The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-05-24
Carlisle's rlemDhis Speech,

SuhoiC . iCihpiiiS SpCS(Hs
The widespread interest manifested
by all classes of people in the financial
question is a sufficient excuse for the
publication, elsewhere in this issue, of
he complete text of Secretary Carlise's
peech, delivered yesterday before the
sound money convention n; Memphis,
Tenn. The Tribune was one of the four
Pennsylvania papers which printed Mr..
Carlises Covington speech without
abridgement; and the different ground
traversed by the Memphis dellverance.
as we'll as the demands of journalistic
enterprise, justify similar treatment Of
1t.
The gist of this second utterance Of
Mr.. Clevelands official representative
Is embodied in its concluding para
graph, where, in general terms, he de-
clares his belief that the federal gov
ernment should cease to exercise super
vision over the banking business. In
order that there may be no misconcep-
tion. we repeat the secretarys own
language;
The United States should go entirely
out of the banking business by the with
drawal of its arbitrary and compulsory
issues of notes and afford the people an
opportunity to supply their own currency
based upon their own means and credit
thus enabling every community to util-
ize its own resources when necessary and
adjust the circulation from time to time
to the actual demands of legitimate COM
merce In what way this shall be accom-
plished is a question which has already
engaged the serious attention of the peo-
pie and public authorities and it will
no doubt continue to be investigated
and discussed until a plan is formulated
which, If not perfect, will at least have
the merit of being a great Improvement
upon the existing system. In the mean
time our highest duty is to preserve the
present standard of value, maintain the
parity of the two metals, and keep all
the money in circulation among the peo-
pie, whether 1t be gold and silver coins,
or paper based upon them, equal in pur-
chasing power, so that no discrimination
will or can be made between those who
receive silver or paper and those who re-
ceive gold.
This is no doubt meant as a compro-
mise for the benefit of the Southern
Democrats and Populists who desire to
return to the old system of wildcat
state banks. 1t is also a direct encour-
agement of the nearly abandoned sub
treasury warehouse scheme. Both
these projects are nominally designed
to afford the people an ample oppor-
tunity to supply their own currency
based upon their own means and
credit" especially upon their credit.
Indeed, If the federal government is to
surrender its present control of the
banking business, and restrict it's
money function simply to the unavoid-
able duty of coming gold bullion upon
the demand of the bullion owners, or
Of selling bonds at a sacrifice in ex-
change for foreign gold, many persons
will at once wonder whether the pres
ent secretary of the treasury is not at
heart as deep-dyed an infiationist as are |
the western silver extremists against |
whom he so learnedly argues.
AS between his vaguely suggested So
luton, and an equitable coinage of pro-
tected American silver, most persons,
we should think, would be inclined to |
choose the latter.