The Butler weekly times., 1895-11-28
OUR CURRENCY.
Secretary Carlisle Speaks at the
New YORK. Banquet.
LEGAL TENDER NOTES A TR0U-
BILE.

The Secretary Of the Treasury Also
Says That Much Of Our Financia!
Trouble is Caused by the Uncer-
tainty of the Policies of Our Politi
cal Parties.
New York, Nov. 20.-The 127th
annual banquet Of the chamber of
commerce OF the state of New York
was held at Delmonico's last even.
ing. The yearly dinner of this or
ganization is among the most impor
tant events of the metropolis. Utter.
ances that have moved the policy
of the government have been made
on these occasions. It was some
what after 8 o'clock when President
Orr, in brief speech, introduced
Secretary Carlisle, who spoke on
"Our Currency System"
1 have but little to say this even
ing, and will take but little time to
say it. Two years ago, at your an.
nual banquet, I SAID that the dispo
sition and ability of the government
to maintain its own credit at the
highest standard, and to preserve
the integrity of all forms of currency
in circulation among the people,
could not be reasonably doubled and
ought to be the subject of further
controversy. But the task is both
difficult and expensive. Since that
declaration was made here, interest.
bearing bonds to the amount of
S152,315,400 have been issued to
procure gold for the redemption of
the United States notes.
The fundamental vice in our cur.
rency system is the legal tender note
redeemable in coin by the govern
ment and reissuable under the law
There are other defects, but this
threatens the stability of the whole
volume of currency. So long as
these notes are outstanding the
slightest diminution of the coin re.
serve at once excites feeling of ap-
prehension and dlstrust affects the
value Of all securities, curtaiIs invest.
ments and more or less seriously
embarrasses all the business affairs
of the people. In attempting to
provide circulating medium con.
sisting of its own notes redeemable
in coin on presentation and reissue
after redemption, the government of
the United States is engaged in q
business for which it is wholly unfit.
ted and which has never tor mo.
ment been contemplated by its
founders.
No changes made in our currency
system will afford relief unless it
provides for the retirement of the
legal tenders.
The circulation of legal tenders
has tendency to drive out of use
and out of the country the very coin
in which the government is compell.
ed to redeem them and it has ex-
PEELED millions of dollars from our
borders. Although the government
and our own people are compelled
. to receive them, they will not dis
charge international obligations,
snd gold must be got to settle all
final balances against US. No other
government in the world is required
to supply gold from it's treasury to
; discharge the private obligations of
its citizens.
The theories that the government
can create money by placing its
stamp upon paper or other material:
that a legislative enactment can make
} so cents equal in value to 100 cents:
that arti6cially inflated prices paid
in = deprecated currency are better
for the people than natural prices,
paid in sound currency and various
other vagaries now flowing like bub-
bles in the political atmosphere are
all attributable to the long continued
use of legal tender paper. The prop.
osition that promise of the govern
ment to pay money is money, is Just
as absurd as is the proposition that
promise to deliver a horse is a
horse, and yet there are eminent
men high in public councils who be-
lieve that the United States promis
Ysory note is actual money, and that