The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1896-04-16
The Secretary Of the Treasury Thinks
That Free Coinage of Silver Would
Precipitate Great Panic in
This Country
This Country.

Carlisle, spoke on Illc currency duSS-
ton at the Auditorium tonight to an
audience that filed the house TO its
uttermost. The address was delivered
under the auspices of the laboring men
of Chicago, and they were there in
numbers, nearly three quarters of the
crowd being of that class. Many local
Democrats were anxious to obtain an
interview with Mr. Carlisle On the poll
tical situation in Kentucky, but he
firmly declined to talk politics in any
way. He said that he had come to
Chicago to make an address on the cur
rency question and that nothing can
induce him to talk politics. His address
was greeted with much applause
After speaking of the great import
ance of the financial question to the
wage Garner, who depends upon the
product of his labor for the means Of
supporting himself and family, and re-
viewing the history Of gold and silver
coinage in this country, Mr.. Carlisle
said:
1T is rot my purpose to weary you
by the presentation of voluminous
statistics or by a tedious recital of
facts, but the particular proposition
now under consideration is of such
great Importance in the discussion of
this subject that you must permit me
TO call your especial attention 10 the
experience of the laboring people in
our own country during the years inn
mediately following the introduction
of a Deprecated piper currency in
1862, and also TO the very low rates of
wages which now prevail in countries
having the silver standard of value, or
the so-called double standard of value
with coinage of silver at a legal ratio
not corresponding with the CONNER
cial value of the metal.
ION the 3rd of March, 1898. SUBJ
committee of the committee on FL
nance in the United States Senate made
a report on the course of prices and
wages in the country for a period of
fifty-two yedrs, embracing the prices
of almost every article of consumption
in common use among the people and
the rates of wages in almost every in
dustry carried on during that time,
and. in order that you may learn from
this official and impartial inyestiga-
ton what effect a deprecated currency
has on wages and prices, will briefly
state some OF the most material facts
and conclusions embodied in that docu-
ment. The subcommittee consisted of
five Senators, representing both roliti-
cal parties and both sides of the cur
rency question, and the investigation,
which lasted nearly two years, was
most thoroughly and impartially made,
with no purpose in view except to as
certain and report the actual facts;
and. so far as it relates to questions
of fact, the report was unanimous.
Congress. early in the year 1862, inau-
p-urated the policy Of issuing legal
tender paper, gold was driven out of
circulation, specie payments were sus-
pended, the currency began at once
to depreciate. and before the close OF
the year the paper dollar was worth
less than rs cents in gold. From the
time the depreciation began the price
of commodities and the wages of labor
were paid in paper currency, and the
Injurious effect upon the interests OF
the Iaboring man is clearly shown in
the report referred to. In 1862 the
wages of labor, paid ia deprecated pa
per. were less than 3 per cent higher
IN paper than when paid in gold, but
the prices Of the 223 articles used by
the laborers and other people Ia the
maintenance of their families were
nearly 18 pei. cent higher than they
were when paid in gold: in 1863 the
wages of labor, paid in deprecated pa
usr worth about SO cents on the dollar,
we're 1919 per cent higher than when
paid in gold. but the prices Of the arti-
cles the laborer had TO buy with his
wages were nearly 40 per cent higher;
IL. e To-. mi Ia la.
nreciafed paper dollars worth 40 cents
each, had advanced 251s per cent. but
the prices Of the necessaries of life had
advanced 905b per. cent; in 1865 wages
paid in paper currency worth 63 cents
on the dollar had advanced 43 per cent
above the rates previously paid in gold,
or its equivalent. but the prices of COM
modities had advanced nearly lit per
cent--that is to say, Ead more than
doubled: and in 1866 wages paid in a
currency worth II cents on the dollar
had advanced fraction more than 81
per cent from the previous rates IN
oold. or it's equivalent, but the prices
of commodities had advanced 90 pei
cent. The rise in the rates of wages
never corresponded with the rise in the
prices OF other things until the yeas
1869. four years after the close OF the
war. when the value Of our currency
was II cents on the dollar, and it was
quite certain that no further deprecia
ton would occur. In 1860 this country
was on a gold basis and had been q
that basis for many years, under thu
operation of the acts Of 1884 and 1887
Wages were then paid in gold, or it
equivalent, and by reducing the wages
paid in deprecated currency to !
gold basis, and comparing them will
the rates paid IN gold in 1860, we shall
have another demonstration of the in
furious effects Of cheap money on tn
interests Of the laborer. On this bash
tie lahorer received 76 Cents and
mills nj 1868. instead of the gold dolla
he received ID 1860; in 1864 he receives
sa enfs and mills instead Of a gol'
dollar and 1865 he received Go cent
and 2 mills instead of a gold dollar. i