Birmingham age-herald., 1895-05-21
ON THE MONEY QUESTION
Was MasterfuI Statement of the Greatest
 Problem of Today.
BASED UPON A fllnsY FOUNDATION
Is the Whole Argument for Free Coinage. It Would Not Secure Any Addition to the Actual Stock of Money.
 Other Fallacies.

Covington, Ky, May 20.-Hon. John c. Carlisle secretary of the treasury, ad- dressed large audience here tonight. His speech, which may be regarded as the opening gun of the sound money campaign, is given in full. MT. Car lisle said:
 The Speech.
 MT Chairman and Fellow Citizens Although absent from the state for very considerable time, l have never ceased to feel a deep interest in every thing that concerns the welfare of its people, and especially the welfare or my old constituents in this congressional district My personal and political rela- lions with them have been so close and intimate in the past that notwithstand- ing our long separation, 1t is sometimes difficult even now for me to realize that I am not still ther representative. But my close relations to the people here do not in the least diminish my obligations to my fellow citizens in other parts oi the state who have never failed to give me a generous support in all my aspira- tions, and it would be unbecoming for me to withhold the expression of my thanks for the confidence they have re- posed in me. or refuse to participate Tn the discussion of public questions when yitany affect their interests. They have a right to call me into their counsels an': require me to bear my share of respor- sibflity for the course of political events and the results of political action whetl- ever, in their judgment, 1t is proper 10 do so, and, therefore. when 1t became manifest that my presence in the state during some part of the time devoted to the discussion of pending questions was desired by considerable number of my democratic friends 1 did not feel at lb- erty to remain absent. II may or may ! t.. T<ra of ro or the weight of my advice, to assure you that am not, and do not expect to become a candidate for any office in the gift of the people. or their represent atives, and that l do not appear Ill the state in the interest of any candidate. My interest in the solution of the gues- tons now pending is precisely the same as that of any other American citizen who desires to sec his country prosper ous and happy. and while my views as to the policy which will most certainly pro- duce these results may be entirely erru- neous they are honestly entertained and will be frankly stated. It can make nos difference to me. personally or politi- cally, whether they are popular or un- popular, here or elsewhere, although it is always more agreeable to be in accord with the prevailing public sentiment than to be in opposition to it. My re- spect however, for the intelligence and patriotism of the American people con strains me 10 DcUeVe tnht. no IHdileT what their preconceived opinions may be upon any question: they vii not refuse to give it a full and fair investigation or fail to reach just conclusion when both sides have been heard. Therefore. shall speak to you this evening with full confidence that. whatever be your pres ent opinions on the subject to be dis cussed, you are willing to re-examine the grounds upon which they have been formed, and change them if they are found to be erroneous.
 There has never been time since the close of the civil war and the settlement of the questions growing out of it when the passion and prejudice eXerted such a powerful influence in controlling the &C., ton of the people upon political and economic questions as they have dur ing the last two years. great wave of depression has swept over the whole in- dustriaI, commercial and financial world, more injurious in it's effects. in some places than in others. but entailing great loss and distress nearly everywhere. It did not begin twenty years ago, as some of our friends are in the habit of assert ing. but less than five years ago. Its first serious effects were felt in Argentina, where the people and the government. notwithstanding the warnings of expe- rience in all ages determined to try again the experiment of. cheap and in- fiated currency It failed. of course, as it always has and always will wherever tried, and It's failure, by reason of the ex- tensive commercial and financial connec- tions between that country and English capitalists, produced crisis which se- riously involved many of the great finan- cial institutions of Europe and had depressing influence in all the money markets of other countries; for. in these days of rapid communication and close commercial relations, an injury to credit in any part of the globe is immediately felt all around the world. Foreign hold CTS of our securities, in order to procure means to meet their obligations at home and in Argentina, sent them here in large amounts for redemption or sale, and, consequently, the feeling of appre- hension and uncertainty, which already existed to considerable extent, was in- tensihed in all the great centers of trade and finance. But if our own domestic affairs had been wisely and economically conducted our people would have soon recovered from the effects of this foreign disturbance. We possessed all the es- sential clements of prosperity, except sound and reliable financial system, and that we might have secured within req sonable time; or, at least, we might have greatly improved our condition in this respect, if political or party considera- tions had not influenced our legislation It is true that our revenue laws were not In a satisfactory condition, but they had