The Prince George's enquirer and southern Maryland advertiser. (Upper Marlborough, Md.) 1882-1925, 1895-11-22
SECRETARY tARLISLE'S SPEECH.

ed before the New York Chamber of Com
mercc last Tuesday evening.
Two wears ago had the honor to at
tend Your annual banquet and to make
some remarks in the course of which |
said that the disposition and ability of the
Government to maintain it, own credit at
the highest standard and to preserve the
integrity of all the forms of currency in
circulation among the people could not be
reasonably doubted, and ought not to be
the subject of further controversy. While
scarcely anyone now seriously doubts eth
er the disposition or the ability of the
executive branch of the Government to ac-
complish these objects, all who have civ
ize that, in the existing state of our legis-
lation. the task is both difficult and eNpen-
sive.
Since that declaration was made here in
terest- bearing bonds to the amount of
SIG, 3l5, 400 have been issued to procure
gold for the redemption of United States
notes and treasury notes. and the oblga-
tons of the government on account of the
notes still remain the same as at the be
ginning. The notes are redeemed, but
these are upaid, and if our legislation is
not changed no matter how often they
may be presented and redeemed hereafter,
they will still remain unpaid. Ifthis poll
cv of redemption and issue is continued
the interest bearing debt will he greatly
increased, while the non-intcrcst hearing
debt will not be in the least diminished.
The disadvantages of such system are so
obvious that it is hardly necessary To emu
mcrate them.
Our legal standard of value is as sound
as that of any country in the world. and if
we had such currency system rs would
nance, no government or people would com
mand a larger credit or realize greater hene-
fits from ii than ours: bat the great inveS-
tors of the world appreciate the difficulties
under which we are lahnrinm and until
these difficulties are removed We cannot
reasonably hope to see perfect confidence
restored at home and abroad.
Every student of monetary science and
every practical man OF business knows
system is the legal tender note reGeemable
in coin by the Government and reasonable
under the law.
How much has been lost to our people
on account of unavoidable tiuctuation in
the reserve it is impossible to state, hut All
classes have suffered more or less
Ht l'tl''i III 'u-ill ~ '''-
and was intended to be, simply a public
agency for the management of the fiscal
affairs of the Government Il Govern
mcnt net as a bank.
No change that can be made in our cur
rency system will afford the relicfto which
the Government and the people are emit
tied unless it provides for the retirement
and cancellation Of the legal tender United
States notes. Anything less than this will
be simply Il palliative and not Il cure.
The lemoralizin@ theories that the Gov
eminent can create money by placing its
stamp upon paper or other material; that
4 Legislative enactment can make % cents
equal in value to 100 cents; that artificial
" inflated prices paid in i dcprcciated cur
rency are better for the people than natu-
raj prices paid in 4 sound currency. and
various other va@arics now floating like
bubbles in the political atmosphere. are all
directly attributable To the long continued
use of legal paper. The PROPOSE
ton that Il promise of the government to
pay money is money Is Just a. absurd a. Il
proposition that 4 promise t. deliver Il
horse is Il horse.