The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-05-29
Down on Free Silver.
Carllsle's Promised Speech on
National Finances.

CINCINNATI, 0 May 70 At Cen
trail Garden in Covington tonight,
Secretary Carlisle received an ovation
unparalleled in history, in politics in
that section of Kentucky 1t was a
magnificent tribute to the high es-
TEEN in which be is held by political
friends and foes alike Of the 5000
who jammed themselves into space
hardly large enough for two,thirds
that many, were men of all parties,
classes and conditions. Women
were there too, Notwithstanding the
fact that it was urged that they stay
away and let the voters hear the dis
distinguished speaker-packed in al.
most as tightly we're many thousands
more who could not get beyond the
gates, all prepared to give the Secre-
tary the most enthusiastic reception
he has ever received at the hands OF
those who have honored him so
often.
The Secretary was vociferous!y
cneered throughout his speech
against the free coinage of silver
His elaborate and eloquent argument
was listened to attentively and at its
conclusion the Secretary was again
cheered most heartily. He spoke
at great length. Below is a syn
opsis of the principal points made.
Mr Carlisle said:
.There has never beei time
since the close of the civil war and
the settlement Of the questions grow
Ing out of it when passion and pre-
lndice exerted such powerful infu-
erce in controlling the action of the
people upon political and economic
questions as they have during the
last two days a great wave of de-
preston has swept over the whole
industrial, commercial and financial
world, more injurious in its effects in
in some places than in others, but en-.
failing great loss and distress nearly
everywhere. 1t did not begin twen-
ty years ago, as some of our friends
are in the habit of asserting, but less
than FIVE years ago. Its first serious
effects were felt in Argentina. where
the people and the government, not
withstanding the warnings of expe-
rience in all ages, determined to try
again the experiment of cheap and
inflated currency. 1t failed of course
as it always has, and always will
wherever tried. and it's failure, by
reason of the extensive commercial
and financial connections between
that county and English capitalists,
produced crisis which seriously in-
volved many of the great financial
institutions in Europe and had de
pressing influence in all the money
markets of other countries; for, in
these days of rapid communication
and close commercial relations. an in
Jury to credit in any part of the
globe is Immediately felt all around
the world.
"But if our own domestic affairs
had been wisely and economically
conducted our people would soon
have recovered from the effects Of
this foreign disturbance We pos
sessed all the essential elements. of
prosperity. except sound and reli-
able financial system. and that we
might have secured within reasora-
bic time; or, at least, we might have
greatly improved our condition in
this respect, if political or party con-
siderations had not Influenced our
legislation.
Mr.. Carlisle then reviewed the
financial history Of the country from
the close of Mr. CIeveland's first
term on the 4th of March, 1889, up
to the present time. He said:
"When Mr. Clevelands S first ad-
ministration first went out of office
on the 4th day of March, 1889, the
government had an ample revenue for
all purposes the free gold in the
Treasury amounted to sl96, ,s89, ,ol4
agriculture, manufacture and COM
merce were in a reasonably healthy
and prosperous condition and the
prospect for the continuance OF fair
|y active business era was apparently
as good as it had been for many
years. During the four years Of Mr..
Cleveland's administration, the sum
of 4l,44S,449 was paid Oh the
public debt and at It's close there was
left in the Treasury balance of
$3.50, ,34S el6, including the gold re-
serve. This vast sum had been
accumulated by taxation upon the
people and they had right to expect
that it would be faithfully applied to
the extiuguishment of the public debt
and to the payment of the necessary
expenses of the government without
waste or extravagance; but it re-
quires very brief statement of the
I L