Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1895-12-18
VIZ. CarIi.Ic.s NcpOrt Ngnin.

Mr.. Carlisle's annual report. published
and commented on in our issue Of ycster-
day. contains. as We have said. various
recommendations Of one sort and an
other-good and bad-not TO say pracu-
cable and impracticahle. That Is. Of
course. from our point OF view Among
the recommendations is one which favors
the passage Of a law forbidding the issue
OF any circulating notes OF denominations
less than SO one object is TO compel
the use OF silver certificates in all trans
actions requiring no more than SO IN
cash. We are in favor Of issuing just as
many silver certificates of small denomi-
nations as the people need, but we do
not believe that the people are ever going
10 favor the policy Of using silver or gold
coins in all transactions involving less
than SO
Mr.. Carlisle says that as st Is not pro-
babe that any plan for the per-
manont retirement of the United
States notes and Treasury notes will be
adopted that win not require considerable
time for it's complete execution. he re-
commends the prohibiting Of any future
issues Of such notes. or OF national-bank
notes of less denominations than $40.
we quote Mr.. Carlisle:
such policy would make room in the
circulation for silver coins and silver Ger
tifcates of small denominations. thus IN
creasing their use among the people IN
the transaction OF their daily business
and preventing their frequent return to
Il an,
largo silver certificates now outstanding
could be retired and cancelled when re-
cciVod and smaller ones substituted Tor
them. so that there would be no diminu-
ton of the amount Of small currency III
circulation. and the ultimate result would
be an increased use Of our present stock
Of silver in the form OF subsidiary cOin
or standard dollars and certificates
Mr. Carlisle says that there Is but one
safe and effectual way to protect our
Treasury against these demands upon the
gold reserve. and that is to retire and
cancel the notes which constitute the only
means through which the Withdrawals
can be made We quote his language on
this polnt-as follows:
whatever objections 70 a national
banking system may have heretofore eX-
isted or may still exist among our people,
upOn economic or other grounds. the fact
must be recognized that il has been so
long established. and. Notwithstanding it's
admitted defects. has served such a use
ful purpose in furnishing a convenient
form Of currency of uniform value
throughout the country. that an attempt
at this time 10 abolish il. or materially
abridge the franchises Of the institutions
organized under It would not only be
unsuccessful. but would provoke injurious
agitation when the precariOus condition
Of our fiscal affairs demands renOse and
such restoration OF confidence as will
enable the people TO avail themselves of
all the facilities that can be afforded for
the transaction Of their business"
For our part we are very much in
clned to give to the Secretary's recon-
menda tons in this behalf all the atten-
ton which so important a subject de-
mands. But we are not prepared to allow
everybody 10 issue circulating notes and
put them out. Greshams law SAYS that
everybody pays out the worst money he
has which he has the right to put upon
his creditor Think Of the hundreds Of
varieties OF circulating notes We should
have if free banking We're allowed, and
every man were permitted 10 issue as
many circulating notes as his credit would
enable him to put out or a defenceless
public
Mr.. Carlsle's report is very interesting.
and we may recur TO it.