New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-01-23
ANOTHER GRAVE MISTAKE.

ANOTHER GRIJE MiSIihE.
Secretary Carlisle now asks that the law re-
,,,,rpg him to reissue notes Of the same tie
norip,tious "a those redeemed be repealed by
Il clause in the Sundry Civil Appropriation OH
This is IN utterly improper mode OF iesisia"ns
ON the currency question III the Deh'ocl""'
majority cannot drive the country to SILVER
bosis by open action, il should not De per"'i'e"
to do so by stealth and Indirectly or course Tic
Secretary attempts no conceament OF HIS p"i
nose which is 10 suppress the lcgaltcnder All"
Treasury notes Of the smaller denominations
issuing instead notes Of larger DENOMINATIONS 10
an equal amount This would gradually deprive
the millions of such notes rs they require III
daily use and force them 10 use silver ccFui
Gates of the smaller denominations instead oi
notes retleemable in gold. 1t is thihg which
ought not to be done, either openly OF s'eai'!'
Rut if So radical change as that Is 10 De mdde
in our currency laws. 1t ought to be made open
X and with due deliberation not under a species
of colnpulsion because an appropriation Dill -
pcnding. nor through the ignorance or inat'eh-
ton of men who may easily fail to reaiiZe thit
a long step toward the silver standard Is threat
cncd in such measure.
The millions do not ordinarily handle notes
of $50 or over The notes Of $40, slOO anu
ST 100 are for the uses Of banks and commerce
Wages are almost wholly paid and the entire
retail trade Of the country conducted, with the
notrs Of smaller denominations than SD For
such usr there are now employed Sisl 1861 .iSi
~ small note, and certificates, not counting
h,nkuot,s while Sab, 5S,. 215 of notes and GER
titicoics Of the larger denominations are In Use
for banking and commercial purposes. Thus
moro thnn half the note circulation Is required
., IN. of denominations below $50 for the uses
~ ,b. millions i'm their retail business and the
payment of wages.
The enormous circulation of silver certificates
wos secured Sl3G.On.p0 Of II, or nearly half,
under Mr. Clcveand's first Administration
mainly by forcing small certificates into the
daily Use Of the people, and II the denonlina-
,ions less than $50 there are SOB, 49, 9S such
certificates now outstanding. But these SILVER
certificates have been one of the greatest EN-
barra ssmcnts of the Treasury, because ihey
clog banks and financial channels. and are there
fore. gathered into importing cities. ana thrown
back into The Treasury by payments Of duties
in them instead II gold In May and June this
year over ~ per cent of all customs receipts
al New York were. of such certificates. let MY.
c,rlsl.'s plan. hy forcing more of them into
What the millions are compelled To receive IN
wages the retail traders are forced to receive III
uayments. and their banks in deposits. ana the
constantly accommodating surplus Is all the the
thrown back into the Treasury, lessenlng It's
gold receipts.
The actual circulation. not including banknot"s
which are neither rcdocmabc IN gold nor Sill
vor conprises OF denominations below $50 cach
S1iG lU2 26l; legal-tendcr notes and slo-,'sS'i2o
,.,v Treasury notes or S2is,,l}5,6S6 rcdeemable
In gold beside, the So 15l 1.,S certificates r.
deemable only In silver Thus nearly half the
money that the millions actually use IL already
silver paper Mr.. Carlisle's policy would take
from them the notes rcdccmable In gold, issuing
Of these larger denominations for hank ana
commercial uses, but the supply OF such larger
notes Is more than enough already, ana an III
crease would only cause more RAPID rtdthp-
lions Of notes Then Mr.. Carlisle would force
the peoplc Ia use $24s.WDOD more silver Ger
tincat,s or Sisl .WOWD in all of the smaller de-
nominations. and that would cause larger pa!
meu,s ~ silver paper 10 the Treasury, forcing
(, L. harrow more gold for the redemption oI
lis notes There could hardly bc n more pat
pablc blIndcr.
II Is unjust that the risk Of depreciation III the
silver uaper should be thrown upon the wage
earning millions The very presence Of a vastly
increased volume Of such paper would seriously
Increase the risk. and so rctard restoration If
confidence and Of business. The thing ought
not 10 be- done in any shape. and II attempted
in an appropriation bill. that bill ought to be
killed II necessary by resort To all parliamentary
devices for delay