Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1896-04-16
CARLISLE ON MONEY.
CONTINUED FROM FIRST PAGE)

limited coinage OF legal-tender silver AZ
the present time, at an generalization OF
nearly 100 per cent, would at once place
the country upon monometallic silver
| basis? This question does not seem 10
me TO be open to serious argument anu
when i is proposed that the United sta,es
during a period Of eighty-nine years. ana
In defiance OF the experience or other ma
tons during many centuries, antnorize
the free coinage Of legal-tender silver az
| such a ratio, II is the duty OF the people,
| and especially the duty OF the laooring
people to pause before Il Is too late ana
carefully consider whether they viii de-
termine to overthrow their existing none
tary system and substitute In its place
| the deprecated silver monometaliism OF
Asia and Mexico and the small states ana
republics Of Central and South Amerlca,
with their low rates OF wages anu tnsIr
high rates of exchange. Under the COIN
age act Of 1872 we had silver but no eoiu
and under the act OF 1884 ana ls5i. WIN
free coinage OF both metals, we nad s aru
but no silver. except the token SUBSIDIARY
coins after 1853. while now, with goin az
the standard and limited coinage OF SILVER,
we have both gold and silver as iuii
legal-tender money In larger amounts anan
Of the two metals are kept equal IN pur-
chasing power by the credit and resources
OF the government, notwithstanding 'he
| differences In their intrinsic value. .-"
We have now about $6200W,0oo in god
and sn3O00OOO I'm full legal-tender silver,
besides s78,2i6.6T in subsidiary silver
coins which are legal tender IN payneiht >
not exceeding $40, and the real question
for the people TO decide Is whether they
will continue to use the coins OF poln
metals or adopt monetary system whici,
always has and always VIII drive one vi
them out of the country. | am not here.
| therefore, this evening TO advocate tne
| exclusive use OF gold coin as money OF
10 oppose a conservative and safe use OF
silver coin as money along with goid anu
| vtyftb |
| insist that we shall not abandon the pres
ent legal standard OF value, expel al lne
gold from the country. and adopt siiVer
| monometallism. with free coinage OF a
nominal dollar worth intrinsically only
| 81 or 81 cents. ] am here TO insist tnat
the mints OF the United States. which Were
constructed and are maintained ana oie
| rated at the expense OF all the people,
shall not be used for the exclusive penent
of the owners of silver bullion under
law giving them the right to nave 81. or
| 52 cents worth of their silver coined Tree
of charge and stamped as a dollar, ana
| compelling you and all others 70 receive
II from them as dollar. All the mints
| OF the United States, operated TO their tuli
! caDacity and doing no other WORK coulu
NOT coin into standard silver dollars two
| thirds of the annual production OF SILVER
| I'M our own country, but, notwithstanding
this. it is seriously proposed 20 oiIsr ite q
| legal valuation almost double its CONNER
cial value i'm the markets OF the Iorelgil
| countries where IL is pTouuceu. Inc M
| nual production of silver In the world Is
| about SIG OOG. 900 at our coming fate, ana
| the annual capacity Of our mints TO com
| standard silver dollars Is Only apout gay. :
10000. Last year we coined sto,soo'tto III
| gold and 50 O69 $50 in silver; so that II our
| minis were devoted exclusively 10 the
free coinage OF standard silver dollars the
! addition to our stock OF netalhc money
would be about Sl5oV'VO Tess every aeadt
! money after IL was coined. More than III :
| teen years would elapse before we could
at this rate coin enough deprecated 81,
! yer dollars TO supply the place OF the good
| gold dollars expelled from the country,
and, in the mean time. complete reVolu-
ton would have to be erected IN our
| commercial relations with otner nallons'
| and I'm all our domestic business anairs,
| including a readiustment OF the wages
| OF labor the prices Of commodities tne
rates OF municipal, state, ana feoeIdi
| taxation, charges for transportation, anu
| every other matter involving the use or
| money or credit We should descend by q
| single step from the highest STANDARD OF
| value TO silver monometalllsm, WIN
contracted and at the same tiIl. aepie
| which has no precedent in the monetary
| history Of the world. Fortunately, wnen
! changes have heretofore been made IN the
| circulation by the substitution OF the
| coins OF one metal for the coins or the
| other. the difference in their value has
! been very small, and the process OF SUD
|
no great financial disturbance: Under the
act OF 1872 the difference in value between
the coins at the legal ratio was only a
| little over l per cent, ana YET, Wlthln leas
than one year after the ehaclin,ent VI ia
| statute, Congress was compelled 70 rem
force our stock OF money by making Ger
tain foreign coins legal tender In the pay :
ment OF debts; and on the same Gay %,
| the passage OF the act OF 1884, which put
the country on a gold basis by under
yaluing silver about l per cent, congress
passed another statute making the soi1
coins of Great Britain; Portusai, I'D pfa tHr,
der by weight in the payment oil uepts,
thus providing, as far as posslDie, asdllis.
q contraction OF the currency on account
Of the expulsion or silver l,orn eo ola was
leaving the country, legal-tender treasury
notes were rapidly issued, UNDER the au
thority OF Congress- to take IT'S place, anu
We had an expansion. After the war,
when Ii was determined 10 cnanse the
character of our currency again by lne
resumption OF specie payments, the law
was enacted four years in advance OF the
time when IL was TO take erect, IN or9ei
that ample opportunity might De an9rueu
10 adjust the business or the people 10
the altered conditions. Now. however, all
the conservative and prudential consldera-
lions that have usually controlled In the
settlement of great financial questions
seem TO be utterly disregarded, and We
| cressIve movement to destroy by single
blow the measure of value upon which all
| existiug contracts are based, and thus
| subyert the very foundations OF our none
tary system, without allowing single
| day TO prepare Tor the change. In the
general confusion and disorder resulting
from such a radical measure, what VIII
he the condition OF the American lab0reri
WI, ne be benefited or injured by re-
ducing the value OF the money In which
his wages are paid and at the same time
increasing the prices OF the coindhoui'ief
for which his wages are expended?
PURCHASING POWER OF MONEY.
After struggline for more than a quar-
| Ter OF n century through labor organiza-
| tions and otherwise, to secure rate oil
wages which would make the proceeds oil
a DAYS work equal TO the cost or day
! Subsistence for the workingman and MS
family. YOU are asked by the advocates OF
free coinage to JOIN mem IN ueslroyi ne
one half the purchasing power or tht
money in which you are paid ana impose
1,non Yourselves the task or doubling th'
nominal amount of your wages hereafter
that is. TO struggle for announcer quarter o.
a century, or perhaps longer, 10 raise YOU
wages In a deprecated currency 70 po,h.
which will enable you TO purchase WIFI
them as much Of the necessaries OF iif'
as YOU can purchase now; and II, afte
wears OF contention, privauon, ana indus
, trial disorder, you should at last succeed
In so adjusting wages ihat they wouls
procure at the higher prices. or common
} ties fust what they will procure now a
} the existing prices, what would you have
gained by the change from the OLD 10 I'M
new conditions? Money received Tot wages
; like money received on every other ac
count. is valuable only TO the extent tina
IL can be exchanged for other common
, ties and II Is scarcely necessary 10 Sug
! gest that a dollar worth 90 cents VIII no