Semi=weekly graphic., 1896-04-29
C1RMAcKS s SPEECH

of hearers were highly pleased with the distinguished editors speech, 1t is nevertheless fact that he made no new converts to the free silver cause, and some there were who felt that it was deficient in that it was not convincing.
 But the GRApHIo will do Bro. Car mack the justice to say that his speech was as stronga presentation of the cause of the white metal as that of any speech we ever heard or read on that side of the question. Carmack is brilliant, eloquent and humorous, and lie never fails to please, instruct and entertain.
 But MT. Carmack's own words, recently applied te Secretary Car lisle's Chicago speech, are equally applicable to his own. Cit was a ''eurious mass Of economic fallacy, said the famous Memphian in speak ing of Carlisle's speech, 'misapplied and perverted history, cratic de duction, eccentric logic and bald, dogmatic propositions in conflict with the most elementary principles of economic science. :"
 Mr. Carmack did not address him self to the real question at issue be- tween the free silyerites at 16 to l and their opponents. The real ques- tion for the American people to determine is, can the United States, free and independent of the action of other nations, enter upon the free and unlimited coinage of the worlds silver at the ratio of 16 to 1, while the commercial ratio is about g to l, and maintain the parity of the two metals2 We have never yet seen or heard a silverite address himself to this practical question, which is the very heart of the whole matter. If we can, then the advocates of free silver at l6 to l should give the reasons for their faith and should show how the parity can be main tained, and how every dollar, whether it be of gold or silver, can be held up to an equal purchasing power. That is the real question, but MT. Carmaek, nor none Of the free silver advocates ever touch upon that point.
 If this can be done, then free sil- yer would be q blessing, but if it cannot be done, then free silver would be a blighting curse which would disarrange all values, demor- alize commerce, debase the currency and precipitate a panic the like of which the world has never witnessed. It would reduce by one-half the pur- chasing power of a days wages, re- duce by one-half the metallic money of the country, and make times tighter instead of easier,
 In some sort of mysterious way the free silver advocates tell us that it can be done-that we can have free coinage at l6 to 1 and maintain it at . parity with gold but they decline to tell by what process of reasoning they reach this conclusion. At this point they in- variably become dogmatie, and if pushed to the point will say that if the parity can be maintained, then they are in favor of free silver and monometallism at any rate,
 The distinguished editor also told us that since 1873, when the so- called denomination of silver is alleged to have taken place, that this period has been one of falling prices, oppression and disaster. White it is true prices have fallen on some commodities during that period, it is also true that other causes have contributed to the result, which some economists claim are quite sufficient to oyer come the difference in the price now and what it was in '73, such as an increase in production and a reduction, in the cost of production and diStgibu- tioa which will more than account | for any reduction in the price which has occurred between 1873 and 1895.
 h his speech at the Opera-house Bro. Carmack maintained that pro- duetion and supply and demand had nothing whatever to do with the case. butif we remember arieht it V oiiiy d jew Illon t,lo ago, duIiiig the meeting of the Cotton Planters Convention in Memphis, that the distinguished Carmack appeared be- fore that convention and in a speech urged the planters to plant less cot ton if they expected to get good price for it next fall. If production and supply end demand have noth- ing to do with prices, then how does it come that the Southern cotton