The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-10-19


National Finance
BosToS. Oct i5.--Thc meeting of the
Massachusetts, REFORM club Mt the Ven
dome Saturday night was an ovation
70 Secretary Carlisle and his speech on
he finances of the government under
the present administration WIS listened
20 with great interest Secretary Car
Isle spoke. in part, as follows:
One OF the most important questions tho
people have now TO consider IA whether they
can afford 10 adhere longer 70 system which
periodically augments the public debt for the
purpose OF securing gold 20 be exchanged
for notes. which when redeemed arc not
retired aud cancelled. bot arc rcissucd and
put In circulation 20 be over and
over again presented for redemption. So
far as tho merits OF this single question ara
Affected 10 Is lmmaterlal whcthoy our standard
ynluc Is 20 be gold or silver. because the coin
for redemption purposes, whether Il be gold
coin or silver coin, must be provided by the
government. and - can be procured only by the
sale OF bonds Whether we continue 20 main
tain the gold standard OF value or dobase our
currency 20 the silver standard the obligation
OF the governments 20 redeem lts notes In coin
on presentation will ncmnin, and consequent
~, the question whether tho notes when re-
deemed shall be retired and cancelled or rois-
sued. Is one which cannot DO avoided or set
tied by change In our coinage laws 1t
must 30 settled by Legislation In another d.
rector.
when bonds are sold In our market. oxperl-
encc has shown that largo part OF the gold 20
pay for them is taken from the treasury ro-
serve Ia the first instance, or withdrawn In
short time after the bonds have been paid for
and delivered. A regular banking institution
can easily provide proper reserve and can
easily replcnishit when reduced but the treas.
ury department can do none OF these things.
my contention Is that the notes ought 70 DO
kept outstanding, but should be retired and
cancelled as speedily as sound and safe cur
rcncy can be provided % take tholr places.
There can be no financial repose Ia this coun-
Try as long these notes continue
part of our currency, because tho
fnct that they exist eompois tho gov
eminent 20 provide large gold reserve
which, In the very nature OF things, cannot DO
permanently maintained by any fixed amount.
ana whenever II begins 20 diminish, distrust
and apprehension arise In the public mind.
values are unsettled, business Is disturbed
and more or less loss IS cntailod upon the pco-
Pile. The losses already sustained on this
account are almost beyond computation,
and there Is good reason 20 be-
lieve that the country can escape further
injury In the future II the policyof the govern-
mcnt In unchanged In this respect The fact
that the soundncss OF our currency depends
or IS supposed 10 depend. upon the mainten-
ance OF o certain fixed reserve in the treasury,
which keeps the business OF the country la an
almost constant state OF agitation and alarm.
Is from every point OF view detrimental 10 The
interests OF the people
My only purpose now Is 20 assist in direct
iug public attention 20 the subject and 10 ok
press the decided opinion that this element OF
weakness must be eliminated from our sys-
ten before we can have any positive assurance
or permanent safety After the experience OF
the last three years II seems almost incred-
iOle that a proposition % retire these notes
should encounter opposition. though there Is,
OF course. room for wide difference OF opinion
as TO the manner IA which II shall DO accom-
plishcd and as 10 tho character OF the cur
rency that shall be substituted for them.
''The responsibility is upon the people and
their Representatives In congress 20 deter
mine whether the public debt shall be tn
creased from time 10 time In order 10 redeem
aud reissue this paper which, 70 say tho
least, is OF doubtful constltutionnlity, and
IS no more couyenlent for use than other
forms OF currency Tho executive au-
,hofitics must obey the laws as they stand.
whether they be good or bad, but ali the pow
ers conferred upon them by the statutes viii
be faithfully and fearlessly exercised whom
ever necessary for The preservation OF the
public credit and the maintenance or a sound
and stable currency for the use OF the people
in the transaction OF their business.
III our financial and currency conditions arc
such that these results cannot be accom-
plshed without increasing the public debt let
the system be changed. but II Is scarcely fair
10 impose unpleasant dutlcs upon Us. and then
crticlsc Us for discharglng them In the only
way they can DO discharged
There Is moro than one way In which an
adequate and safe currency can be secured for
tho use OF the people without obstructlng tho
powers OF tho government. or snbiecting It's
credit to the yicissItudcs OF either Legitimate
tfa.ss aT reckless EV35Eiati5Ti, most
cercly hope the subject VIII receive the care
ful consideration OF all who feel an Interest In
the adoption Of a sound policy. and that plan
may be formulated which will meet the appr0-
val OF congress
''ln the meantime the government win con-
tinue 20 redeem It's obligations on preSenta-
tion according 20 the requirements OF the ex-
listing laws and public policy. Those who
want gold will get IL. and those who want
silver will get IL 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"