New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-11-20

,rvited members of the Chamber to send con-
tr,hutions for the relief of the sufferers to COM
mittee consisting Of ]. Kennedy Tod, oscar .
Straus and Charles Stewart Smith
SECRETARY CARLISLES ADDRESS.
There was long continued applause III the od"
ouetinr hall when Secretary Carlisle rose 10
snaat 70 the toast "Our Currency System The
Secretary of the Treasury is no stranger 10 'he
Cbombar of Commerce, as he has been a speaker
az nrev,ous annual dinners. His speech last night
evidently made a deep impression. as his hearers
followed his words closely and gave hearty APP
plause frequently. He said;
President and Gen;lemeni haYe Gp6 e to say ~
say this evening and Will take ou' .ue s u hanks
for the opportunity you nave aHOrdeu ere ~ ~
present this occasion ana renew my and To- ex
press my great appreciation o. the - narods
Il has rendered the country at many critical pe'oo'
]" Two W. Years ago had the honor to attend Your our
annual banquet and to make some remarks, IN tl9
camrse Of which | said that the disposition and
ability of the Government to MAINTAIN ats o W.
ntegritv of ali the forms OF currency In circulation
among the people. could not be reasonap! uouo ,
versy While scarcely any one now seriously douD,s
either the disposition or the ability OF tns Execu,1N S
branch of the Government to accomplish thes o., Oh
ecs all who have given any attention 10 me suo5tS'
realize that in the eXsns S'aIe on Gu Since
that declaration was maze % here Ess
bonds TO the AMOUNT OF s,o f United States
notes and Treasury notes ana the oGsa. s, r OF
the Government on a tbs hnpiDnng The notes are
redeemed but they are unpaid and IL our legisia-
PRESENTED and redeemed hereafter, they vii; remain
unpaid II this policy Of redemption ana reissue rs
continued the Understanding dept VIII De greatE
increased while the NOTWITHSTANDING DEBT VIII
not be in the least diminished
DISADVANTAGES OF THE SYSTEM.
The disadvantages Of such system are so OBJ
vious that 1t is hardly necessary 10 ehumera'e
them The Government has undertaken TO Keep an
unlimited amount Of circulating notes equal III value
TO gold coin and at the time, II has no legai
authority 10 compel anybody TO give 1t gold In ex-
change for the notes. or TO pay gold on any qe-
an@ the power is ali on the other Although the
amount OF United States notes Is ixed al ooSiVo
little over $l4OOo00O0 yet the total amount that
may be presented for redemption is unlimited, pc
cause there is no restriction as 10 lhe nulT g ol
times the same note may be returned to the Treas,
ury and exchanged for god our legal stahda ,ba
world. and If we had such currency system as
would certainly guarantee It's pTdnId
larger credit realize greater benefits from II IMAM
ciate the difficulties under which are leboring
and until those difficulties are removed we cannot
at home or abroad.
Every student OF monetary science and every
practical man Of business knows that the funda-
mental vice In Our currency system Is the .egai-
tender note redeemable in coin b. the Government G
fects' but this is fundamental and radical. and
tie e das n e tee nSes are
the slightest diminution OF the coin reserve au-
cites feeling of apprehension and distrust in the
public mind affects the values Of all our securities.
harnesses all the business affairs Of the people.
How much has been lost TO our people on account
of unavoidable fluctuations in the reserve II Is i'm
possible to state; but all classes have SUFFERED more
or less from the effects Of these duetuations upon
the values of all kinds Of property. and; conse,
country With an almost constant drain upon It,
for boarding or for export, and with no Ger.
tain means of replenishng it,, except by sales of
reserve at any fixed amount and, therefore, impos-
slbe to keep the public constantly assured of fnaa-
| cial stability and safety.
NOT FITTED FOR SUCH A BUSINESS.
| In attempting to provide circulating medium
| consisting of Its own notes redeemabe in coin on
presentation and reissuable after redemption the
Government of the United States is engaged in a
business for which 1t is wholly untitled and which
| was never for moment contemplated by its
| founders. Applause2 II has right to borrow
| money and issue evidences OF the debt. and 1t has
IS. 70 declare what the relative values Of the
| metals shall be In the coinage-but 1t was never
| bank Of issue and furnish legal-tender paper
currency for the use OF the people 1t has no de;
| partment agency properly organized equipped
| for the transaction of such business even If this
| a legitimate governmental function. The
| Treasury Department ought to be. and in
tended TO be. simply public agency for the man
| as Government not a bank-for the collection and
disbursement of the public revenues for public pur-
poses. and for the supervision and control of such
other EXECUTIVE matters as might be nrusted to it
| thority for these purposes but 1t Is not clothed
with proper authority to conduct banking bust
a business the greater will be the injury to the
| Government and to the people. No change that
| the relief to which the Government and the PEG
pie are entitled unless IT provides for the retire
| States notes Applause) Anything less than this
financial ills to which the country Is now subject.
| GOLD DRIVEN OUT
The circulation OF lega-tender United States notes
and Treasury notes has tendency to drive out of
| use and out OF the country the very coin In which
| the Government Is compelled to redeem them: and II
has expelled millions OF dollars from borders.
| Although the Government and our peop:e com
peeled TO them they will not discharge inter
national obligations. and gold must go out TO settle
| all final balances against US. No other Government
treasury to discharge the private Obligations Of its
citizens and no Government ought to be required 10
| 30 go But the maintenance at par or the United
States notes and Treasury notes compels the Gov
eminent OF the United states not only to furnish
abroad, but TO furnish II to every foreign nation and
to the subjects Of every foreign nation. whenever
they want il for any purpose and. in order to pro-
cure il for them we must from time TO time increase
the pubic deht by sass Of bonds The fat that the
for any other purpose is an injury to its credit and
the credit OF its people: but the injury resulting
| from this Is insignificant I'm comparison with
the ruin that would follow an abandonment of the
reserve while the notes are outstanding: for all
currency would thus be reduced TO the silver stan
| dard.
While the pecuniary loss to which the people have
been subjected by the issue and continued circulation
Of legal-tender paper has been almost inca.cu.abe.
this has not been, by any means the on.y injury
| fcted upon the country The widespread demoraii-
| zation OF public sentiment, resulting from the false
theories which such system necessarily engenders
has BEEN and still is Of the greatest sources ~
our financial difficulties. The theories that the Gov
| eminent create money by placing It's stamp
upon paper other material that legislative en-
actmen can make 80 cents equal TO 100 cents: that
ariically inflated prices, paid In deprecated cur
rency are better for the people than natural prices
paid In sound currency. and various other vagaries
now floating like bubbles In the political atmosphere,
are all directly attributable TO the long continued
use Of legal-tender paper. ApplauseD The PROPOSE
i Ion nfth ln,.n