Show CARLISLE ON FINANCE speaks ai new york chamber of commerce banquet new york nov 10 the one hundred and twenty seventh annual banquet of the chamber of commerce of the state oi hew york wae held at dolinoy acos this evening tho yearly dinner of this organization ia among ane important events ot tho metropolis and that 0 tonight was no exception the chamber always nina tere notable speak ere and distinguished men around its board that have the policy of alie government have been made on occasions and it was at the end ot the chambers dinner that secretary 0 ahe treasury windom was wilh sudden death a few icara ago covered ere set for tonight at the table of honor v ith the president were boated secretary carlisle senator burrows lion learmon ll armon mayor strone general thomas II 11 ruger rev jr VAI hon charles emory smith kear admiral henry erban montgomery bicard james SI constable carl schurz horace white murat halstead st clair mckelway charles butler the other tables ere presided over respectively ly lowell lincoln henry W cannon horace porter J E sim inona rutledge gibeon and alfred W whitney the decorations vere etri liing back of president orrs chair waa the seal ot the chamber surmounted by a silk and golden braided coat of arms and flanked by the of the elate and city of new york it was somewhat after 0 when president orr the gawl of the chamber rapped for order and in a brief speech in which he referred to tho armenian atrocities introduced secretary carlisle who epoco on hiir currency system mr president and Gent lemenI have but liello to say this evening and will take but little time to pay it two ago at your annual banquet I 1 eaid that the disposition and ability of the government to its own credit at alje highest standard dard and tu preserve the integrity t ull tbt forms of currency in circulation among the people could not be reasonably doubled nd ought not to be the t bathe task ie both difficult and expensive since that declaration was mada here interest bearing bonda to the amount of have been issued to procure gold for the redemption of the united states notes atie nolee still remain the earne a at the beginning the notes are redeemed but they are unpaid our legal standard ol 01 value ie ae as any country inthe in the world and it we had such a currency system as to guarantee its permanent maintenance no government would command a larger credit or greater ben clite from it alian ours but the great investors oi the world appreciate the ditl ical ties under which we are laboring and until these difficulties are removed we cannot reasonably liepe to eve confidence restored at home or abroad the fundamental vice in our currency nysted is the ligal tender note able in coin by the government and re ieans ble under the LAW there arc oilier defects but this threatens the stability of the whole volume of our currency so long as these notes outstanding the fligh leEt diminution of the coin reserve at once excites feeling of apprehension and distrust the values of all curtails investments and more or icse embar raan a all tho business affairs of tho people in attempting to provide a circulating medium consisting of its own notes redeemable dee mable in coin on presentation and after the government of the united states ie in a s for which ills wholly unfitted and which was nayer for ft moment contemplated tem plated by ilg foundered foun dere it hae to borrow money and issue evi bencoe of the debt but it was never contemplated tem plated that it convert itself into a bank of issue and a legal tender paper currency for the use othe alie treasury department to be and was intended to be limply u public agency for the management of the fiscal affaire if tho as government not as a bank MUST no change in our currency system will afford relief ui less it provides for the retirement ti of the legal bendere ten dere the circulation cu lation ol 01 legal tenders lias a tendency to drive out of and out of the country the very coin iii which the government ie compelled to redeem them and it has expelled millions of dollars from our borders although the government and our own people arc compelled to receive them they not discharge international obligations and I 1 gold must go out to ectus all final balances against us ollir olli r in liin world ie to supply gold froni lie treasury to ili the private obligations of its MOSEY 1 while the pecuniary loss to which tho i people havo been by alie issue eliud continued circulation of legal tend 1 vr paper ahna been incalculable ahm has not b n the chief injury inflicted upon the country rF the that abo government caa create money by placing ite tramp upon paper or other materi alei atiat legislative enactment can beako CO cents equal in value to cents that in rioted paid tn depreciated currency better for people etian natural in a bound currency anil banoul iea now flo aline alico llico bubbico in atie political are all attributable loche long continued anso of legal tender paik r the proposition thai a aronie pr onie 0 the eov eminent to pay money in money is just absurd the proposition that a aromise to deliver a liona ia a borne bihl yet there are eminent men public council who believe that the united states note ie actual money and that the statute which beoni ull ahe people to receive if ae actual money is constitutional and ought to be continued in force alie agitation or tree of legal trader silver ia predicated upon alwan tl wan vicious principle that underlies the afie lalion making paper promises a ceeil tender but there is a practical difference between the two systems alie united states note was forced loan from the people to the ui which the government promises to if pay in dollars but the free coinage 0 legal tender silver at the ratio pi 18 to 1 would be a forced loan from the people to the owners of silver mines and silver bullion without ft promise of repaying by anybody the against the proposition to debase our etan daido value should not be abandoned or suspended it the friends of a sound and stable measure at values are vigilant and active effort cannot possibly bucce cd and the question quee tion will eoon recede from public view but the united elates legal tender notes will remain to complicate the currency system and embarrass alie government in my opinion legislation in this direction at the earliest possible day ia imperatively demanded by every substantial interest in the country and its postponement upon any pretext a political expediency or epou the assumption in advance that no satisfactory results can be accomplished would be a very bravo mistake SHOULD IMITATE no nation can reasonably hope to control the trade of any considerable part of alie world unless its exchanges are based upon a standard of value recognized as sound in all alio llio centers ol 01 commerce alie pound sterling has made london not only the principal market but lie clearinghouse clearing house of the world england not only realizes great profit from her own trade but takes toll out of the