The Lake Charles echo. [volume] (Lake Charles, Parish of Calcasieu, La.) 1876-1898, 1893-12-22
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IDHfser-9 QufnAi-
IL could not he expected that an aa
dress lIpon the subject Of the currency
ugulil contain lnuch matter absolutely
new. bnt Nj. Carlisle hi his remarks 70
tic Kew York Chamber Of Commerce, by
the peculiar laeidity Of statement which
is one Of his most prominent eharaeter-
isiios. contrived to place several impor-
tant principles Of monetary scsenee IN q
very iiisl and striking light.
The statement that p government can
MOI create Money Is elementary. Until
this si5npie principle Is mastered no pre-
gress IN finance is possible. To coin
money AZ not % create IT. To isBne prom
isas "a pay money Is not creating money.
And Though O government may force cit
isens to take these promises IN payment
of debts, and though Il may regulate the
! debt-paying power Of real money within
its own territory, YET Il can not thereby
either add 20 or diminish tine information
/ Al xalne of the money which II possesses.
| an these points Mr. Carlisle makes plain
/ ii very few eleaE-eut aentoncss. WHAT
ever may be the currency of a country
/ its yalae III the oae International curren-
ey mnst lssthe ultimate basis upon which
bnsiness IS conducted.
Those who reeellecI what occurred dn-
ring the war and the following years
while specie payments were snspsnaee
viii need no proof Of these assertions.
GreenbaelzB were Of full legal tender, and
prices were fixed Ia greenbaelgs; bat gold
was, after all the ultimate standard
and, allowing for differences IN supply
aud demand, prices rose or fell with ths
premium on gold To get Mt the Tea
price 0f commodities during that era WI
arc cOmmpelied to reduce the nomina
prices 10 a gold standard
The explanation which Mr. Cariisl'
gives why It would be improper for tn
tinited States 70 nay its debts in th
elfe2per sort Of legal lender money rs pc
enliarly happy. while the private eiti
zen, he says, has onls has own interest :
protect, and may tightfniIy exercise hi
ontian, ssthe government Of the unitei
States has undertaken DO supply III
G0untry with d currency and has issae
lis obligations in form Of notes 10 ciret
4 late among the people in the transaetio
Of their private business, and has receive
for every dollar represented by sue
notes q dollars worth Of the peoples se
4 vices or q dollars weEth Of tho people
!, prOperty; hence, Hsits honor, as well /
Z sound public policy demands that the
I shall be redeemed upon presentation
money current ~ all the markets Of a
worldn
I M. Carlisle did well also to correct q
4 lnisrepresentati0 that silver is hereais
60 have no place ID our monetary HysteH
# This has often been corrected IN The new
& papers, but doubtless denial CONN
Z, from the Secretary of the Treasury NJ
attract more attention. He directs atbe
Etion 10 the fact that we have coined a
$50 $50 standard silver dollars, and la
y bought bullion enough 10 make $Isls %
q Sal more, q total Of 1901 "a, 39l. In q
Il ditlon 10 this we haze 76, 3llg 002 IA 8
Il Yer coin Of less denomination than O
q dollar making q grand total OF neal
il seven hundred millions Of dollars.
ID thinks this stock Is sufficient for ma
ID Years to come, aud illustrates 1t hya CO.
parison with the oliver stock Of the Lat
Union which suspended coinage ma
!, years ago.