New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-12-20
SELECTIONS FROM THE MAIL.
THE EVILS OF MR. CARTISLE'S PLAN.

THE EVILS OF MR. CARTLSLE'S PLAN.
DANGER OF ITS BEING FORCED THROUGH con
GREss-MR sToKEs's FINANCIAL REMEDY.
To the Editor of The Tribune.
Sir: Mr. Carllse's monstrously ingenious cur
rency plan combines the Objectionable features OF
a National banking trust and an assessment in
surance company. The terrible danger Is that ii
may be forced through Congress by political
methods and the plea Of Treasury necessities, and
without sufficient intelligent and thorough discus
sion. IT, as in the English Parliament. the head
OF our Treasury Department had a seat IN the
National Legislature. and were Obliged. rising In
his place and fair and real debate to answer the
attacks of educated economists upon his plan he
would soon he out OF office.
II In a time OF peace we establish perma-
nent system of credit money such az that pro-
posed by the Secretary OF the Treasury. 1t may
temporarily benefit some banks and spectators,
and facilitate reorganization schemes ana
enable promoters to dispose OF their holdings. but
It will make 1t impossible for this country to at
tain the permanent position which our population
and developed resources enttle us 10 assume In
the near future.
1t Is perhaps too much expect that all who
take part in the legislation upon our currency
should be great economists or learned historians
But It may reasonably be expected that they
should know the difference between bullion and
billion and at least be- acquainted with past Amer
lean monetary experiments.
| see that the debate the new currency Dill
In the House of Representatives Is TO be ADJOURNED
over Thursday of this week. for the reception OF
the statue of Daniel Webster etc. ~ that grand
function II would be most appropriate to read
Wcbsters words or warning az follows: II am
certainly of opinion that gold ami silver. at rates
fixed by Congress. constitute the legal standard OF
values In this country. and that neither Congress
nor any State has authority to establish any other
standard or TO dlsplace this standard NO man
ever expressed his appreciation OF IN" real use Of
credit more strongly than he. But Daniel Nep-
ster opposed legal-tendcr credit money.
We are soon to have great celebration OF the
2sO,h anniversary OF the capture Of LouisbouTg
As our Society Of Colonial Wars has done me the
honor to appoint me on the committee for the me
mortal call to mind. among other Things mar tnls
first great outside adventure 81 .HI ~ ,no"i
colonies was the cause OF our hrst large eApei'-
mcnt IN credit currency. II lea MaSS"' huS',n - 70
issue ~ $4,000 Of credit money which soon fell I"
q uer cent OF IFS nominal value. ana the Stdlr
EmrIish ransom OF Iouisbourg from the colonies
ana hy the wisdom OF Governor HUTCHINSON. VINO
mostly in silver dollars 50 that Massac husetts be
came known as the SILVER DION. WI, NM ,,,o
rency ard lost their trade which wa transisrre5
t. Massachusetts,. Newport then laPriy u'r''ne i
IN importance whiir me supremacy u 7''''' az"
our naSp could only grasp the situation they
vnulI see that We have the greatest opportunity
ever offered 10 any country TO control the hnahcrs
of the world II is not by locking ny and pcrma.
rr.rnbacks TO promote the issue OF three times A.
larr, an amount OF paper currency. u" volume OF
which would be Inorr than exit times ~
great as the gold which II would be
hascd nnallv II not thus mat ""
can solve our currency question ana inc
worlds gold and silver question. h", Wa 'hhr
solve these problems by ioint -metallisn plan by
which gold and silver together. at ratios always
Lascd on their relative market values. may D"
,nade the metallic basis Of a sound. honest sen
rorula,ing and permanent currency without IRE,
ouent recolnlngs. and without danger OF one me'"l
u'i''S '"' ~" NNSON PHELPS STOKES.
New York Pee. i. 1894