Semi=weekly graphic., 1895-10-16
GARL7SLE AT BOSTON

EARLISLE AT BOSTON.
 In his speech before the Massa- chusctts Reform Club at Boston last Saturday night Secretary Car lisle said: 'The mere apprehension that our currency might be debased by the inability of the Government to continne the policy of redeeming it's obligations in gold has already produced one of the greatest tinan- cial disturbances that ever occurred in our history and resulted in the loss of thousands of millions of dol lars to our people.
 Yet in the face of such financial floss and business depression as the result of mere apprehension that our currency might be debased by the inability of the Government to continue the policy of redeeming it's obligations in gold, many people, and even Democrats, denounced the ad- ministration because this "appre- hension" was not made a reality. They wanted the Secretary to pay silver when gold was demanded, which would at once have placed gold at premium, and destroyed the parity between the two money metals. Then there would truly have been financial depression and great loss such that the country would not have recovered from in a decade, fit did not completely revo- lutionize our monetary system.
 According to Mir. Carlisle, the first great mistake in our currency legis- lation was made in the act of March F, 1862, which authorized the Sec retary of the Treasury to issue United States notes to the amount of $15e, 900, GOO and made them legal tender. Following this, other acts were passed under which additional notes of the same character were issued until the whole amount of de- preciated legal tender paper reached $382, ,000, GOO. Since the passage of the act of May 31, 1878, and the re- sumption of specie payments on January 1, 1879, the Treasury de- partmentis required to provide for their redemption in coin and to re- issue them when redeemed. Under the silver purchasing act of Jnly IA, 1890, additional Treasury notes were issued to the amount of $165, 931, 602, of which $148, 900, GOO are still out standing. These notes when re- deemed must also be reissued or standard silver dollars must be snb- stituted for them In order to pro- cure and maintain a fund for the prompt redemption of notes on pre- sentation, it has been necessary to insure interest bearing bonds to the amount of $257 ,915, 400. Up to the
 first of this month the interest on these bonds have amounted to $73,- 000,000, and, together with the bonds and the outstanding notes az gregating $346, 681, ,O0O, makes the total indebtedness on accountof this form of currency $677, 595, 400.
 Secretary Carlisle figures it that if the whole volume of outstanding notes had been funded at 4 per cent. January 1, 1879, the date of redemption, the total indebtedness on that account, paid and unpaid, would have been as follows: Bonds, $346, 681 ,000; interest, $232, PIC, ,0OO; total, $578, 957, GOO. This is $99, G29, : 400 less than the liability which the Government has actually been com pelled to incur in order to keep this form of currency outstanding and maintain it's value. Should this con dition continue and the Government remain unable to redeem the notes when presented without issuing bonds in order to get the money. the people should insist that Congress change our currency system. There are ways of establishing an adequate and safe currency without affecting the credit of the Government, and the subject should receive the care ful consideration of the American people
 TO REFORM THE LORDS.