New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-10-13
MR. CARLISLE ON FINANCE.
THE GOVERNMENT WILL CONTINUE THE
PURCHASE OF GOLD.
BONDS TO BE ISSUED AS OFTEN AS NECESSARY
TO DO 1.-THE SECRETARY OF HE
TREASURY BEFORE THE MAssACHu-
SETS REFORM CLUB

SETS REFORM CLUB.
pos,or Oc. 12-The Massachusetts Reform CLUB
held one of the most largely attended ana eh'nu-
siastic dinners in its history at the Hotel Nenuoi
this evening More than 200 members ana NlN''eu
quests were present. George 5. Hale. the pfeSiueh''
presided Seated on either side Of him at the tao'e
were Secretary John c. Carlisle, who was the spe-
cial CUES, of the evening; Assistant HAM
lin Collector Warren. ex-Mayor Matthews, OF Bos-
ton; NJ. p. Kennard, former suo-Ireasurer,
Joseph ONe the present sub-Treasurer' Samuei
n Aldrch. president of the State Bank: Cansteh
Browne and Postmaster Coveney. Among those
present were John T. Russell. Morhed storey
Charles r. Jackson, Josiah Quincy. Dana Estes
Charles Eliot Norton, Samuel Bowles and many
other representatives, of the business anu PioieS-
sional life Of the commonwealth
In his opening remarks President Hale alluded to
the non-partisan character OF the club ana reao
letters of regret from Senator Hoar. Henry Lee
John De Witt Warner. Of New-York, and many
others Secretary Carlisle on rising to speak was
received with three hearty cheers the en're as
semblage rising He spoke for nearly an hour' ana
was heard with the most earnest attention. many
OF his striking points being greeted with spoh-
taneous applause. His allusion TO the crownihg
necessity for the retirement and cancellation or
Government demand notes as the essential prehm-
mary to the establishment Of a sound currency vas
heartily approved and his assertion that the credit
OF the Government would be preserved by the pres
the purchase of gold coin through the issue OF
bonds so long as has the power to do so-was re-
celved with great applause and cheers
Secretary Carlisle referred to the decline OF the
agitation for free silver. and declared that the
danger OF its being successful had passed n.y. iie
continued follows:
The first great mistake in currency legislation
was made in the Act Of March H. 1862 which author
States zed sn9 notes to the amount Of and made
them Legal tender in the payment of all debts public
on ona he pa6c eS Foowng IT'S other acts
passed. under which additional notes of the same
character were Issued. until the whole amount OF
deprecated legal tender paper reached Sszv sce
This paper OF course eseqb hal 1 no
promised to redeem 1t at any particular time, II sub
ssponsbility or inconvenience But since the pas
sage Of the Act of May 81, 1873. and the resumption
has entirely changed. and the Treasury Department
Is not now merely an agency for the issue OF err
redemption in coin, and to reissue them when re-
deemed.
deemed notes in gold to the amount Of $3.50 CO., 600
ana the notes redeemed are sti outstanding and
may be presented for redemption over ana over
again. long as our legislation remains in It's
present Tnder ach be ysi emy y of ma
tanning permanently an adequate coin reserve would
be very great even II the treasury Bep snr EN-
transaction OF banking business, but the df-
S1y is ay BY the the @ TTeasnry n
limited by law that he is not permitted TO resort
institutions in cases of emergency Gold can be
procured only by sales of bonds or by voluntary
exchanges of gold coins for other forms OF cur
rency by the banks and II Is scarcely necessary TO
say that those voluntary exchanges are most an
fcult TO make al the very time when gold Is most
needed.
Ny contention Is that the notes ought not TO be
kept outstanding. but should be retired and can
celed as speedily sound and safe currency
can be provided to take their places. There can
be no financial repose in this country so long as
these notes constitute part of our currency, be-
cause the fact that they exist compes the Govern
ment to provide a large gold reserve which In the
very nature of things cannot be permanently mann
tained az fixed amount. and whenever II begins
10 diminish dstrust and apprehension arise In the
pubic mind values unsettled. business Is as
iurbed, and more less loss Is entailed upon the
people. J..
After the experience of the last three years II
seems almost incredible that proposition TO retire
these notes should encounter serious opposition.
though there IT, OF course. room for wide differ,
ences Of opinion TO the manner In which II shaii
be accomplished. and to the character OF the
currency that shall be substituted for them
Secretary Carlisle demonstrated the falacy Of the
theory that these notes bear no interest. and are
the Cheapest form of currency by figures showing
that the United States note is the most expensive
form of currency that the people can nave, II nav
ing been necessary. in order to procure ana man
tain a fund for the prompt redemption or the notes
on presentation. issue interest-bearng bonus 10
Of $o57 9l5.40l