Show GARLmLB AT T OVINGTON Secretary of the Treasury Out in the Interest of the Goldbugs I REVOLUTION THREATENED Woe and Want rust Follow i Bryarrls Elected Tel hits Audience That Palmer and Bnclcner Were Not BIscoicrcd YcstertSn > He WIIK Hissed by One Crowd and Cheered b y Another an He Appeared TJiion this Stage i CounterDemonstration by Silver Sil-ver 3Ien COVINGTON Ky Oct 22John G Carlisle secretary of the treasury spoke this evening at Odd Fellows hal in the interest of sound money Democracy The hal is not a large one but had it been ten times as large it would not have held those who came to hear the secretary Rumors had been circulated that an attempt would be made to break up the meeting There was a disorderly element present in the rear or the hall who hissed loudly as Mr Carlisle appeared ap-peared on the stage The majority of the audience however how-ever was in sympathy with the speaker and drowned the hisses in vociferous cheering The disturbers compelled the secretary secre-tary to flop several times during the early part of his speech but were finally quieted by Mayor Rhinock and fnaly the exception of the few isolated cheers for Bryan no further trouble occurred A counterdemonstration was held by the silverites in the street in front of the building but It In no way inter buldlng fered with the meeting inside the hall During the interruption of the earlier part of the meeting the secretary requested re-quested those who did not care to hear him speak tp leave the hal Secretary Carlisle began his address I by saying I have come here to speak in behalf be-half of the Democratic candidates pledged to the principles of a Democratic Demo-cratic platform and my purpose Is to discuss some of the pending questions from a purely Democratic standpoint fom plrelY We are not Republicans or Populists Popu-lists or fusionists we are simply plain oldfashioned Democrats without any modern adulterations in our doctrines or any Populist or communist appendages appen-dages to our organization He referred to the fact that herein here-in this county when less than 20 years old he had begun his career as a public speaker by opposing the doctrines of the Knownothing party and since that time he challenged his critics to show that he had ever uttered an unDemocratic un-Democratic sentiment or voted an UnDemocratic un-Democratic ticket Then he proceeded to analyze what the principles of Democracy were meaning American Democracy not that wild turbulent and destructive form of Democracy which has been imported from abroad and which is so nearly allied to anarchy that it is almost impossible to distinguish one frcm the other THE CANDIDATES Of the candidates of the National Democracy he said John M Palmer and Simon Bolivar Buckner are not strangers to the American peoplethey were not discovered dis-covered yesterday by the bewildered delegates to a political convention and they will not be forgotten when the sound and fury of this remarkable campaign have subsided They are soldiers and statesmen ripe with the experience derived from long public service at critical periods in our history his-tory and they stand conspicuously In this contest for law and order for the inviolability of contracts for the independence inde-pendence and manhood of all classes of our people for Just and equal taxation for public purposes only for a sound and stable currency and for the maintenance main-tenance of the national authority and national stances honor under all circum THEIR NOMINATION In regard to the1 question of the regularity regu-larity of their nomination he said Let us Inquire for a moment how farmere considerations of regularity are influencing the actions of our critics in this campafen The nominations made at Chicago have teen partially repudiated repudi-ated by1 the very men who made them in a majority of the states The national na-tional and state committees appointed to carry on the campaign and the pledges to the support of both nominees of the Chicago convention con-vention to the support of one just as much as to the support of the otherhave in twentysix or twentyseven states deliberately en tered into arrangements and combinations combin-ations to deprive one of the nominees of a large number of electoral votes and give them to another candidate not nominated by that convention nor by any other convention even pretending to be Democratic and yet these gentlemen gentle-men have the assurance to call us bolters and the presidential candidate himself who has countenanced and encouraged the sacrifice of his associate asso-ciate on the ticket whose nomination his tells that was as regular as own tels us we cannot get back into the Democratic Demo-cratic party unless we come in sackcloth sack-cloth and ashes Gentlemen we are not out of the Democratic party and we do not intend to go out or be putout put-out LOOKING BACKWARD Then he discussed what past Democratic Demo-cratic platforms had been on the financial finan-cial question contrasting them with i ston contrastng wih theichicago declaration in favor of free coinage of silver at 16 to I He continued iP Notwithstanding all that has been said or may be hereafter said to the contrary we have now a distinct monetary mone-tary system of our own freely adopted by our own constitution without dicta tlbn from or consultation with any other nation in the world and wo have the right and power to change it or abolish it altogether whenever we choose The question is not whether the United States alone have the power to adopt free coinage and silver mono metallism but whether in view of our own Democratic conditions and Int rests