The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1896-04-22
CARLISLE'S ADDRESS.
Secretary Of the Treasury Talks
Money to Workingmen.
ChicagO's Great Auditorium Crowded with
People Eager to Hear the Views of the
AdministratiOn's Representative on
Currency and Finances.

Chicago, April 16-Every one OF the 200
TsH 1sa II great
came to hear the address of Secretary
Carlisle on currency and finance. Several
hundred people stood through the entire
address and several hundred more went
away, being unable to gain admittance.
The stage was occupied by about 200 Off
GERS OF Chicago trades and labor assem-
blies, at whose invitation Mr.. Carlisle came
to Chicago. M. J. Carroll. editor of the
Eight-Hour Herald, presided
Mr.. Carroll said 1t was the desire of the
laboring people Of Chicago to hear some
rency question, and that the secretary of
the United States treasury had been Sc
lected as the most fit person for giving the
late Horr-Harvey debate on the silver
question, and said that nothing had been
learned from 1t, and that the labor people
could be coined free without detriment to
the credit and financial standing of the
country. He then introduced Mr.. Carlisle.
Mr.. Carlisle called attention to the fact
that the Workingmen, more than all others,
should insist upon a policy that will pre-
serve the value and stability of all our
currency and promote the profitable con-
Duct OF our industrial enterprises, for it is
his home and his family that will suffer
from the effects of a cheap currency that
will increase the price of commodities more
than the wealthy capitalist. A poor man
has nothing to dispose of but his labor,
and nothing with which to support himself
or his family but his wages or the proceeds
temporarily suspends or obstructs the in
dustrtal progress, by diminishing the de-
mand for the products of labor, must be
injurious to his interests and inf1ict suf-
fering upon all who depend upon him.
Whether we shall or shall not have a
long period OF financial. commercial and
question directly and necessarily involved
in the demand now seriously made by
many of our fellow-citizens that the United
fac wi ION 0f
other government in the world, shall au-
thorize the free and unlimited coinage Of
sixteen to one. notWthstanding the Se't trS S
market ratio between the two metals is
about thirty to one: The naked PROPOSE
the public expense. for the exclusive bene-
fit If the individuals and corporations own
irg the bullion, all the silver that may be
presented at the minis into dollars con-
tanning 371A grains Of pure silver, or 412h
grains Of standard silver, worth Intrinsic
to the depositors Of the bullion and COM.
pei all the other people in the country to
receive these coins at a valuation Of 100
cents each in payment Of debts due them.
Its immediate effect would be to contract
our currency to the extent of about $780,
0O0, 900 by stopping the use of gold as m oney
and putting Pre- premium upon g0id coins ms
intrinsic value of the gold dollar and the
intrinsic value Of the silver dollar. Gold
coins would at once become a commodity
lators in the market. 1t would cease to be
used as money, because no man would pay
in gold, or in paper redeemable In gold:
worth 100 cents, when the law permitted
him to pay it in silver, worth only 81 or 50
cents on the dollar. The expulsion of $780,
600, 900 would itself be sufficient to create a
tory. But not only would our currency be
reduced to two-thirds its present volume,
this that was lett would be so deprecated
in value that it would require about twice
as much as we now have to transact the
business of the country, provided there
should be any business to transact.
After struggling for more than a quar-
ter Of century. through labor organiza.
tions and otherwise, to secure rate of
wages which would make the proceeds of
sistence for the nottingham and his
family, you are asked by the advocates OF
free coinage to join them in DESTROYING
money in which you are paid and impose
upon yourselves the task Of doubling the
nominal 1 amount Of your wages hereafter;
a century, or perhaps longer. TO raise your
wages in deprecated currency to
With them as much Of the EN- nec &c OF
life as you can purchase now; and if, after
years Of contention, privation and indus
in so adjusting wages that you would pro-
cure at the higher prices of commodities
just what they will procure, now at the
new conditions?
If the solution Of this question affected
only the character and amount and pur-
the American laborer. it Would still he a a
but its Importance is greatly increased by
the fact that the safety and value Of q
very considerable part Of his past earn
The banks, trust companies. building as
sociations and other similar institutions.
owe the people of the United States to-day
sum nearly. eight times greater than the
total capital OF the national banks In the
Sed by the peopie in the SarioUs knds Of
corporations and associations and In fo.ce
to-day amount to $10,2Os, 8O4. 1857. larger
e eur r sna and ABOUT Is times larger
than the capital Of all the national banks.
In vsW IF ssss Facts sabm s5as be
ought seriously to consider all the conse-
quences to yourselves and your fellow
Snlimted Coinage Of legal tender SILVER r
a ratio of sixteen to one. in, order that
these great corporations and associations
their debts to the people by paying 81 to 50
cents on the dollar. for that is exactly what
But If free and unlimited coinage of
legal tender silver at the ratio Of sixteen to
one is established in this country, very
Various kinds Of savings Institutions viii
not even be repaid IN deprecated silver.
but will be wholly lost, because sucn a
reckless monetary system would precipi.'
any, Of the repositories could survive. I
doubt If there is single financial insti-
the pressure that would be Immediately
made upon it by its depositors and other
creditors, when 1t became apparent that
our standard of value was to be lowered
and our currency deprecated by free COIN
age.
Less than three years ago you saw our
financial commercial and industrial af-
fairs violently disturbed by the fear that
the government would not be able to main
tain gold payments, and that our currency
would descend to a silver basis. If a mere
doubt as to the kind of money we intended
to use produced these distressing results
what think you would be the probable con-