River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1895-10-17
CARLISLE Is HEARD.
The Secretary of the Treasury Tel,-s o
National Finance.

national Finance.
Boston. Oct 15.-The meeting of the 4
Massachusetts, Reform club at the Ven |
dome Saturday night was an ovation |
to Secretary Carlisle and his speech on
he finances of the government under |
the present administration was listened
to with great interest. Secretary Car
Isle spoke. in part, as follows:
lone of the most important questions the
people have now 10 consider is whether they
can afford TO adhere longer TO system which
periodically augments the public debt for the
purpose Of securing gold TO be exchanged
for notes. which when redeemed are not
retired and cancelled, but are reissued and
put in circulation to be over and
over again presented for redemption So
far the merits OF this single question are
affected 1t is immaterial whether our standard
value is to be gold or silver, because the coin
for redemption purposes, whether it be gold
coin or silver coin, must be provided by the
government. andit can be procured only by the
sale Of bonds Whether we continue to main
tain the gold standard OF value or deoase our
currency 20 the silver standard the obligation
of the government 10 redeem its notes in coin
on presentation will remain. and, consequent
ly. the question whether the notes when re-
deemed shall be retired and Cancelled, or rets-
sued, is one which cannot De avoided or set
tied by change in our coinage laws II
must be settled 0y Legislation In another d.
rectioE-
when bonds are sold in our market expert
ence has shown that large part of the gold to
pay for them Is taken from the treasury re-
serve in the first instance or Withdrawn In
short time after the bonds have been paid for
and delivered. regular banking institution
can easily provide proper reserve and can
easily replenish 1t when reduced; but the treas
ury department can do none of these things.
MY contention is that the notes ought to be
kept outstanding but should be retired and
Cancelled as speedily as sound and safe cur
rency can be provided 10 take their places.
There can be no financial repose in this coun-
try as long these notes continue
part of our currency, because the
fact that they exist cOmpe.s the gov
eminent TO provide large gold reserve
which. in the very nature OF things, cannot be
permanently maintained by any fixed amount;
and whenever it begins to diminish, dlstrust
and apprehension arise in the puoilS mind,
values are unsettled, business is disturbed,
and more or less loss Is entailed upon the pee
pie. The losses already sustained on this
account almost beyont computation,
and there is good reason TO be-
lieve that the country can escape further
injury in the future IL the policy of the govern
ment is unchanged in this respe;L The fact
that the soundness NJ our currency depends,
is supposed TO depend. upon the mainten-
ance OF certain fixed reserve in the treasury,
which keeps the business of the country in an
almost constant state OF agitation and alarm.
is from every point Of view detrimental to the
interests of the people
My only purpose now Is tn assist In direct
ing public attention to the subject, and to ex-
press the decided opinion that this element OF
weakness must be eliminated from our sys-
TEN before we can have any positive assurance
OF permanent safety. After the experience Of
the last three years, it seems almost incred-
IDLE that proposition to retire these notes
should encounter opposition. though there is,
Al int
as to the manner in which it snail be accom-
plished and as 10 the character OF the cur
reney that shall be substituted for them.
The responsibility is upon the people and
their Representatives in congress 10 deter
mine whether the public debt shall be in
creased from time to time in order TO redeem
and reissue this paper, which, TO say the
least, is of doubtful constitutionality, and
IS no more convenient for use tn IN other
forms OF currency. The executive au-
thorities must obey the laws they stand,
whether they be good or bad, but all the pow
ers conferred upon them by the statutes will
be faithfully and fearlessly exercised when
ever necessary for che preservation OF the
public credit and the maintenance OF a sound
and sS.ble currency for the use of the people
in the transaction of their business.
'If our financial and currency conditions are
such that these results cannot be accom-
plished without increasing the public debt let
the system be changed, but 1t is scarcely fair
to impose unpleasant duties upon Us. and then
eriticise us for diseharging them in the only
way they can be discharged
There is more than one way In which an
adequate and safe currency can be secured for
the use of the people without obstruct.ng the
powers of the government. or s1bjectins its
credit TO the vicissitudes OF either legitimate
trade or reckless speculation and most sin
cerely hope the subject will receive the care
full consideration OF all who feel an interest in
| the adoption of sound policy and that plan
may be formulated which will meet the appro-
val OF congress
''In the meantime the government will con-
| tinue to redeem its obligations on presenta-
| tion. according to the requirements of the ex-
listing laws and public policy. Those who
want gold will get it, and those who want
silver win get it The parity of the two metals
will BE- maintained, and the whole volume of
our currency. paper and coin alike, will be
kept equal TO the highest standard recognized
by the commercial nations OF the world"