Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1895-11-28
cARLlsLE ON Tne CURRENCY.

CARLISLE ON The CURRENCY.
Secretary Carlisle Addresses the Msmbers
OF the New York Chamber Of Conn
nerce nc Delmonfco-Redeemable Legal
Tender Notes . Vice Of tho Currency
which Doess Not Provide for Their Re-
ttrement-vicious Principle Underlying
the Free Coinage Agitation.
NEW YORK, Nov. 20-Secretary OF
the Treasury Carlisle spoke at the
seventeenth. annual banquet of the
New York chamber of commerce, given
at Delmonico. last evening. He said:
MR. PRESIDENT AND GENTLEMEN-Ihavc but
little to say this evening. and win take but
Little time TO say it.
Two years ago, at your annual banquet. said
that the disposition and ability OF the govern
ment to maintain its own credit at the highest
standard, and TO preserve the integrity Of all
the forms OF currency in circulation among the
people, could not be reasonably doubted, and
ought not TO be the subject OF further con-
troyerSy. But the task is both difficult and ex-
pensive. Since that declaration was made
here Understanding bonds to the amount Of
162.3 400 have been issued to procure gold for
the redemption of the United States notes.
The notes still remain the same as at the be-
ginning. Notes are redeemed, but they are
unpaid. Our legal standard OF value is as
sound as that of any country in the world, and
If We had such currency system to guarantee
its permanent maintenance no government
would command a larger credit or realize
greater benefits from it than ours; but the
difficulties under which we are Iaboring and
until these difhculties are removed, we can not
reasonably hope to see perfect confidence re-
stored at home or abroad.
The fundamentaiyiee in our currency system
Is the iegal-tender nete redeemable in coin by
the government and reasonable under the law.
There are other defects, but this threatens the
stability of the whole volume of our currency.
So long as the notes are outstanding the slight
est diminutiou of the coin reserve at once ex-
cites feeling of apprehension and of distrust,
AFFECTS the vaiue or all securities, curtails in
vestmentS- and more or less seriously eubar-
raSSeS all the business affairs OF the people.
NOT GOVERNMENT BUSINESS.
In attempting to provide a circulating me-
dunn consisting Of its own notes redeemable in
coin on presentation and reasonable after re-
demption, the government OF the United States
Is engaged in business for which it is wholly
untitled, and which was never for a moment
contemplated by its founders. It has right to
borrow money and issue evidences of the debt
but 1t was never contemplated that il should
convert itself into a bank OF issue and furnish
legal tender paper currency Tor the use of the
people. Tue treasury department. ought TO be,
and was intended to Dat, simply pubic agency
Tor the management o. the nscaI affairs of the
government as Cover nmeEt, not a banK.
No change made in our currency system will
AFFORD reilef unless 1t provides for the retire.
ment OF the legal tentaers. The circulation of
legal tenders has a ter dency to drive out of the
country the very coin in which the governments
Is compelled To redeem them; and it has ex-
peeed millions of dollars from our borders.
Although the government and OUR own people
are compelled to receive them, they Will not
discharge international obligations, and gold
must go out TO settle all final balances against
US. No otne- government in the world re-
CURED TO supply gold from its treasury to dis
charge the private obligations of its citizens.
While the pecuniary loss to which the people
have been subjected by the issue and contln-
ued circulation OF legal tender paper has been
nat nk.pn rha liz
injury inflicted upon the country.
The theories that the government can create
other material; That legislative enactment
can make 90 cents equal in value to IUO cents;
that artIncIaliy Inflated prices, paid in a de-
preciated currency. are bett-r tor the people
that natural prices, paid IN a sound currency,
and various otner vagaries now floating like
bubbles In the political atmosphere, are ali di-
rectIy attributable to the long-continued age
OF legal-tender paper. the proposition that a
promise of the government to pay money is
money Is Just as absurd as the proposition that
a promise to deliver horse is a horse. and yet
there are eminent men, high in public coun-
promissOry note is actual money and that the
statute which compeis all the people to receive
it as actual money Is constitutional, and ought
to be continued in force.
FREE SILVER AGITATION
The agitation for the free coinage legal ten
der silver is predicated upon the same vicious
principle that underlles the legislation making
paper promises legal tender; but there is a
practical difference between the two systems.
The United States note was a forced loan from
the people to the government, which the gov
eminent promised to pay in dollars, but the
free coinage Of legal-tender silver at the rate
OF 10 to would be a forced loan from the peo-
pie to the owners Of silver mines and silver
bullion without a promise Of repayment by
anybody Tie campaign against the PROPOSE
tion to debase our standard of vaIue should
not be abandoned or suspended.
II the friends Of sound and stated measure
of value are vlgilant ana active this effect can
not possibly succeed, and the question will
soon reeeue from the public view. But the
United states legal tender notes will remain to
complicate the currency system and embarrass
the government In my opinion, legislation in
this direction, at the earliest possible day. is
imperStively demanded by every substantial
interest in the country, and its postponement
upon any pretext OF political expediency. or
factory result can be accomplished, would be q
very grave mistake.
No nation can reasonably hope to control the
trade OF any considerable part Of the world
unless its exchanges are based upon standard
OF value recognized as sound in all the ccnters
o. commerce. The pound sterling has made
London not only the principal marker but the
OF the Whole world. England
not only realizes great profit from her own
trade or all other countries. With an inferior
currency We could never successfully contest
ish her or enrich ourselves by destroying the
value OF our own money is one of the most re-
markable decisions of the age.
EFFECTS OF POLITICS.
Much of our financial trouble has been
caused by doubt and speculation here and
abroad concerning the views and purposes of
our Leople at large and the policies OF the po-
liticaI parties to which they are attached
This is a government by parties and investors
watch with the greatest interest and solicitude
every manifestation OF popular opinion, espe-
cha Iy when changes are TO be made in the chief
executive ONCE. 1t is OF vast importance that
these doubts and SpecuIationS should be set at
rest In order that tine worldamay certainly
know what Is to be our permanent money
policy. Vague and 1QdetRite declarations hy
the great political organizations of the coun-
try not only increase uoubt and distrust abroad
but encourage harmful agitation at home and
hold, Therefore. that it Is the duty OF ali who
for the welfare OF the country, to insist that
there shall be no further equivocation
great subject. Let US have NO more
ambiguous phrases, no more incon-
sistent and irieconcilable clauses in party
platforms or In public utterances, but let
US make our meaning SO clear and our
purpose plain that they can be neither
misunderstood nor successfully misrepre-
United States are In favor OF the maintenance
OF the present standard OF value, they ought
other hand, IL a majority of our people are
in favor of abandoning the present standard of
value and establishing silver monometallism,
When this issue is directly presented we need
not fear the result such an appeal to the
common sense, the commercial integrity and
the national prize OF our people will not be in
vain, and then the contest Is over the question
VIII be settled finally aud concIusively, settled
in accordance with the general Judgment OF the
most advanced nations and the real interests
OF our own country.
LANDED FORTY MEN,
Bat Was Chased Away Before Landing
All Her Munitions.
KINGSTON Nov 21-The small Dan.