The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1895-12-02
CAaLIsLE's POLICY
Or Paying Out GreonhackS Criticized by
Congressman Dlnglcy,


Congressman DlnglCy,
Portland, Me-, Dispatch; The Port
land Club Tonight had dinner which
was largely attended by members and
local invited guests The guest Of the
evening was Congressman DlngleY
who said, In substance;
Among the object lessons which
have confronted the people the past two
and a half years and are stlll confront
ing them, l win refresh your memory
by calling your attention to tho follow
Ing:
"First, the continuous deficiency OF
revenue since July |, 1893, aggreguting
1888, 600 goo up 70 The present time, which
has been met by raising that amount,
all but $ig,00O,0OO OF the $ls2OOOOO0 OBJ
tanned by selling bonds, ostenslbly To
maintain the redemption fund,
Second, deficiency OF revenue to ex-
tent OF S6O,OOO,OOO In the first fourteen
months OF the existence VI the WILSON,
German tariff, which has proved to be
tariff for deficiency only
Third, the run on the treasury gold
redemption fund, which has Kept It al
most constantly for two and one-hnlt
years below tho minimum Of Si0O,OOOOOO.
Fourth, the Increase OF the interest
hearing debt In the last two years, In
times OF peace to the extent OF Sl62, $780,
900,
Fifth, such increase under the new
tariff Of Imports Of goods which we had
previously made for ourselves, and Huch
reduction al exports as 10 change the
favorable balance OF foreign trade that
had existed with lmmaterlal exceptions
from 1878 to 1898 into u balance of Vs.
100000 against us In the first eight
months OF the present calendar year.
sixth, the demand for gold to pay
this balance at u season IT the year
when Il Ia unusual to have balance OF
trade against us, and Discrimination
abroad to buy our securities.
Seventh, the impairment Of INDUS
tries and business confidence In the past
two and one-half years, first manifest
cd after II had become known that the
election Of 1899 had resulted In q COM
plete Democratic victory,
1.-THE chief source OF all the difficulties
was the apprehension created In the
public mind that the Democratic party
meant the overthrow OF protective
tarlfr basis, While the new tariff. as
finally enacted was far less radical
than the Wilson bill MS II passed the
house, yet there are sufficient schedules
from, which protection was diminished
to encourage imports OF goods which
we had been making for ourselves, to
establish lower standard OF wages
and living than existed In 1892, wages
nj Fall River being still II per cent
lower than In 1892, Notwithstanding
restoration OF l2 per cent Ot reduction
made In 1888 md 1894 and to make vol
ume OF business past ten months 10 per
cent lcsl than In same months Of 1899,
whereas, with the same growth shown
prior 10 that time. they should now be
20 per cent larger than three years ago.
CONTINUED use OF redeemed green
backs to the extent uf SlSa,OO0,000 TO
meet deficiency In the treasury, united
with the turn Of balance OF trade
against us under the operations Of the
new tariff. hns made the relief Of the
treasury much more difficult than II the
proper remedy had been applied two
and one-half years ago, thai OF rnlsing
revenue equal TO expenditures and
maintaining gold redemption fund MS
Il fund exclusively set apart IA. redeem
government demand notes.
ut n neither frank nor Just for Score
tary Carlisle 10 ascribe'tho porils Of our
financial situation to the endless chain
Of redemption Crented by the greenback
In our currency. and to extend his cner-
giles In recommendation for the with
drawal OF grcCnbacks. ms the only pro-
per remedy. While few would regard
II wise to increase the volume OF green
backs yet the difficulties OF withdraw
Ing those now In circulation are so
great that Mr.. Carlisle would do better
to drop TINT proposition.
Secretary Carlisle, In recent New
Il a. -
endless chain Of greenhRck redemption.
for which, however, this administration
IL responsible. He created II by Inn
medlately paying out Rreonbncks when
redeemed TO meet current expenses, for
which the revenue was responsible. No
more fatal policy could have been de-
vlsed than that which resulted In prac-
tically using the greenback redemption
fund to meet the revenue deficiency;
and yet, before the first sale Of bonds,
millions Of dollars practically pledged
Ms the 800 900, 900 greenbaCk redemption
fund were Withdrawn from this fund
and used TO pay current expenses. Tho
untOwprd events Of the past two years
have demonstrated. not only the wis
dom Of protcctlOnA but also tho super
ability of the Republican party to I'D
minister the affairs OF n great nation,
ana large majority OF the people OF
the country have become thoroughly
convinced OF this
III called upon by the President TO
provide more revenue, doubt not that
the Republican majority In the house
VIII meet such request In way which
seems wlsest and best to that body
They would he false to themselves and
recrennt to their country II, so far ns
revenue legislation ls lnauEurOtcd by
them. Il would not he on the lines which
tend to build up already suffering In
dustrica OF the country. The fact that
at the last session Of Congress, under
the head Of Mr., Reed. they voted for n
proposition to authorize tho secretary
Of the treasury TO issue lower rate
and shorter time bonds than those pro-
vidch for by the act Of 1876, TO main
tain the redemption fund and also to
Issue short term certificates Of indebt-
cdncss 10 provide for temporary den-
cicncics In the revenue affords ahunht
ant evidence Of the patriotic spirit with
which the Republicans Of Congress will
meet tho eSIgcnclcs Of the country
forced on them Mt the coming session"
a=-.-1ss--