-
pected fully to understand the actual sit
uation here: but the free coinage move
ment has lost its momentum and Is no
longer formidable or aggressive. 1t is on
4 the defensive now, and When q revolution
airy movement is compelled to halt and de-
I fend itself, the end is not far off. IL
would not be correct to say that the con-
test is over because the sentiment in
f favor Of free coinage OF silver Is still quite
4 strong in some parts OF the country, but
1 II is not strong enough to exert a con-
trolling influence in the councils of either
4 of the great political parties, and without
this IL can accomplish nothing in the form
/ of legislation or in abe determination of
administrative policy.
/ No well informed man believes that the
| financial policy which has been steadily
/ pursued by the present administration will
be abandoned, and foreign holders Of our
| securities and foreign investors in our in
| dustrial and commercial enterprises will
make great mistake II they permit them
| selves to be Influenced by the fear that
1 our currency would be deprecated or that
all our obligations will not be promptly
/ and honestly discharged. The proposition
| that the United States alone shall adopt
1 the policy OF free coinage at ratio which
| would make the silver dollar intrinsicaliy
worth only about half as much as the gold
! dollar, and decare both coins fun legal
tender in the payment of debts, Is so un-
| reasonable upon its face that IL is diff
4 cult to understand how it could have re-
! ceived the support of so large a part OF
Secretary Carlisle combatted the sugges-
\ tion that the gold standard has reduced
/ the prices of commodities. He showed that
/ the amount of money in circulation per
4 capita Is larger than it was in 1873, when
! the gold standard was legally adopted. He
\ stated that the entire Indebtedness of the
| American people-that is the current in
/ debtedness contracted in ordinary busi-
/ ness affairs-has been increased since the
| adoption of the gold standard and he con-
/ tends that there was no injustice in re-
/ curing payments to be made in the kind
4 Of money recognized by law at the date
1 Of the contract. He asserted that the aver
| age rate of interest was never lower than
/ at the present time, and that profits upon
/ investments have been reduced to the
| smallest percentage consistent with the
| continuance of the enterprises in which
| the investments were made. Notwith-
1 standing this the great body Of our pro-
| ducers, the laboring people Of the country,
| are receiving as high wages as they
1 ever received at any period
/ in our history and the money in which
| they are paid will purchase in the mar
/ ket more of the comforts than ever before.
1 The constant tendency in this country is
| to give the laborer more and capital less
| out Of the proceeds Of their joint products.
/ This Is a fixed 1aw of our Industrial pro-
| gress, and unless disturbed by violence or
i By unwise legislation, 1t viii continue to
| operate until the relations between the
| tTvo forces are permanently adjusted upon
| an equitable basis. Their real interests
/ are not conflicting, but dependent, and
! every attempt to array one against the
| other Is injurious to both. He regretted
\ that one of the most effective WeaDOns in