New-York tribune., 1895-12-28
CARLISLES VIE VS.
HE STILL INSISTS THAT THERE Is NO
DEFICIENCY.
NEITHER THE TARIFF NOR THE BOND BILL" IN
HIS OPINION WILL YIELD THE

NEITHER THE TARIFF NOR THE Bo>p ''>' '-'
HIS OPINION. WILL YIELD THE
RELIEF REQUIRED
Washington. Dec 27.-Secretary Carlisle gave 10
reporter OF the United Press this evening MS VIEWS
the tariff measure pending in congress
What in your opinion. VIII be the effect upon
the financial situation of the tariff bill passed by
the House Of Representatives yesterday! MI Gar
lise asked.
IL had supposed that very few could now be tound
who believe that our financial difficulties were
caused by deficiency in the ordinary revenues Oh
the Government. or that they can be reieVed py ~"
creaslns taxes upon the commodities consumed by
the people These difficulties are the necessary re-
suits OF financial legislation. and they cannot
be removed. temporarily by tariff laws nor Dy
any other measure which do not directly enapic the
Government to procure the means necessary ior the
maintenance OF gold payments
do you think. then, that the bond bill reported
in the House to-day will furnish any relief to the
Treasury
Il am satisfied that there is but one permanent
remedy for our financial embarrassments. ana tnat
Is legislation providing for the retirement ana can
collation. of the egal-tender notes, but recoshiz'hs
the fact that such a measure would require time
for It's consideration and for It's complete execution
If adopted. had hoped that Congress would iinme-
diatey take necessary steps to assist the Gov
ernment III its effort to procure and MAINTAIN such
a gold reserve may be required to remove distrust
and apprehension, which have preciptated the pres
ent emergency. The bill reported by the Committee
on WAYS and Means falls very far short OF the re-
quirements of the situation. and Its passage VIII not
benefcally affect the situation with which we now
have 10 deal our difficulties were produced ana
have bee. prolonged and aggravated by the rear
that notwithstanding all the efforts of the Adnihis-
tration, we may ultimately be unable TO procure
gold for the purpose of redeeeming our notes, and
consequenly Re forced TO silver basis, ana th's
fear cannot be wholly removed until some actloh
is taken by Congress clearly indicating a purpose
TO pay ALI obligations in gold When denahued
by the holders. Although there is no SUBSTANTIAL
reason tc distrust the character of our notes or
other securities or TO doubt the purpose Of the Gov
ernment to maintain gold payments, the fact that
there has beer no legislative declaration upon uhe
subject and that legal authority exists 10 MAKE
them expressly payable in gold not only prevent
the sale of our bonds for the repenishment Of the
reserve upon the most advantageous terms put
increase the demands for gold by the presentation
of notes at the very times when we are least able
to meet them without injury TO our credit
III it was not generally expected that the three
classes of bonds already authorized by law VIII be
paid in gold at maturity, If demanded. they could
not be sold except at an enormous sacrlhce, pat
even this genera. expectation is not sucient alto
gether to satisfy investors. especially IN times OF
financial disturbance About $6.OoWc in interest
could have been saved TO the people on the last issue
OF bonds II Congress had consented TO make them
expressly payable in gold instead Of coin This
condition Is not at all improved by the pending bill,
which stl requires all bonds be payable in
coin as heretofore, and confers no new authority
except the power issue and sell per cent Donus
also payable In coin after five years. with interest
nayable in coin semi-annually At the present Time
our thirty-year per cent bonds with interest pay
able quarterly selling in the markets at rates
which Weld investors more than 3 per cent per
annum and this fact should not be overlooked IN
determining whether not a hve-year 8 per cent
coin bond could be sod at par. as the pending
bill requires. . A., ,, $50
What Will be the effect OF the provision pro
hbitng the sale OF bonds except after pubic adVer-
tisement?' . . .,a ,o,,,d
Assuming that sufficient amount OF gold couid
he procured in that way. any secretary or the
Treasury would prefer 10 advertise for bids. Dut II
is evident that there may be circumstances when a
prompt action is required In order to preserve the
credit of the Government, and in such cases a
peremptory provision requiring public advertise
ment might defeat the object of the law and pre-
Speaking Of the section of the bill which author
,zes the Issue Of certificates 10 meet deficiencies
in the revenue Secretary Carlisle said:
while there is necessity at the present tune
for resorting TO the exercise of the power whch
that section confers and may not be in the future
the Secretary OF the Treasury ought always 10
have the authority to issue and sell or use III the
pavment Of expenses short-time certificates or
bonds of the character described In the Dill Such
authority ought to have been conferred upon MN
long ago. and il ought to be made permanent m
stead OF being limited 10 $5o@o,ra as 1t is by the
bill Except as this limitation the second sec
ton OF the biz is good one