r-ests and of our extensive com liial relations with the other great afiet < < J f t1 nations of the world It wouldjbe good policy and good faith to make such a radical change in our currency and I such a wholesale repudiation of our obligations I is not a question of power it is not a question national independence but it Is a question of national honor prosperity and national ECONOMIC EFFECTS Secretary Carlisle proceeded to discuss dis-cuss at length the economic effects of free silver coinage Its advocates advanced ad-vanced three distinct and wholly inconsistent in-consistent propositions Their first proposition he said is that free coinage at the ratio of 16 to 1 will give the people cheap money that it will reduce the value of the dollar dol-lar about onehalf so that it will require re-quire about twice as many dollars to procurea given quantity of commodities commodi-ties as are required now This is the highprice argument and is addressed to the farmers and socalled better classes Their second proposition Is thatfree coinage will not make cheap or depreciated depre-ciated money but will raise the value of the silver dollar to an equality with the present value of the gold dollar and of course It requires no argument to convince an Intelligent audience that If this is true prices will be no higher than they are nov and producers pro-ducers and debtors will get no more dollars than they get now This is the argument addressed to argment the more conservative classes who do not believe in a depreciated currency but who have been persuaded that there is not a sufficient amount of money inthe country Their third proposition which DP pears to be a compromise between the = 1 other two is that free coinage will not increase the value of the silver dollar to an equality with the present value of the gold dollar but that it will raise I I the value of silver up and bring the value of gold down so that the two metals will meet at some Intermediate I I point and consequently establish a parity at the ratio of 16 to I This argument ar-gument is addressed to those who are supposed to be in favor of a free depredated de-predated currency but are not yet quite ready to accept a dollar worth only 50 cents AS A COMPROMISE Driven away from the advocacy of the first proposition in many parts of the country by reason of its manifest and gross injustice to the laboring man to depositors in savings banks and other Institutions and the creditors I generally and forced by the unanswerable unanswer-able arguments of their opponents in other parts of the country to abandon I the second on account of its demonstrated demon-strated absurdity they have resorted to the third as a compromise between I the advocates of absolute fiatism and the advocates of partial or modified fiatism but the contention that the fatsm contenton United States alone can by the free coinage of silver Increase the value of that metal and also reduce the value lof gold simply doubles the difficulties which our opponents have encountered in this discussion To believe that free coinage by the United States alone would accomplish either of these results re-sults requires a faith in fiatism which would remove mountains but to believe be-lieve that it would accomplish both exhibits a degree of credulity unparalleled unparal-leled in the annals of human affairs IN DETAIL Taking up in detail each of these three propositions Mr Carlisle went onto on-to show as he viewed i how the law of supply and demand and the recorded experience of the world for at least six centuries refuted each of them The natural law on the subject he said which we could neither repeal nor alter when the production seemed to be that prodcton either gold or silver and coinage of eiher at siver into legal tender money were increased In proportion to the production and coinage of the othermetal the relative rela-tive value of the coins thus disproportionately dispropor-tionately added to the circulation < 1p creases and the rule was the same whether the increase consisted ot gold coins or silver coins BUT WHY To protect themselves against the I evil effects of a threatened depreciation deprecia-tion of their money and to enable I I ofo Ii them to maintain the parity of their i silver and gold coins already in use Holland France Belgium Italy J I Switzerland Greece and Venezuela i have all been compelled since the year 1875 to suspend the coinage of j legal tender silver Spain was forced I also to stop the coinage in 1S79 except on government account and in 1893 the I government of British India a silver j monometallic country after an exhaustive I ex-haustive examination of the subject in all its aspects suspended the coinage I coin-age on individual account for the avowed purpose of preventing the further fall of the silver rupee and established a fixed par 4if exchange with London and other financial cen tres in Europe But according to the free silver advocates the statesmen and financiers of all these countrien moved in exactly thq wrong direction and if they had wanted to maintain parity or to establish parity they ought to have opened their mints to the free coinage of all the silver in the world instead of closing them The increased coinage of legal tender ten-der silver at a ratio which overvalued that metal relatively tp gold would not diminish the demand for sold anywhere any-where or terminate the struggle for Its possession but would greatly increase In-crease the demand and intensify the struggle because if two kinds of money of the same denomination but f unequal un-equal value were in existence every Continued Otl Pate 6J 7 J |