The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1896-04-16
He Addresses q Great Multitude
Of Workingmen
ON THE SILVER QUESTION.
He Draws Attention to the Low
Wages Of Silver Countries.
Do the workingmen Want Their Wages
Gut in Twos He AsiSs-The FREQ
Coinage OF silver Would Drive Out
the Gold and Cause an Jnprcce-
dented Financial Panic, He Believes.

Chicago, April tS-Seeretary Of tsa
Treasury John q. Carlisle spoke on tha
currency question at the Auditorium to-
night before an audience that filled tas
sreai hall 20 It's utmost. The address Was
delivered under the auspices OF the lafoe-
ing men OF Chicago, aad they were there
in fnii force nearly three-slGarters OF sha
crowd being workingmea. Many local Deri-
ocrats We're anxious 10 obtain an Interview
with MIR. Carlisle on the political situation
in Kentucky. but he refused To talk pole
tics in any way. lie said that he had coma
10 Chicago 10 make an address on the cur
reney question. and that nothing could
induce him 70 talk politics. Ills address.
which Was greeted with much applause,
and which gave satisfaction 20 his bearers.
was as follows:
Mr., Carlisle opened with the assertion
taas the effect of instability Of the cur
rerlcy must fali with mere force upon ths
poor than upon the rich man. as must also
the results Of suspension OF Industrial
activity. said he: Labor cannot be
hcanled: the Idle day is goac forever LOST
wages are never reimbursed: and there.
fore STEADY employment and good pay In
good money are essential to the comfort
and happiness of the American ialsorer
and his Wife and children. and he VIII be-
unfaiihfal 20 himself and 10 them II hs
does not insist upon the adoption and
maintenance Of such policy as will most
certainty preserve the value and stability
of all our currency. ard promote the regu-
lar and profitable conduct OF all our Indus
trial enterprises
Free silver Would Exuel the Gold.
He then went on to argue that the OPEN
ing OF the minss to the unlimited coinage
or silver az the ratio of Is to | OF gold
would drive the ssca. .0oo Of gold now In
use out of the country and by, at the same
time. reducing the purchasing power OF all
other money. actually reduce tho
amount OF the circulating me-
dium instead OF Increasing II. Alexander
Hamilton and Thomas jefferson he said,
first established the ratio between the two
metals In the money OF this country. they
were governed In their lecis.an entirely
by the market value of the metals. relying
In nowise upon the power OF government
to establish relative v,lues. They reached
the conclusion" said the secretary. .'iisat
the true commercial ratio at tnat Tina
was Is TO l. that Is. that fifteen oasccs Of
silver were equal In value TO one ounce of
gold. and accordingly the act Of f.as. which
was our first coinage law author zeal the
coinage OF the two metals al that RATIO
cat the ratio thus established the silver
dollar contained 37iH grains OF fine silver.
and the gold dollar coasa.nsd 2tS gains
OF fine gold, but II was soor discovered
that a mistake had been mace. and that
s7ii. grains OF fine silver we're not In fact
the equal In value os "a grains OF .ne
gold. and the consequence was ;aaf. al
though the difference between the value OF
a silver dollar and the value of a gold dollar
was only about rs cents. the silver drove
the gold out OF use aut ont OF the coun-
try, and from that time We hal sslvtr
mono-metaliism until after the passsge of
the acts OF 1884 and .S57. The fact that he
silver was put In the form Of a coin ana
made legal tender the same as gold. and
that both dollars were ie-lsred 70 be worth
ios cents each. did. not Increase the value
OF the 31ih grains OF silver TO any extent
whatever. The people could not be de-
coiyed by mere words printed In statute:
they soon learned that the metal cos.aincd
in the silver dollar was aot equal In value
70 the metal contained IN tho
gold dollar. and they paid silver
to their cresiitors ard boarded the
gold or sent II out of the country. In
1884 congress determined to restore gold
to the circulation. and SO the ratio was
changed to is 10 l. This was slight over
valuation of gold, sni Immediately tha
situation was reverssi. Silver fiei from
the country and gold came in.
The Is~ur cf Greenbachs.
''Early in 1852 congr sss most unwisely,
In my opinion. authorixNi t..e ;sr-ic OF ie-
gal tender paper to circulate "a money. ar I
the usual and inevitable result followed.
hanks and the treasury having suspended
specie payments. the .curtry was fooled
with a deprecated enrr-a.y worth at
times less than % cents en- 1 ae daliar. Later
on, fractional paper currency was Glthcr-
ized by congress. and The effect az this was
to drive out OF circulation even he light
weigh. subsidiary silver coins and for
years not a single piece cf metallic money
OF any kind was used by the people, e1cepc
on the Pacific coast. where gold continued
10 circulate at its actual Intrinsic value.
without regard 10 the fictitious value
which the acts OF congress attributed "a
the legal tender paper.
Tho Free silver Agitation.
"Afier the war. when II was determined
to change the character of our currency
again by the resumption Of specie pay
merts. the law was enacted four years in
advance OF the time when II was do :aks
effect. In order that ample opportunity
might be afforded to adjust the business
OF the people 20 the altered conditions.
Now. however. all the conservative ana
prudential considerations that have usrf-
ally controlled In the settlement of great
financial questions seem TO he utterly dis
regarded, and we are confronted by an orr
ganixed ard aggressive movement 10 de-
stroy by a single blow the measure oe
value upon which all existing contracts
are based and thus suhver, the very fonn-
datione or our monetary system, without
allowing single day 10 prepare for thc
change.
The workiuumen Would snfrar.
an the general confusion and disorder
resulting from such a radical measure
what will be the condition OF the Ameri-
can laborer7 VII he be benefited or In
Jured By reducing the value Of the money
IN which his wages are paid and at tfs
same time increasing the prices Of tho
commodities for which his wages are ex-
pended? After struggling for more than
a quarter OF a century. through labor cr-
sanlxsrions and otherwise, 10 secure n
rate OF wages which would make the pro-
cenfs OF a days work equal 10 the cost OF
a DAYS subslstsnce for TIRE worklrgnzn
and his family, ycu are asked by the al
yocates of free coinage TO Join them IN
destroying one-hah the purchasing power
OF the u1oaey In which you are paid. and 70
impose upon yourselves the task oe
doubling the nominal amount of your
wages hereafter. that II. TO struggle for
another quarter Of a century. or perhaps
longer, TO atSe your wages IN a deprec3-
ated currency 10 a point which viii enable
you 20 purchase With them a. much %
me neeessarles OF life as you can purchase
now. and II. after years ef centsntion. f'ri-
walton and Industrial disorder. you should
az last succeed In 50 adtssfln9 wages that
they would procure at the higher prices OF
commodities just what they viii procurs
row al she existing prices. Snsf would
you awe gained BY the change from the
Old 20 ros new cond.ticns.
The speaker thea quoted from the seRors