Mohave County miner., 1894-02-10
Mr.. Carlisle's Treasury Policy.

Mr.. Carlisle's treasury policy, which
he inherited and adopted from Charles
Foster, his republican predecessor, has
returned to vex him, and in way that
he little anticipated, says the Atlanta
Constitution.
Our readers kIow what that policy is.
II was adopted by Charles Foster in 1891,
but was not put fairly in operation in
1892, and the effect of 1t was not seriously
felt in our currency system until 1893,
when MIR. Carlisle announced one day
that he would redeem the silver notes Of
1890 In silver, and then on the next day
that he would redeem them only in gold.
BY means Of the policy Of gold re-
demption alone, Charles Foster had en-
abled the bankers OF Wall street TO
make raid on the gold reserve for the
purpose of forcing an issue OF bonds.
The same policy enabled Austria to fill
its gold loan at our expense, and also
enabled France, Germany, Russia and
England to increase their stocks OF gold
by importing American eagles.
But when Mr.. Carlisle announced that
he would change that policy and then
declared that he would not, the bankers
suddenly aroused themselves to the com.
prehension OF the fact that this policy at
once placed this country on the single
gold standard. There was nothing what
ever in the way but the Sherman Law,
and this law the president had pledged
himself to have Internationally repealed.
As soon as this fact became clear to the
bankers aud 6nanciers OF the east, they
at once took measures to reap the ben
efits Of the single gold standard. Then
there was collapse. Property values
and prices suddenly adjusted themselves
to gold monometallsm. Money became
more valuable than real estate, stocks,
bonds or any other form Of property. In
fact money went to premium because
it was redeemable in gold, and for this
reason the silver dollar shared the
premium with the legal tender green
back.
This adjustment Of property values TO
the value Of money is still going on, but
the first collapse was called panic. 1t
was readjustment OF values--and this
is shown in the fact that there ere hun
dreds of millions in money lying idle in
the financial centers because it is re-
gsrded as of more value than the ordi-
nary forms OF property. This is the his
tory Of the so-called panic in nutshell.
This policy has long arms and good
m any OF them. One OF them has wrap
ped itself around Mr.. Carlisle's recent
bond issue. The result is that the gold
VIII 'ch he is getting for the bonds comes
out OF the reserve fund OF the treasury.
The banks. instead Of coming to the aid
Of the treasury by buying the bonds
with the gold IN their vaults, present the
silver notes Of 1890 at the suhtreasury
for redemption, and pay for the bonds
with the gold Thus obtained. The re-
suit OF this Is that the gold reserve con-
tinues to shrink.
The reserve stood at seventy-odd mil
hons when Mr. Carlisle issued his call
for bids. Yesterday it was sixty.seven
millions. The prospect now is that
when Mr.. Carlisle had sold his fifty
million of bonds he will have less gold
in the treasury than when he issued the
bonds. And all because he insists on
redeeming the silver notes in gold--a
policy that, as piece Of inanciering,
would discredit the intelligence OF the
Pacific coast Indians, who use shells for
money.
Mr.. Carlisle knows better, but he has
bound himself to the golden calf.
The Colorado Sun n xa tina m a,y ~ ,,o