Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-28
CARLISLE'S VIEWS.
ScCretaTy'S Opinion Of the Republican
Alleged Relief Measures.
Government Not in Need of tddi-
tionai Hcvenuc--Nhnt II Wants IL
Gold Reserve.
Gold Reserve.

reporter his views OF the tariff mea-
sure now pending before Congress
What. in your opinion. will be the
effect upon the financial situation. n the
tar1 bill passed by the House of Re-
personalities yesterday becomes lawg'
Mr. Carlisle was asked.
Il had supposed that very few could
now be found who believe that our hnan-
clal difficulties are caused hy deficiency
in the ordinary revenues Of the govern
ment. or that they can be relieved by in
creasing taxes upon the commodities con-
sumed by the people. These difficulties
are the necessary results of our financial
legislation and they cannot be removed,
even temporarily. by tariff laws or by
any other measures which do not directly
enable the government to procure the
means necessary to maintain gold pay
ments"
DO you think. then. that the bond
bill reported in the House to-day Will
furnish any relief to the Treasury
Il am satisfied that there is but one
permanent remedy for our financial EN-
barrassments. and that is the retirement
and cancellation Of the legal-tender notes.
but. recognizing the fact that such
measure would require time for its con-
sideration. and for its complete execu-
tion. IL adopted. ! had hoped that con-
gress would Immediately take the neces-
sary steps to assist the Treasury In It's
efforts 10 procure and maintain such
gold reserve as may be required 10 re-
move the distrust and apprehension which
have precipitated the present emergency.
The bin reported by the Committee on
WAYS and Means falls very short Of the
requirements OF the situation. and IT'S
passage will not benefcially affect the
situation with which We now have 70
deal. our difficulties were produced ana
have been prolonged and aggravated by
the fear that. Notwithstanding all the el-
forts OF the administration. We may uitl-
mateIy be unable 10 procure gold for the
purpose OF reieeming our notes. and. con-
seauently. De- forced 90 a silver basis. ana
this fear cannot be wholly removed until
some action is taken by Congress clearly
indicating a purpose 20 pay all our obliga-
fions i'm gold when demanded by the hold
ers.
80 DISTRUsT or NOTES.
Although there is no substantial reason
20 listrust the character Of our notes.
or 10 doubt the purpose of the govern
ment TO maintain gold payments. the fact
that there has been no legislative deciara-
ton upon the subject. aul that no legal
authority exists 20 make them expressly
psvable In gold. not only prevents the
sale of our bonds Tor the replenishment
OF the reserve upon the most ahvanta-
reous terms. but Increases the demand
for gold by the presentation of notes al
the very times when We are least able
20 meet them without injury TO our
credit. II Il were not generally expected
that the three classes OF bonds ALREADY
authorized by law would be- paid In gold
AZ maturity II demanded. they would not
bs sold except AZ an enormous sacrifice,
but even this general expectation is not
sufficient TO altogether satisfy investors
espec.ally ln times of financial disturb
ance
about si6000eD In interest could have
been saved 10 the people OF the United
states ON the last issue Of bonds. H
Congress had consented 20 MAKE them
expressly payable in gold, instead OF coin.
This condition is not nj 40 improved by
the pending huL which still requires all
bonds to be- payable in coin as
heretofore. and confers no me-"
authority. except the power to issue ana
sell per cent bonds. also payable IN
coin. after i've years. with interest paya-
bic In coin semi-annually.
at the present time our thirty-year
i-per-cent. bonds. with interest payable
quarterly are selling In the markets al
rates Whlch yield investors more than
3 Der cent. per annum. and this fact
should not be- overlooked in deter
mining whether or not hye-year 5-per-
cent. bond could not now be- sold az
par. as the pending bin now requires
ADVERTISING REQUIREMENT.
what will be- the effect Of the provi-
sion prohibiting the sale OF bonds. ex-
cent after public advertising?'
Assuming that a sufficient amount OF
gold could be- procured 10 that way, any
Secretary OF the Treasury would pre-
,ar 10 advertis- for bids. but it is evi-
dent that there may Boz circumstance
when prompt action is required. in order
10 preserve the credit OF the govern
ment. and In such cases peremptory
provislon requiring public advertise
ment might defeat the object Of the law
and prevent any sale"
Speaking Of the second section OF the
bill which authorizes the issue Of cer-
fincates to meet deficiencies In the reye-
nue.. Secretary Carlisle said
While there IS no necessity at the
present time for resorting to the Ak
ercise OF the power which II confers, and
may not be IN the future the Sec
retary OF the Treasury ought always
To have the authority 10 issue and sell.
or use In payment or the expenses
of the government short-tlne certih-
cates or bonds OF the character de-
scribed In the bill Such authority
ought TO have been conferred upon him
long ago. and it ought 10 be- made
permanent instead OF being limited 10
ss000000. as IL Is by the bill. Except as
10 this limitation. the second section Of
the bill Is a good one