The Canton times. (Canton, Miss.) 1893-1906, 1894-08-10

Legal FENDER Notes a Menace t
/ Prosperity-They Sap the Life Q
Our Treasury - AlwaYs Being Re
deemed in Gold But Never Re
deemed-Can Be Gotten Rid o
IN Only by LegislatIon-Treasu
Never Intended for a Bank.
Secretary Carlisle delivered another
able and sound address on the currenc,
question at the annual banquet 9th,
New York Chamber Of Commerce OF
November ~. lie said in part: Il
| "Two years ago ! had the honor Il
attend your annual banquet and &c
make some remarks in the course OF
which !. said that the disposition and
ability of the Government to- main
tain It's own credit at the highest
standard, and to preserve the integ.
I'rity Of all the forms OF currency in cir.
culation among the people, could not be
reasonably doubted and ought not ia
be the subject OF further controversy.
Since that declaration was made
here, rest-bearing. bonds to the
amount Of $162, 315, 400 have been
issued to procure gold for the redemp-
tlon of United States notes and Treas
ury notes. and the obligations Of the
Government on account Of the notes
still remain the same as at the begin
ming. The notes are redeemed, but
they are unpaid, and if our legislation
is not changed, no matter how often
they may be presented and redeemed
hereafter, they will remain unpaid. If
this policy Of redemption and reissue
is continued, the nterest-bearing
debt will be greatly increased, while
the ncn-interest- bearing debt will not
be in the least diminished.
Although the amount of United
States notes is fixed at $346, 681, 900,
and the amount of Treasury notes out
standing is-a little over $40, 600, 900.
yet the total amount that may be pre-.
scented for redemption is unlimited,
because there is no restriction as to
the number OF times the same note
may be returned to the Treasury and
exchanged for gold.
Our legal standard, of v&iue is as.
sound as that OF any country in the
world, and il we had such a currency
system as would certainly guarantee
it's permanent maintenance no Govern
ment or people would command
larger credit or realize greater bene-
dts from it than ours; but the great
investors of the world appreciate the
difficulties under which we ale labor
ng, and until those difficulties are re-
moved we cannot reasonably hope to
zee perfect confidence restored at
home or abroad.
Every student of monetary science
md every practical man of business
Knows that the fundamental vice in
,ur currency system is the legal tender
tote, redeemable in coin by the Gov
nent and reasonable under the law.
There are other defects, but this is
and radical, and threatens
he stability of the whole volume of
mr. currency. So. long as these notes
re outstanding the slightest diminu-
ion of the coin reserve authorized by
NV for their redemption at once ex-
ties feeling of apprehension and
istrust in the public mind, affects
he values of all our securities, our
ails investments and more or less
embarrasses all the business
fairs of the people.
How much has been lost to our peo-
lie on account of unavoidable fuctua-
ions in the reserve it is impossible to
tate, but all classes have suffered
lore or less from the effects of these
uctuations upon the markets for
roducts, upon wages and upon the
slues of all kinds of property; and, f
,nsequently, the condition of that
ind is subject of constant attention
I'D anxiety throughout the country.
18th an almost constant drain upon
with frequent and sudden demands II
II very large sums for boarding or
T export, and with no certain means
replenishing it, except by sales of
,nds, it is absolutely impossible to
aintain the reserve at any fixed
Mount, and, therefore, impossible to
sep the public constantly assured of
,ancial stability and safety.
In attempting to provide a circu-
ting medium consisting of ITS own
,tes, redeemable in coin on presen-
tion, and Reasonable after redemp-
On the Government OF the United
ates is engaged in a business for
hich it is wholly untitled, and which
IS never for moment contemplated
/ its founders. II
No change that can be made in eur
Irrency system viii afford the relief
which the Government and the PEG:
9 are entitled unless it provides for