People's Pilot, Volume 4, Number 48, Rensselaer, Jasper County, 23 May 1895 — FOR "SOUND” MONEY. [ARTICLE]

FOR "SOUND” MONEY.

Secretary of the Treasury Carliale Opens the Campaign Covington, Ky., May 21—The secretary of the United States treasury, Jno. G. Carlisle, opened the discussion of the question of "sound” money here last night. Mr. Carlisle began his speech by giving a review of the administration of the government since Mr. Cleveland began his first term. He then plunged directly into the silver question, first giving a review of the coinage legislation to show that there was nothing surreptitious in the demonetization act of 1873. He said silver is not demonetized in this country, but its coinage has been so limited and regulated by law and the financial affairs of the government have been so conducted that up to the present time its purchasing power has been preserved and its circulation to a large amount has been maintained concurrently with other forms of money, notwithstanding it has been coined at a ratio which does not conform to the real value of the metal contained in it. He said the free coinage of silver at the ratio of 16 to 1 would drive out gold and simply mean silver and cut down the unit of vaiue about one-half. Mr. Carlisle contended that a drop to a silver basis would not advance prices at once, owing to the contraction of the currency by the withdrawal of gold, which would alarm the country, destroy credit, and precipitate a panic. Who would profit by this condition of affairs? he asked. Nobody except the holders of geld and the owners of silver mines, the holders of silver bullion, and the brokers and speculators in the stocks of silver mining companies. Mr. Carlisle's next point was that, under free coinage at 16 to 1. wages would be paid in the debased dollars and that no man would live long enough to see wages increased in proportion to the advance in the prices of commodities. Finally. Mr. Carlisle frankly said that when he voted for silver in 1878 the conditions were different from now, and that at that time he made a mistake.