The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-12-28
SECRETARY CARLISLE'S VIEWS.
lie Insists That One May Eat Ills Cake.
and Sell 1t. TOo-llan y panky, and
Not Extra Revenue. Is Wanted


Isle gave his views on the tariff meas
ure now pending in congress.
What in your opinion. will be the
effect upon the financial situation of the
tarif bill passed by the house of repre-
sentatives yesterday" Mr.. Carlisle was
asked.
II had supposed that very few could
now be found who believe that our
financial difficulties were caused by a
deficiency in the ordinary revenues OF
the government or that they can be
relieved by increasing taxes upon the
commodities consumed by the people.
These difficulties ere the necessary re-
suits of our financial legislation, and
they cannot be removed, even tempor-
arily. by tariff laws nor by any other
measures which do not directly enable
the government to procure the means
necessary for the maintenance of gold
payments"
do you think then, that the bond
bill reported in the house today Will
furnish any relief TO the trea Sury?'
II am satisfied that there is but one
permanent remedy for our financial en-
barrassments, and that is legislation
providing for the retirement and can
collation. of the legal tender notes, but,
recognizing the fact that such meas
ure would require time for it's consid-
Grafton and for its complete execution
If adopted, l had hoped that congress
would Immediately take the necessary
steps to assist the government in its
efforts to procure and maintain such a
measure as may be required TO remove
distrust and apprehension. which have
precipitated this emergency. The bill
reported by the committee on ways ana
means falls very far short of the re-
auirements Of the situation. and its pas
sage will not specially affect the situa-
tion with which we now have to deal
Our difficulties were produced, and nave
been prolonged and aggravated by
the fear that, Notwithstanding all the
efforts of the administration, we may
ultimately be unable to procure gold
for the purpose of redeeming our notes
and consequently be forced TO a silver
basis, and this fear cannot be wholly
removed until some action Is taken Dy
congress clearly indicating q purpose
to pay all our obligations III goid Wnen
demanded by the holders.
Although there is no substantial rea-
son to distrust the character Of our
notes or other securities, or to doubt the
purpose of the government to main
tain gold payments, the facts that there
has been no legislative declaration up
on the subject and that no legal author
ity to make them expressly payable IN
GOLD. not only prevent the sale OF our
bonds for, the replenisnment Of the re-
serve upon the MOST Advantageous
terms but increase the demands for
gold by the presentation of notes at the
very time when we are least able to
meet them without injury to our credit.
If it was not generally expected that
the three classes of bonds ALREADY. au-
thorized by law will be paid in gold at
maturity, If demanded, they could not
be sold except at an enormous sacrifice,
but even this general expectation is not
sufficient to altogether satisfy invest
ors. especially in times of financial dis
turbance
About SIG. 900, 900 in interest could have
been saved to the people on the last
issue of bonds If congress had consented
to make them expressly payable In gold.
instead of coin This condition is not
at all improved by the pending bill,
which still REQUIRES all bonds to be pay
able "in coin" as heretofore, and con-
fers no new authority except the power
to issue and sell three per cent bonds,
also payable IN coin, after five years,
with interest payable in coin semi-a
nually. At the present time our thirty
year four per cent. bonds, with interest
payable quarterly, are selling In the
markets at rates which yield the invest
ors more than three per cent. per an
mum. and this fact should not be over
looked in determining whether not a
five year three per cent. bond could now
be sold at par, as the pending bill re-
quires."
What will be the effect of the pro-
vision prohibiting the sale of bonds ex-
cept after public advertisement"
'"Assuming that a sufficient amount
of gold could be procured in that way.
any secretary of the treasury would
prefer to advertise for bids. but ii is evi-
dent that there may be circumstances
when prompt action is required in order
to preserve the credit of the govern
ment, and in such cases peremptory
provision recurring "a public advertise
ment might defeat the object of the law
and prevent any sale"