Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-17
ur. CarIislc's Report
PRESS

Nr. CarIislc's Report
e..,o~,. ~.arlisie. in his annual re-
mort. which was made puohe Nes''iuaS
,ales issue with the Republican cala'"'S
to,,lers who assert that our. Nauon"i
Treasury is bankrupt ana say 'n"'
,.e nust increase the tarlt id"S
n raise more revenue. lie pe0'"io'
hat the situation does not re-
1.-Two any legislation for raising
@aa,,,o,al revenue bv taxation At
,his time" He. however. admits tha'
tho margin IS close enough TO REQUIRE
tho strictest economy in appropriations
and public expenditures. WIN ooi"
Not, roturn TO the normal business con-
di,ions of the country and proper les's-
,a,iva and executive supervision over eN-
,,ondi,ures the revenue laws now IN force
will. in his opinion, yield ample means io'
the support OF the public service upon the
basis now established.
During the fiscal years 1891 anu i''' '"e
ordinary expenses of the government nav.
hoo, decreased 81 .2S2.6j6, as compared
vim rho fiscal year 1898. and the Seore-
,.~,. hsleves that with the cooperation
90 Congress further reduction can ue
made in the future without impaTins 'he
efficiency OF the public service He now
ever. leans upon broken reed-no joke
4, ha thinks that the Republicans are
,,a,,io,ic enough 10 assist him in the
,yav that he points out. II there Is no
d,ecit they will do all that they can TO
create one.
The purchase Of bonds to maintain the
cold reserve is explained and Defended
in detail. Unless Congress ehacts
remedial legislation the Secretary Tears
that the bond-purchasing pohcy must
become permanent-that Is. II we WISH
n keen all Of our currency, coin ana
,.uer al par. But Mr. Carlisle Is tho
roughly convinced that the United States
notes and Treasury notes should be re-
tired from circulation at the earliest
practicable day. "and that tho govern
,rcnt should be wholly relieved rom u e
responsibility OF providing credit cur
,ep,,, for the people" He recommends
lat loug-date per cent bolds lie
,ssuod and the troublesome notes ie-
plan he thinks. there could be no I'M
proper contraction of the circulation
because If il should at any iime re
found that other forms of currency were
not be supplied to the extent required
exchanges OF bonds for notes would DE
suspended and gold procured by Selling
the securities abroad" This plan was
lroached in the Presidents message, and
fbe expressions oI opinion thereon leaves
10 hope that it will be adopted by Con-
gress at this session There IS dfead
not only of contraction of the circulation,
but OF ANYTHING that squints IN that
direction. 1t is quite unlikely mat what
Mr. Carlisle has 10 say on this point
will convince those who uttered strenuous
objections when the President advocated
the same policy
Secretary Carlisle recommends that the
national banks should be authorized To
issue notes equal in amount 10 the race
value Of bonds deposited to secure them
and that the tax on their circulation
should be reduced TO one fourth of
Der cenium per anhum. Re thinks that
an attempt at this time 10 abolish or
materially abridee the franchises of the
national banks would not only be UNI
successful but would provoke Injurious
agitation when the precautions condition
Of our fiscal affairs demands rcpose. and
such a restoration OF confidence as Will
enable the people TO avail themselves OF
all the facilities that can be afforded
Of
bat he would amend the law. so as 10
permit national banks ITO establish
branches for the transaction OF all kinds
Cf business NOW authorized except the
issue of circulating notes Just there
his scheme viii have the opposition OF all
the friends OF State banks. Though they
may be mistaken in their view that
home currency viii relieve the straits
81 the people that Is the very thing that
they are wording !or and thar Is the
very hing that Mr.. Carlisle IL opposed 10
on this point the Secretary Is more en-
phatlc than the President was ~ his
message. but We suppose that they are
IN practical accord. especially as the
Secretary report MAS not put forth
until the President had returned TO Wash
ingtOn. and had time. We suppose. 10
read II in proof.
During the past year official Information
hss been collected through the office Of
the Comptroller Of the Currency in rela-
ton 10 the banks and banking systems OF
twenty-five countries. from which It APP
pears that. though their systems differ
widely In many other respects. they all
permit the establishment and operation
Of branch hanks. and one OF them
ti'rancei makes their establishment com
pusory"
In view OF the probability that any
plan that may be adopted for the per-