international trade of alt other countries with an inferior currency we could never successfully contest her supremacy and alie belief that we can punish her or enricki ourselves by destroying the value of our own money is one of the most remarkable delusions of the age much of our financial trouble lias been caused by doubt and speculation here and abroad concerning conc ernine alie views and purposes of our people at large and alie policies of the political parties to winch they are attached thie is u government by parties and investors watch with the greatest interest and solicitude every manifestation of popular opinion especially when changes are to made in the clinef executive office it ie of vast importance that these double and speculations ions should be eel at rest in order eliat the world may certainly know what is to be our permanent monetary policy vague and indefinite declamations by the great political organizations of hie country not only ine edse doubt distress abroad but harmful agitation at home and 1 hold therefore that it iti the duty of are or may become in any degree responsible for the welfare of the country to insist that there eliell be no further equivocation or evasion in our treatment of this subject let us have no more ambiguous phrases no more inconsistent and irreconcilable clauses in party platforms or in public utterances but lot us make our meaning clear ana our purpose so plain that they van neither be misunderstood nor successfully misrepresented if a majority of the people of the united states are in favor of alie maintenance of the present standard of ought to have an opportunity port unity to eay so on the other favor of abandoning the present standard of value and establishing silver they have an opportunity to say that when this issue is presented we need not fear the result such an appeal to alie common sense the common integrity and the national pride of our people not be in vain and when the contest is over alie question will bo finally and conclusively settled in accordance with the general judgment 0 the most advanced nations and the real inter of our country secretary carlisles was frequently applauded OCK u wae followed by senator J 0 of alio emoke on our Pom estic commerce s said in substance that the question of trade ie closely in o 0 whole national life it was hie cause of ahe revolt of the colonies and a potent factor in ahe establishment of our the conflicting regulation of the several slates of the confederation crippled commerce and jealousy was engendered that alie states lo 10 the verge of civil war in the liblit of history it could be that our national government sprang from commercial necessity more than from any other single cause or all oilier causes combined it was not surprising after eight years experience ft ich the wm federation to find the cramere of the constitution stripping the states of all authority on the subject of commerce and expressly on alio government lie 1 to regu lato commerce with foreign nations und among the beveral states the regulation of our foreign and domestic trade has been steadily pursued since in legie lalion alie limit ii the power thus conferred had never been readied or definitely determined that it was supreme the limits of the constitution and commensurate the trade ia beyond controversy it as a power sufficiently comprehensive to embrace not only the objects and instrumentalities of lul to over acu ecu and make sate the highways over eliat commerce moves he continued in taking from the states all control over commerce and lodging it exclusively in thi national government linee were swept away and a national highway alie continent wa opened with trade is it any wonder our domestic liae attains d proportions which are the marvel of the agaj quoted figures showing alie tilie supply of our domestic production hall d alio llio demands 01 domestic lei ue 1 way unac 0 o secure foreign markets without or surrendering our own turn iii our nt 10 the on alio to alie couth of u our flag in ottri of central and america piercing the barriers between the two with a new hilt of commerce open to the ta and alie centers of american trade with en intercontinental railway NATIONAL charles emory smith of Philadel pl hin minister ex to was alie ali laird epe alcer his toast being 1 de and opportunity lie apok ae follows our is a land of fullness and not famine providence lia dowered attilli matchless opportunity the worlds evolution unfold before w the crowning destiny of mankind in i a hundred beare a marvelous growth 1 has advance dour country from almost nothing until today it more than ene fiatt ot the of atu the world in the two decades from 1870 to 1830 alio three mighty powers ol 01 great britain france and germany au combined with their people bained in wealth while the united stales alone with its people gained the united states earns two thirds knuch as all the put together in esgo the product of our manufacturers wae little more than halt of easland in 1880 it wan more than double her output our expansion in indue ariee was more than twice that of england franco and germany together their debts are pilling up oura are melting away their taxes are rising ours are falling their expenditures are swelling ours are relatively declining their productive forces are stripped for armies and ours are at the the forge the loom and the exchange i taxes are 10 per cent of her earnings francos 13 percent ger per tent whilo oura are only 6 per cent england spends one sixth 0 her local taxes and one twelfth of all her revenues lor poor relict and only one tor schools the united states spends one sixth of all her national and local income for schools and abe denand den and for poor relict is only a beggarly iu m the contrast ie the key 0 alie future and we are only at alic threshold ot development alost of the growth I 1 have brietis liae come within twenty years who alie advancement van cement of alif next twenty or thirty years or pil nire the dazzling destiny of alie next century our spirit f not our flag will rule the hemisphere the nicaragua constructed by american capital and owin allegiance only to american control will open through the continent alie highway of abe aea and kew york wresting the final scepter from london will eland like another venice ot alie earlier and narrower days as alie focca and emporium of alie worlds wide commerce between the orient and the occident letters of regret were then read from president cleveland and gov mortn ethics in politics ans alie loat responded to by rev M woolcy cr LL P president of college in alie coerce of a toast to the cita of new york mayor strong faid 1 I am coine to i ay just word politics I 1 have been told by come pec pie that I 1 am not a deiy wood politician I 1 realize eliat is a true one but I 1 go on to 0 my tenn actina ae I 1 think tasi for the people of this the john A loean relief corps no 4 meeta friday afternoon at ia nominations of officers will be held and efery member is earnestly urged to be present |