The times. [volume] (Richmond, Va.) 1890-1903, 1895-12-18
WEDNESDAY. DECEMBER II, 1895.
SECRETARY CARLIsLE's REPORT.

SECRETARY CAKIlsLES kttohi'
Mr.. Carlisle gets little nearer TO the
mark than the President did. but both
utterly fan short in their recommends
tons for reform I'm our finances. The
President showed IN his message that
h. had begun 10 see the outlines of the
true field OF finance, and Mr.. carlisle
shows in his report That he has actually
passed the boundary-line OF II and got
into Its outer edges. lie shows that he
has learned an immense deal about the
subject since he made his last report to
Congress. His discussion of the proposition
that ali trade and commerce commence
down with the individuals amongst the
people, and that financial system That
meets the demands OF the people. must
take the individuals into consideration
and make sailing for them plain, though
they dwell in the mountains ana the
valleys and remote from tho centres
OF population. shows that his mind Is
gradually opening to the true and blessed
idea that there can he no true finance
unless all men, wherever they may be,
shall be left at perfect liberty to assign
their credit 10 whomever Will take IT, and
that all other men shall be at perfect
liberty to accept assignments OF any
credits that please them.
The president showed IN his message
that he had got slight glimpse OF this
blessed idea. ana Mr. Carlisle shows IN
his report That he has got larger
view OF IL. But he fans short OF seeing
II in us fun ana rounded form, and thee
measures ne proposes. being IN Disregard
Of the real nature OF the case would
utterly fail 10 bear satisfactory fruit,
even II Congress shoul9s ADOPT Them
which ~ broDably viii not do.
Mr. Carlisle can nnd nothing better 10
meet the local demand for bank accom-
modations by people VINO have none and
can get none. as the laws now stand,
but permission to the national banks to
open branches without the power TO
issue notes at such places as SUIT them.
This Will never be done in volume
enough TO meet the demands of the
case and after his measure had been
fUflf urea. az NOhft ne seen 10 W q
dead failure For these branches to
amount 10 anything IN the way of relief
TO the people OF a locality they would
need 10 be managed by the local people.
These know what credit can be safely
granted TO the people OF a neighDorhood,
while strangers never would know. But
as the branches OF the national banks
would be managed by people rom affair."
II they did any business. IT would be in
lending 10 people of whose means they
knew nothing, and they would, there
FORE lose their money, and the thing
would soon come TO an end. But Mr..
Carlisle would, no doubt, mend his mold,
and provide for the national banks max
ing local men their partners in the
branches, and putting the management
OF the branches under those local men.
But II the local men were managing the
money OF other people. they would grant
accommodations TO their friends that
they would not grant il they were man
aging their own money, and the thing
would soon prove a losing one and be
abandoned. Mr.. Carlisle might then say
that he would amend still further and
Jet Richmond national bank start
small branch at Clntwood the capital
Of which would be partly subscribed by
H. and partly by citizens Of Clintwood.
whie the management OF the bank would
be by citizens of Cintwood. But If the
citizens OF Clintwood put in enough of
the capital to make them take that real
interest in the management of the bank
which Is absolutely necessary 10 its sue
cess. those managers would hold at
Ciintwood such large part OF the profits
that the national bank at Richmond
would have no temptation TO pat any
money into the enterprise.
SO. view all the schemes as you will,
but they prove TO be nothing but nos
trums and quaek medicines. There is
but one true financial plan, and that il
the plan OF our Constitution. which de-
clares that there can be but one money,
Noia, but that all men shall be at perfect
liberty TO make their notes payable on
demand, in coin. and pass them to any
other men who are willing 10 take them,
and that each State shall be at liberty
10 charter AS many banks as II chooses,
with full authority TO put out all the
notes that State chooses TO permit upon
any terms that that State chooses to
prescribe This Is what the Constitu-
lion OF the United States lays down as
the plan OF the nations finances. We
uatil the war. and We shall never again
have any true. prosperity and content
mcnt until we return 20 n.
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