New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-05-27
SEcprT1PY CARLISLE TEiCHING ERROR.

While heartily commenting Secretary 'arlsies
services 10 the cause OF honest money III HS
Southern speeches. II Is essential 10 observe 'ia'
he still sticks 70 some monetary herescs OF the
most dangerous kind ana persistently ihJec'S
them into addresses which are undoubtedly III
tended in good faith to inculcac only me sound
est Of sound doctrines. Even IN snrh Efforts
Mr. Carlisle Is not able 10 refrain IRON suihui''
inc thc more money aud soft money demands OF
the West and South. evidently bccaus" he do'S
not see where the dividing line Is between good
money and bad money. and not being aware or
IT, IS more than half on the unsound side hlmS'lf.
Inst ~ nc found in some cvancScent partisan
natives sufficient reason TO vote for free and I'M
umitod coinage Of silver which he now states
no ncvcr desired. So he bats his hook for In
1oton and free silver men with promises of
more silver certificates in circulation ana suDSti-
tuition Of State for National banks.
II need not be doubted that Mr.. Carlisle thinks
these changes can be made with safety. The
fac, that he has that dcusion fixes his real place
in tho discussion Just as the sincere belief Of
Senator Jones that free coinage would restore
the parity Of gold and silver puts him on the
side of silver monomctallists. When MT Car
Isle appcarcl before the House Committee, and
urged mat he SHOULD Nv Sh'i NiS'i''''''''
mower to retire legal tenders of small dcnomina-
lions in order to get more silver certlhcates
into Use in their stead he had not the least inteh-
ton. We may presume. 10 increase the peru OF
the Treasury or Of the country. What he wanted
was 10 placaic the silver men. and that Is his
object in renewing the proposal in his Memphis
speech. True the Senate Committee. though
Democratic. declined to give the discretionary
power asked. bur dispatches say that within
certain limits the Secretary can still pile up
small grccnbacks in the Treasury, and thrust
into circulation more silver notes instead, ana
that he is doing So. But the change is dangerous
10 the country and 10 the Treasury
II is dangerous to the country because 1t puts
a larger proportion Of silver notes. which are
liable TO dcpreciatc. into the hands OF the wage
carncrS. and consequently into the channels OF
retail trade When the teachings OF Mr. Car
Isle and other Democratic advocates of sound
money" convince the working people that these
same notes. being rcdccmable only In silver
dollars worth about fifty cents each, are sure
10 fall first and farhcSt In the case OF any none
tarv disturbance the millions are liable TO begin
boarding gold and notes rcdecmablc In gold
again. lust rs they did when the panic began
in 1898 At the same time, the excess Of silver
certificates in crcuaiion and constantly thrust
back by retail dealers into the cities where such
notes can bc used in paying dues 10 Government
will cut down Treasury receipts OF all other
kinds of money. and force IT 10 take larger
part Il rs revenue in a Kind ~ paper which
II cannot compel any creditor 10 accept.
II Is exceedingly dishcartcnlng To find Sccre-
tary Carlisle appealing again 10 the Southern
passion for unlimited State bank circulation.
even in 4 speech profc>scdly prepared with the
express object Of lifting Southern Democrats
ont ~ their monetary errors. Surely Mr. Carlisle
knows by this time that no other proposal could
be- made which the real advocates OF sound
money would regard with more disfavor and
apprehension. This very scheme. for which he
and the President concnded during the last
session ~ Congress. was the cause OF prolonged
delay in recovery Of business. just rs his pro-
posal 10 pay Treasury notes In silver was me
immediate cause Of the alarm IN 1893, which
presently swcllcl into a panic. II such are the
notions which the very leaders and champions
Of sound money" Democracy cannot help
teaching. the country may with great reason
conclude that neither Democratic faction is en-
titled 10 any confidence whatever.