The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1895-10-14

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IL Secretary Carlisle had in his mind a
plan for increasing the revenues to an
extent that the monthly treasury deficit
might come to an end there would be a
pretext for his going before the Massa-
chusetts Reform Club TO address the
country But. having no plan of that
character, why should a Secretary OF
the Treasury who has seen a deficit at
the close of every month of his admin
~istration, with two exceptions, appear
before the country to instruct it upon
finance?
What he has to say about the standard
Is well enough. but 1t is old-old even
when he was on the side opposite sound
money. What be has to say about a
stable currency is as true now as it was
when he was voting for the repeal of
the resumption act in 1877 and 1878 in
the House. His hostile criticism of the
Congress which early i'm the wal voted
issues of legal-tender notes to a the
Union comes with bad grace from a
Secretary of the Treasury who has no
plan to present to increase the revenues
~ thot taC Aios b( t4Nct W
expenditures of the government.
theoretically Mr.. Carlisle is a very
able man, but as a practical financier he
is as much a failure as the quack who
treats his victim for influenza when he
Is bed-fast with paralysis. Mr.. Carlisle
insists that the outstanding legal-tender
notes are the cause Of the governments
frcx,hI.c os~.4 ~ O14x-.axI 1o1o.no
President. He insists that there would
be no trouble or danger now If these
notes were not In existence. There GER
tainly would be no need for a gold re-
serve IL the greenbacks and treasury
notes were not in existence. But there
was no trouble about retaining the re-
serve at 800. 900. 900 and keeping the pa
ton from 1879 until Mr.. Cleveland be-
came President with a Democratic Con-
gress.
That it would be wise to redeem and
retire a portion of the greenbacks and
treasury notes and have them replaced
by some other form of paper money of
a national character like the present
bank note there can be no doubt. If the
treasury had been in a condition to re-
tire fifty millions of the g~reenbacks and
treasury notes presented for the sole pur-
pose of getting gold to export, there
would now be little trouble in maintain
ing the reserve. But under the Demo-
cratic laws for raising revenue the
money coming into the treasury from
~~- ~~-<L 49, 1~~ oLo,,< c;- Ill
lions less han the amount going out for
current expenses.
These six millions of dollars to make
up the monthly deficit had to be obtained
In some manner. There being a demand
for gold to export to meet current bill
cations. and. during the past year, to
pay for foreign-made goods which be-
fore the Democratic tariff we made at
home, greenbacks and treasury notes
were presented to the treasury for re-
demption in order to get the gold. I'm
der the resumption act the treasury Is
authorized to pay out these notes when
redeemed If necessary. 1T has been
necessary during the Cleveland regime
to prevent the suspension of payments
Dy the OnlleO STATES. OStenSlDiy MI.
Carlisle has sold $162, 900, 900 of bonds to
keep up the reserve fund; practically he
has sold these bonds to pay the running
expenses of the government. -
If the Democratic Congress had passed
a tariff for revenue only instead of one
largely in the interest of foreign manu-
facturers and special industries at home,
so that there would nave been a surplus in
the treasury of six millions a mont in
stead of a deficit, the deficiency caused
by the raids upon the reserve fun could
have been made Up from that surplus,
and the ~greenbacks redeemed could have
been held back until there would have
been no surplus in circulation to collect
and present for gold. But being forced
by the continuing deficit to put these
notes in circulation again to pay current
demands. they have been used to de-
plete the gold reserve.
And now Secretary Carlisle goes to
Boston to declare that the ~greenbacks
which, by virtue of the resumption act,
have protected the treasury from sus-
pension of payments are the cause of all.
the trouble. Does Secretary Carlisle
know that there is a monthly deficit. and
that it was over five millions during the
first ten days of October?