The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1894-01-18
A PROPOSITION TO STEAL.

The Atlanta Constitution is well-nigh be-
side itself because Secretary Carlisle has
urged the issue of a low-rate bond to pro-
vide for the growing deficiency in the treas
ury. 1t assails Senator Sherman and makes
him responsible for the policy Of the Sec
rotary of the Treasury. 1t claims that the
bond issue is in the interest of the money
lenders of Wall street, when, as a matter
of fact the bond recommended by Senator
Sherman is one of small denominations
specially designed for people of small means
"a bond which would take the place of the
postal savings bank, which even Democrats
have advocated. But the most remarkable
statement and the one showing the reckless
tendency of financial teaching in the South
is the following:
The vaults of the treasury at Washington
hold millions and millions of dollars in gold,
silver and paper currency. There Is enough
gold and silver and paper currency in the
treasury to change the whole face of the
business and industrial situation If it were
put into circulation.
This is the most reckless statement that
has appeared in an intelligently edited paper
in a long time Senator Carlisle, in his
statement to Mr.. VOORHEES,, shows that prac-
tically all the net cash in the treasury Jan.
u, was $11, ,374. The reserve fund was set
apart by law for the redemption of the
legal tender paper of the United States.
These notes are III the hands of the people
and pass as money at par because they are
redeemable in gold. To pay that fund out
for the current expenses of the government
is violation of solemn contract. To-day
there are five dollars of legal tender notes
outstanding for every dollar of gold held
for their redemption. Pay out that gold and
these notes would depreciate in the hands of
the people. For all the rest of the gold and
silver, except the $11 223 374 in the treasury,
there is a paper dollar in circulation. Every
silver note of five. ten twenty dollars
bears upon its face the declaration that five
or ten silver dollars are retained in the
treasury for redemption. In view of these
facts, it would be an act which would make
bank robbery respectable for the govern
ment, winch mas pleuSeu ilSeil W heep IL
silver dollar for every dollar note in circula-
ton, to pay them out for current expenses.
Those silver dollars are the property of the
people who hold the silver certificates.
The money for which Secretary Carlisle is
calling is to make good a deficiency in the
revenues usually derived from imports. The
deficiency is specially large because import
ers are awaiting the passage of the Wilson
bill. If that shall be passed more than half
the deficiency Will possibly be made up. 1t
is probable that the Wall street at which the
Constitution raves is in conspiracy with the
Democratic Congress to pass the Wilson BILL
If reduction of duties of so per cent. will
produce a corresponding reduction Of reve
have deficiency in the revenues in order to
have the privilege of purchasing bonds, then
there is every reason to believe that Wall
street is laboring for the passage of the VIII
son bill with the Atlanta Constitution.
A few days since Senator Sherman said
that the Southern politicians were welded
to financial heresies. The declaration of the
Constitution that the money held in trust
by the United States treasury for the note
holders of the government should be put to
other uses indicates that one of these here
sizes is the right of the United States to rob
its creditors