New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-17
CARLISLE'S FINANCIAL SCHEME.
An INSUFFICIENT BASIS FOR \ NATIONAL
't'RRENtY.

C1RRENcY.
TO the Editor of The Tribune
Sir: Many years ago. along I'm the SOS there was
a favorite resort In New ork> known as Charley
Whites where negro minstrelsy had 'ull sway. II
from hs famous boards that came forth the
Joke that was Tor some time the talk Of the town.
IT was framed something like this the end man
asking questions OF the middle man. who. blythe
way had Just returned from college. Julius. can
You tell me what DC Worl stands on?' To which
j.. "Of course | car. YOU Ignorant Niger. stands
on a big stone" yes. but what does dat stone
stan on "Oh, my. my, What Ignorance Why.
that stone stands on another stone-there now"
Then a chorus OF demands from all the troop at
once: Yes yes but what does dat stone stan on
Here followed a fine dissertation from the middle
man on the benefits OF college education. the
gross ignorance OF common people. and hnai
piece OF wisdom q settler. Il tell You. there.
stones all the way down"
This old minstrel ioke came TO my mind when
I read OF the now financial scheme 10y the Score,
tary the Treasury that Is to provide us with an
elastic currency. The banks arc to he allowed 10
m. tavmenf ~ thor notas ana for every $JVJ
fhat they issue ale TO deposit Ayl.vN IN niI''l
sf,,es notes Rui as the minstrel said. what
docs dat stone stand on" Isn't it clear case ~
stones all the nay down? What perfect "bSurdl't
10 usc PAPER money as security Tor issue or
thrce'oli and more OF other paper money Inc
Why not recognize the fact that the issue OF
gre~nhacks by The Government during the war
vas a loan forced from the people? Lot tn" GOV
crnrnont keep 49, promises by r"i"'ming IN" notes
iu .ol SAY TUNN On per aunum. or course NN,h
notes should be destroyed. ard as IN" gold u ohy
exchanged for tho paper. there VIII bc no cohtti'
lion 81 the currency II n becomes necessary al
an. time through lack ~ gold receipts 10 carry
out this plan the Government Will have 10 borrow
ard give it, bonds for the same. That however
,ill be- perfectly lust because the Government has
nal tho use ~ the large rum invols'l Tor many
"",rs without interest or course such borrow.
Ing might max" q bitter taste In the mouth. JUST
as sc have II now when Ne think OF the N"'"l""
that has been borrowed by the Government curing
this year and which ~e must pay Ni.f''' az
interest during the next ten years; all the NOR,
bitter too because one can tell what We s"t
in return FOR this great outlay. The paper money
il AS much "A menace a. over
Tho country Is really IN great financial strAit
.'Th. fathers have eaten sour grapes, ana tH'
chlldrer's teeth are set on cdg" AZ tIie now
ns I'M the days % the prophet When. In lN,' sp''"
naymenfs we're resumed. the gr"cnbdckS inat were
,,ieofu.l should have been destroyed Ihat ~
a,r,lght Forward business method II my memory
* rirht 1t vas the influence ~ Mr STAND ana
Ill associntcs who forced through congress inc
trovslon that IN, notes redeemed 90 should h' re-
issued. fatal error , M
II wn require good statcsmanship To poi us
on, 81 the dangers that besct us dangers thdi
he Secretary Of the Treasury clearly depicts ana
we n..i 10 he lei and directed by able men, men
a. courage who viii not take counsel Or tneir
fears - IL "
Paterson y. j.. Dec. ~ isH