The herald., 1896-02-26
The Nations Schoolmaster in
Sound Finance
THE GOOD OLD DOCTRINES
Set Forth With Terse Eloquence and
Great Accuracy
Sound Money, Just Taxation, Economy In the
Expenditure Of Public Funds, snS
No Reputation

Associated Press Special Wiro.
NEW YORK, Feb. 25.-Many men distn-
guished in political and financial circles
assembled in the rooms of the Manhattan
club tonight to meet Secretary Carlisle.
The occasion of the gathering was the re-
ception of the club to the secretary of the
treasury. The guests included men con-
spicuous in both political parties, and
many factions of the state and local poll
tics. The clubhouse was handsomely dec
grated in honor of the occasion. Mr.. Car
Isle was formally received by Edward
Bell, chairman of the house committee,
who conducted him to the parlors, where
he received the guests, assisted by Freder-
ick r. Coudert. After the reception BAN
quet was served in the dining hall, at the
conclusion of which Mr.. Coudert intro.
''schoolmaster of the nation in sound
finances"
When Secretary Carlisle arose to address
the assembly lie was greeted with loud APP
plause. After thanking the club for its
hospitality and for the cordial reception it
had extended to him, he said:
II wanted to be here tonight because /
know that your halls would be thronged
and your table surrounded mainly by old
pudiated and am sure never will repudi-
ate the principles of their party-sound
money, just taxation. economy in the ex-
penditure of the public moneys, honesty
and fidelity in the discharge of official duty
and the preservation of individual lib
erty and the rights of the states. These
are old-fashioned Democratic doctrines, it
is true, but they were good enough for our
fathers and they are good enough for us
or they are for me-, Unfortunately, many
distinguished members of our party do not
agree with us upon all these subjects, and
we are rapidly approaching the time when
our differences of opinion must be finally
settled by the majority. But there is but
one question upon which there is any seri-
GUS difference of opinion among our DEM
ocratic friends. 1t is most important
one, for it involves, in my judgment, not
only the credit and honor of the country,
but the good faith and material welfare of
all our people. 1t cannot be discussed
here, but only stated. - If there was any
economic policy to which the Democratic
party adhered with more tenacity than to
any other in the past it was that the cur
rency used by the people in the transac-
ton of their business should always be on
n sound and stable basis; that all notes
issued by banks should be 1edeemable in
specie on demand, at par value. and that
legal tender for the payment of debts.
Now 1t is proposed to condemn this ancient
Democratic policy-at least so far as it
relates to the maintenance of a
sound and stable currency-by authoriz-
ing the. free coinage of silver at ratio
which shall make the legal tender silver
dollar worth about one-half as much as the
legal tender gold dollar. In other words,
it is proposed that, instead of continuing
the monetary system based on a gold
standard, where it was placed by Demo-
cratic legislation during the administra.
tion of Andrew jackson and where it has
been practically ever since, it shail be SO
changed as to conform to the monetary
system of China, South America and the
small South American states.
1--WE are asked to adopt policy which
would result in silver mouometallism, with
an unlimited issue of silver and the total
disuse OF gold as money metal and
whether we will or will not take this disas-
trous policy and incorporate it into our
creed is the great question which I intim-
ated a few minutes ago, must now be set
tied by the only tribunal which can pass
judgment upon it. This question cannot
be evaded if we would, and ought not to
be evaded If we could.
Honesty 10 the best policy in politics.
For my part, the last ambition of my life
is to see the Democratic party, to which |
have always been attached. retain the posi-
tion which naturally belongs to it in favor
of the maintenance OF the public credit at
all times and under all circumstances, for
IndntdiHtng monetary system which
shall secure to all classes of our citizens
the laborer as we'll as the captalist-the
best money in the world.
Gentlemen, the Democratic party is not
dead. (Cheers.) The time is not at hand
to dissolve it's organization and distribute
it's assets among the populace at large. i
hope the Democratic party will enter upon
the coming political contest on per-
fectly sound declaration of principles. If
it does it will come out of it with uniln-
paired strength, with Slnblemished record
and with cou,ago for the flqht :,