The times. [volume] (Richmond, Va.) 1890-1903, 1895-06-30
SECRETARY CARLISLE NUsT CARRY
HIS sTCDfE. StILG. DEEPER

The uncommoniy intelligent and we'll
informed Washington correspondent of
the New York Journal Of Commerce writes
his paper that 1t is understood at Wash
ington that when Congress meets Secre-
tary Carlisle will come forward with an
other plan for liberaizing our banking
currency, and he says in addition that
the Republican leaders. who have hereto
fore been the most Incorporating op-
ponents TO any measure of that sort. VIII
look upon the proposition when il comes
before them now with friendlier eye
than they have ever held towards IL
heretofore. The most ordinary prudence
should lead them 20 do this. We saw the
disastrous panic OF 1893, from which the
country is only now beginning TO recover.
brought on It by the movement for the
free coinage of silver and we have seen
that delusiOn take such hold upon the
country az to alarm II most seriously
IL is now mastered, we hope and verify
believe. but If there had been no revival
OF prosperity. we very much fear II wouid
not have been mastered and that II migat
have prevailed IN the next presidential
election. The country has, therefore,
run most serious risk. and II behooves
all men capable of reasoning from admit
ted facts to set themselves to work TO
provide against any recurrence of such
conditions as we have just passed through.
The tax on the issues OF State banks Is
AT the bottom OF the movement for free
silver That tax deprives the great body
of the people living I'm the country ana
I'm villages and small towns Of ali media
OF exchange. They feel the hurt and
enormously imagine that Il proceeds from
a lack of sufficient metallic money. They
have demanded free silver as relief
from the cruel oppression which this tax
on State banks imposes on them, ana
though the movement for false money
seems now to be under control. 1t Is liable
to start again and TO cause the country
another period of incalculable mischief
Ordinary prudence, thenwe repeat, should
cause Republican leaders to look narrow
~ into the true condition Of affairs, ana
10 Join with others who understand IL
in attacking the disease at its seat.
Mr.. Carlisle very frankly admitted In
his speech at Covington, Ky, some weeks
back, that ne did not understand the sub
ject OF bimetallism and the effect Of free
coinage Of silver some fifteen years ago
when IL is claimed that he was a free
coiner. but, he said, he had since stud
led It and had come TO understand H.
and ne sees now that free coinage would
mean the ruin and destruction of the
country. This was a frank admission by
him, and his speech then and those made
since prove that he has thoroughly mas
tered the subject now, and is as capable
an expounder of 1t as any man living
We tell him in all candor that he
does not now understand the subject OF
paper currency and the relation or the
government to II, and that he needs 10
study that subject as carefully as he has
studied the subject OF coinage. The bill
which he presented TO the last Congress
and recommended that it should adopt
emanated from a mind that has only
partial view of the relations of paper
currency TO money, and that bill shows
chat Mr.. Carlisle is fioundering in the
slough where money, paper currency, ana
the governments power and authority 10
turn one into the other. are all mixed up
and iumbled in inextricable confusion
When he drew that bin he had not learn
ed that there is but one money, CON-
and that a paper currency is hothhs
but a sort of promise 10 pay that money
differing in no degree whatever from
merchants ordinary promissory notes,
with which the government can have no
more proper concern than 1t can have
with the merchants promissory note
He had not learned that, and yet 1t Is
absolutely necessary that he shall learn
IL before he can ever be safe ADVISER
TO Congress upon the subject. He must
learn that 1t is just as noxious and VI
cious In government 20 appoint inspectors
for the notes that the banks OF Rich
mond issue as IL would be for II 10 APP
point inspectors for the notes that her
merchants issue. lie will never under
stand the subject until he has probed 1t
20 the bottom and learned that this is an
absolute truth, and that there can be
no true and just financial system until
the national government has totally
severed its connection with the paper cur
rency Of the country. and has LEFT II 10
regulate itself as our merchants regulate
the number of notes they will issue In
their business lie could learn this by
studying carefully the series of editorials
The Times recently had in connection
with its review of COINS FINANCIAL
School" He can also learn this by study
ing Herbert Spencer's essay on state
Tamperings with Money and Banks.
Essays, Moral, Political and Aesthetic. D.
Appleton. 1881.
II Mr.. Carlisle viii learn this foundation
fact in connection with the relation OF
government 10 currency he will come
forward with recommendation that
Congress repeal simply, the tax on the
issues Of State banks II, then, Congress
refuses TO do 1t, let all of us who un-
derstand the subject unite in demanding
that che next Democratic National Con-
vention shall make this the turning point
in ats platform. and. II the free coiners
will drop their foolish clamor Tor free
silver and join the rest Of us In a demand
for State banks whose notes shall he al
WAYS payable on demand in gold, we can
sweep this country, with any good man
as our leader and have an abundance OF
money and sound currency.
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Is THIS A SPANISH OUTRAGE?