Pine Bluff daily graphic., 1895-10-14
PINE BLUFF. ARK, OCT. 14, 1895.
LARGEST DAILY CITY CIRCULATION
CARLISLE AT BOSTON.


 In his speech before the Massa- chusetts Reform Club at Boston last Saturday night Secretary Car lisle said: "The mere apprehension that our currency might be debased by the inability of the Government to continne the policy of redeeming it's obligations in gold has already produced one of the greatest finan- cial disturbances that ever occurred in our history and resulted in the loss of thousands of millions of dol lars to our people. ,
 Yet in the force of such financial loss and business depression as the result of mere apprehension" that our currency might be debased by the inability of the Government to continue the policy of redeeming it's obligations in gold, many people, and even Democrats, denounced the ad- ministration because this "appre-
 
 hension'' was not made Q reality. They wanted the Secretary to pay silver when gold was demanded, which would at once have placed gold at premium, and destroyed the parity between the two money metals. Then there would truly have been financial depression and great loss such that the country would not have recovered from in a decade, fit did not completely revo- lutionize our monetary system.
 According to MT. Carlisle, the first great mistake in our currency legis- lrtion was made in the act of March IF, 1862, which authorized the Sec retary of the Treasury to issue United States notes to the amount of $150, 900, 900 and made them legal tender. Following this, other acts were passed under which additional votes of the same character were issued until the whole amount of de- preciated legal tender paper reached 1882, 100000. Since the passage of the act of May 31, 1878, and the re- sumption of specie payments on January 1, 1879, the Treasury de- partment is required to provide for their redemption in coin and to re- issue them when redeemed. Under the silverpurchasing act of Jnly IA, 1890, additional Treasury notes were issued to the amount of $165, ,931, ,602, of which $146, ,000, 900 are still out standing. These notes when re- deemed must also be reissued or standard silver dollars must be sub- stituted for them. In order to pro- cure and maintain a fund for the prompt redemption of notes on pre- sentation, it has been necessary to insure interest-bearing bonds to the amount of $257, ,915, 400. Up to the first of this month the interest on these bonds have amounted to $73,- 000,000, and, together with the bonds and the outstanding notes az gregating $346, ,681, ,00O, makes the total indebtedness on account of this form of currency $677, 595, 400.
 Secretary Carlisle figures it that if the whole volume of outstanding notes had been funded at per cent. January 1, 1879. the date of redemption, the total indebtedness on that account, paid and unpaid, would have been as follows: Bonds, $346, ,681 1000; interest, $232, PIG, ,000; total, $578, 957, ,O00 This is $99, 629, 400 less than the liability which the Government has actually been com pelled to incur in order to keep this form of currency outstanding and maintain it's value. Should this con- dition continue and the Government remain unable to redeem the notes when presented without issuing bonds in order to get the money, the people shouli insist that Congress change our c',rrency system. There