The San Francisco call., 1896-04-26
The Exponent of Cleveland's
Policy Did Not Stand by
His Assertions.
PECULIAR CHANGE OF VIEWS.
Since 1878 the Financial Orator Has
Gone Back on His Ideas
About Silver.

SPRINGFIELD, I'LL, April 25.-Gov-
erpor Altgeld has written an open letter
in reply to the speech on the money ques-
ton, recently delivered at Chicago by Sec
retary Carlisle. He begins by quoting
from Mr.. Carlisle's statement in 1873 in
which the latter declared that the demone-
tiZation of silver. which he characterized
as conspiracy, would ultimately entail
more misery upon the human race than
all the wars, pestilence and famine that
ever occurred"
Commenting upon this, Governor Alt
geld says:
A teacher should be willing to answer ques-
tions. AT the close of Mr.. Carlisle's speech
number of gentlemen arose and asked for
further Information, but he turned his back
and slipped off the stage, and by direction of
his managers the questioners were hustled out
by policemen. He could have made himself
very interesting on g number of points which
he persistently ignored. In 1873, when dis
cussing the money question in Congress, he
expressed his convictions in the following
language:
shall not enter into an examination of the
causes which have combined to depreciate the
relative value of silver and to appreciate the
value OF gold since 1873 but am one OF those
who believe that they are transient and tenn
porary in their nature and that when they
have passed away have been removed by
the separate or united action of the nations
most deeply interested in the subject the old
ratio of actual and relative value will be re-
established on frmer foundation than ever
know that the worlds stock of precious met
ais is none too large and see no reason to ap-
prehend that 1t will ever become so. Mankind
viii be fortunate indeed if the annual pro-
duction of gold and silver shall keep pace
with the annual increase of population, COM
merce aud industry. According to my view OF
this subject the conspiracy which seems
to have been formed here ana in Europe to de-
stroy by legislation and otherwise from three
sevenths to one-half of the metallic mines of
the world is the most gigantic scheme of this
or any other age. The consummation of such
q scheme would ultimately entail more misery
upon the human race than all the wars pesti-
lence and famine that ever occurred in the
history of the world. The absolute and in
stantaneous destruction of half the movable
property of the world, including horses, ships,
railroads and all other appliances for carrying
on commerce, while il would be felt more SEN
slbly at the moment would not produce any
thing like the prolonged distress and disor-
ganization of society that must inevitably re-
suit from the permanent annihilation OF one
half of the metallic money of the world
February 81, 1873. JOHN G. CARLISLE
II will be seen that this language is clear and
emphatic and has none of the sophistry and
pettlfogglng about il that are found in his
Chicago speech. His awful predictions made
in 1878 came to pass. He not only saw his
own prophecy fulfilled, but he saw the misery
OF his country become even greater than he
had predicted. Finding that his views had
been correct he continued to hold them until
he entered Mr.. Cleveland's Cabinet when. In
some mysterious manner, there was a change
OF heart, but for some reason he seems unwiIl
ing to talk about it, There are two other
members of the Cabinet-Hoke Smith of
Georgia and Herbert of Alabama-who like
Carlisle, had made their voices heard for
nearly lifetime In demanding the restora
ton of silver and denouncing the great con-
splracy that struck it down; and, strange to
say, when these two men entered Cleveland's
Cabinet they underwent q change of heart.
and, like Carlisle, they avoided talking about
1t. When Saul OF Tarsus saw great light and
changed his views he was anxious to tell the
world about it; but these three statesmen
seem to be ashamed to discuss the manner of
their conversion. Why did not Carlisle throw
little light on this question?
Second-All of these men noy denounce those
people who are opposed to the single gold
standard as being scoundrels and lunatics.
Yet they are only following the doctrines
which Carlisle and company preached Are
we then to infer that Carlisle and his two Cab
met associates were scoundrels and Iunattcs
until they got to be old men, and that the tin
sci OF Cabinet position not only made them
honest but gave them brains? If not. then
how are we to know which end of their
career was honest, intelligent and patriotic?
For in the absence OF any legislation some of
US might think that they were honest and pa
triotic when in the vigor OF their manhood
they were standing by wronged peopae and
thai it is the latter end of their career that is
destitute of honesty, intelligence or patriot
ism. Carlisle should have told u.s.
Third-Mr Carlisle should have explained
why it was that for 200 years gold and silver
held the market ratio of about 151S to l. The
ratio fixed by laws, Is to in some countries
1917 to l in most countries, and for while
16 to in our country-in other words. the
market ratio as shown by the tables remained
practically the same as the statutory ratio
during all that time. If the two metals can |
not stand together how does it happen that
they did so without serious huctuaton for 200
years, notwithstanding the fact that the an
nual production of each metal varied greatly
from time to time?
Fourth-If only one of the metals can be
standard and a measure of the value of things, |
and if combined standard of both gold and |
silver is as impossible as it is to have two yard
sticks of different lengths. why was it that
some of the greatest inanciers of the world. |
u,
1869 that it was the sum of the two metals |
taken together which formed the measure on |
the value of things? No matter which metal
might for time predominate, nevertheless |
the sum of the two taken together was the |
measure of the value of all property. If the
same countries had stricken down gold by law |
and destroyed it for monetary uses and made |
silver the sole standard, would not silver have |
gone up and the purchasing power of gold gone |
down?
Fifth-Mr. Carlisle should have explained |
why it was that In every country where silver
was stricken down, it was done by the arbi-
trary act of ofGovernment, and that neither COM
merce nor business had anything to do with it.
Sixth-It is a fundamental law, recognized
by all gold fnanciers except recent converts,
that when the volume OF money in the world
is reduced the selling price of all property and
commodities goes down correspondingly.
Therefore, the wiping out by law of nearly half |
the money of the world had 10 reduce the sell
ing price OF commodities proportiona tely,
And inasmuch as the debts were not red uced