The Anaconda standard., 1895-11-20
AT THE GRAND l27TH
The New York Chamber Of Commerce
Sits at Delmonico's Table.
AND CARLISLE WAS THERE
After the Secretary Had Rene
monetized Silver He Was APP
plauded : Bond Issues
and Legal Tenders.

| New York. Nov. 19.-The 127th annual
banquet OF the chamber of commerce
The yearly dinner of this organization
is among the most important events of
the metropolis. Utterances that have
moved the policy Of the government
have been made on these occasions.
and 1t was at the end of the chambers
dinner that Secretary of the Treasury
Window Was stricken with sudden
death a few years ago. Covers were
set for 275 tonight. The decorations
were striking. Back of President Orr's
chair was the seat OF the chamber sur
mounted by silk and golden braided
coat of arms Of the United States,
draped in American flags and fianked
by the seals of the state and city of
New York. 1t was after . o'clock when
President Orr raped for order. and In
a brief speech introduced Secretary
Carlisle. who spoke on "our Currency
| System"
"Mr. President and Gentlemen-Two
years ago at your annual banquet I
| said that the disposition and the abil-
| ity OF the government to maintain Its
| own credit at the highest standard and
to preserve the integrity of all the
forms of currency in circulation among
the people. could not be reasonably
doubted and ought not to be the subject
of further controversy. But the task
Is both difficult and expensive. Since
that declaration was made here. inter-
est bearing bonds to the amount of
$le2, ,S15. 400 have been Issued to procure
gold for the redemption of United
States notes. The notes still remain
the same as at the beginning. The
notes are redeemed. but they are un-
paid. Our legal standard OF value is as
sound as any country in the world. and
II we had such a currency system as TO
guarantee dts permanent maintenance.
no government would command larger
credit or realize greater benefits from
1t than ours. but the great investors OF
| the world appreciate the difficulties un-
der which we are laboring. and until
these difficulties are removed we cannot
reasonably hope to see perfect conf
dence restored at home or abroad.
''The fundamental vice In our curren-
cy system Is the legal tender note re-
deemable in coin by the government
and reissuable under the law. There
are other defects. but this threatens
the stability OF the whole volume of
the currency. So long as these notes
are outstanding the slightest diminu-
fion OF the coin reserve at once excites
feeling of apprehension and distrust.
affects the values OF all securities. cur
| tails investments and more or less sys-
tematically embarrasses all the busi-
ness affairs of the people. In attempt
| ing to provide a circulating medium
| consisting of its own notes redeemable
| In coin on presentation and reissuable
after redemption. the government Is
| engaged In a business for which II Is
wholly unified and which was never
| contemplated by its founders. II has
a right to borrow money and issue evil
dences of debt. but n was never con-
templated that 1t should convert itself
into a bank of issue and furnish a legal
tender paper currency for the use OF
| the people.
mo changes in our currency system
viii afford relief unless II provides for
the retirement of legal tender paper
The circulation OF legal tenders has a
tendency to drive out OF use and out
OF the country the very coin in which
the government is compelled to re-
deem them. and II has expelled mill
ions OF dollars from our borders The
theories that the government can create
money by placing the stamp on paper
or other materials: that a legislative
enactment can make so cents equal In
value to 100 cents: that artifcially In
fiated prices paid In deprecated cur
rency are better for the people than
natural prices paid IN a sound cur
rency and various vagaries now float
ing like bubbles IN the political atmos-
phere are all attributable to the long
continued use of legal tender paper.
The proposition that a promise OF the
| government to pay money Is money Is
absurd as the proposition that a prom
Use to deliver a horse Is a horse. and yet
there are eminent men. high In public
councils. who belive that the United
States promissory note IL actual money
and that the statute which compels all
the people TO receive u as actual money
IL constitutional and ought to be con-
| tinued in force. The agitation for free
coinage OF legal tender silver is predi-
Gated upon the same vicious principle
that underlies the legislation making
paper promises a legal tender; but
tntre - n practlcdi uluerencc between
the two systems. The United States
note was forced loan from the people
TO the government. which government
promises TO prepay In dollars. but the
free coinage OF legal tender silver at
the ratio Of 1s to / would be a forced
loan from the people TO the owners os
silver mines and silver bullion without
a promise Of repayment by anybody.
The campaign against the PROPOSE
tion to debase our standard OF value
should not be abandoned or suspended
II the friends OF a sound and stable
measure OF value are vig!lant and ac-
tive. this effort cannot possibly succeed
and the question Will soon rccede from
public view. But the United States
legal tender notes will remain TO COM
plicate the currency system and en-
baress the government In my opinion