The Providence news. (Providence [R.I.]) 1891-1906, 1893-12-21
CARLIsLEs REPORT.

Carlisle made its appearance yesterday,
and is hardly a document that is calcu-
! lated to re-assure the financial interests
! of the nation in the wisdom and safety
Of the iisca! policy of the present ad'
ininstration. The nation has just
! passed through period OF tremendous
financial distress, so serious that the
throes Of the commotion have not yet
died away. AT the beginning of that
season of serious depression
the mead Of the treasury department
aud President Cleveland whose
policy he represents absolutely refused
to consent 10 a bond issue, when such
measure would have promptly put an
end TO the mischievous condition of
affairs. We were told first that the
pernicious silver legislation was doing
all the mischief and so that legislation
was repealed; second, we were in
formed that what was peremptorily
needed was "more currency If the
banks could only issue currency to the
full amount of the bonds held in the
treasury to secure their circulation the
distress would be remedied and 50 per-
mission was given as desired.
Now what do we find in the outlined
policy of the secretary of the treasury
in relation to these two serious ques-
tions? Silver is dismissed as a subject
not to be touched upon at this time, and
the reason why business continues stag
nate aud dull is because "there is too
much currency There is such plethora
that the banks are fairly groaning
over It,
The secretary Of the treasury now not
only wants the hitherto despised bond
issue, hut he asks for extraordinary
powers to ISL ne series altr series Of
bonds. Nothing like having all you
want Of Il gcol thing while yen are at it
evidently. lie is facing an approaching
deficit of Sos, 900, 900 and he is looking
around everywhere TO see on what he
can lay his hands The vast amount of
bullion in the treasury offers him
chance a. d he proposes TO get something
ont Of that The seigniorage on the
am unit uncoined would amount to
S50,000,000. Thas is the difference be-
tween what the government raid for the
silver and the value represented by
the silver dollars than can be coined
out of the bullion in the seigniorage. 1t
represents simply fictitious value and
nothing more. He thus gets ready cash
at the mere cost Of minting it. But
this is only temporary expedient.
Oace coined there's gn end on it. So
direct taxes in the share Of internal
revenue taxes are to be levieI. Cigars,
cigarettes. playing cards. cosme.ics
and perfumes are t. be taxed. Whisky
and distilled liquors instead of the high
rate suggested are TO get an increase Of
10 cents a gallon. Then an inheritance
tax is advocated, and an inc me tax on
incomes derived from bond and stock
investments in corporation and stock
conrauic'. tax sure to bear harsAly
up those who invest their small and
hard-eaned savings in enterprises cal
culaied to increase the commercial and
producing value 0f a ration.
But it is when he deals with imposi-
ton OF cgetom duties that he displays
the singular incapaciiy of the present
| administration TO manage tie finances
OF the nation. The al valorcm tax, un-
just and source Of corruption and an
incentive 20 crime is sub'iituted for n
spec &c duty. The foreign manufac-
/ turor is not only 10 bo given our mar
llots bnt he is 20 be encouraged TO
underyalue his IN, ducts that they may
G cape proper taxatioa aud evade their
share Of the duties. This is in
brief The financial policy OF the
administration. S lent on all matters
that need enHgh,enment. yolumnious
and yo.ubls on uninportan, matters,
vacillaGng on great matters OF finance,
arologetic aud explanatory on leory
OF taxation, advocating q system certain
% encourage fmud aud dishonesty, and
trying 20 escVo the results OF i's foolish
weak-jonted free trade, OF as we must
now call il, tann reform project, hy
levying direct taxes upon certain articles
ia common u.s.. ami upon inheritancas
I AMI investments in stocks and bonds,
this is the financial policy OF the men at
present ia control of national finances.
s ss