The Providence news. (Providence [R.I.]) 1891-1906, 1894-12-05

rency, which the President and Secre-
tary CARLISLE have laboriously evolved,
is now fully before the country. The
President has outlined it and endorsed
10, and Mr.. CARLISLE has made a
pathetic attempt 70 elaborate 1t, but has
so plunged and kicked about in the un-
familiar field that it requires very
clear head and good knowledge of
finance to get at the kernel of the
scheme.
While there are sops proposed for
every conflicting interest aud theory,
the one great fact of the plan is that il
is for silver harder than il is for any
thing else.
1t is merely scheme to get silver into
commanding position in the monetary
system of the country.
The provision that there shall be no
banlSnotes. of lower value than $40 can
mean nothing but an intent to force sill
yer dollars and silver certificates upon
the people for every use below the $40
bill requirement.
This is precisely what was to be ex-
pected of Mr.. CARLISLE, who has been
regarded as silver advocate always.
But the country had right to belief
that the President would not lend him
self to such a scheme.
This clause to open big market for
silver is about the only definite proposal
in the whole hodge podge Of queer
and distorted financial notions that stands
out clearly enough to be fairly grasped
and fully understood. The balance
Is too grotesque to be OF interest. IL
cannot even arouse discussion. 1t is
thoroughly impractical, manifesily un-
suited to bring about the results the
Secretary's statements declare to be nee
essary. 1t straddles in all directions,
and sprawls over the whole field of spec
ulative finance without settling upon
any reasonable and understandable
theory.
Even the prime reason for new sys-
tenn of currency is not acknowledged
the retirement Of the legal tender notes
and the relieving of the Government of
the banking functions IL has unwillingly
performed. The Carlisle scheme only
proposes to retire!a small portion of the
legal tenders, and the Government
would still be responsible for the issu-
ance and the redemption of all the
notes. Bonds are not to be used to
secure circulation, but a sum equal to 80
per cent. OF the amount of banks cir
eelstieff- Is 70 be deposited with tre
treasury in legal tenders.
The State Bank matter is skillfully
straddled. The silver people are given
taify and the gold believers pabulum.
Those who want to draw gold out Of the
treasury TO trade with are secured that
privilege, while those who think the
gold in the treasury should be kept there
are assured that it will stay under this
Kentucky receipt.
Mr.. CARIIsLE's report can be read and
re-read, and read again, without ex-
tracing from it anything whatever that
is promising of currency reform. The
only clearly stated provision in the
whole plan is that which provides for
an enlarged use Of silver.
1t is fortunate that there is very little
probability that this Congress will
formulate any new currency scheme
The matter ought not to be brought up in
this Congress in any form. There is a
demand that a commission be created to
formulate plan TO present to the next
Congress. That would be unwise and
useless. II is as unlikely that this Con-
gress would create commission capable
of dealing with the delicate and Difficult
question as that it could deal with it
properly itself.
As to plan for the next Congress to
consider, there is one all ready, and
there is man elected to the next Con-
gress all ready to push the plan. The
man is Hon. JOSEPH III. WALKER Of
Worcester, who will be the chairman of
the committee on Banking and Finance
of the Fifty-fourth Congress. His plan
WAS outlined in The NEWS the other
Gay. 1t is not new plan, but has been
pretty thoroughly discussed by bank
authorities and legislators.