New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-12-17

financial influence and will make all legitimate
efforts 10 protect the Treasury Of the United ed states o
pete performance of this contract"
carried QUIT and no sSid was taken from the Treas
ury to be used In paving for the bonds as had been
drawn for shipment until after the delivery had
been completed under the contract
from abroad the Secretary. in order to prevent dis
turbance in the Of foreign exchange at crit
gold exports and consequent Withdrawals from the
Treasury ac9uieseed IN departure rom tn n b
coin should be procured abroad ana accepted , dt
the delivery. Ordinary prudence demanded that the
success OF the plan TO protect the treasury
upon strict compliance with all the details Of the
contract, especially as the Government could sus-
tain no loss, and the whole amount or gold supu-
lated for was secured
RESTORATION OF CONFIDENCE
Detailing the amount OF bonds issued and gold
received the Secretary proceeds az follows:
The beneficial effects OF this transaction were felt
oher having %Sf s or financial relations with
our people. Confidence In our securities as safe
to such an extent that they ceased be returned
market for sale and very considerable de- de-
The most gratifying Evidences of or ingroY
own people the increased activity and
cai operatons the rise in the prices Of our princ
pal agricultural products and the general feeling OK
part OF the country. These encouraging indications
Of SiS our n40s4es. and nd
checked by repetition OF large demands upon
our resource or by allure TO meet me rnf9ra
ton Of our fiscal system. We are entering upon .
OF material growth and development nct sur
passed in our history.
DEFECTS " CURRHlCY LAWS.
But" adds Secretary Carlisle, "our further
progress toward complete restoration Of con-
fdence and prosperity is seriously impeded by
the defects in our currency laws and he pro-
ceeds to discuss the remedy as follows:
our past experience with the United States notes
and the Treasury notes has clearly sHown that the
Of the Government permanently as part OF our
on presentation and reissue them after redemption,
must be abandoned or that such means must be al
the Efforts OF the Secretary to accumulate and
maintain coin reserve sufficient in amount a. 10
keep public constantly assured Of the stability
OF entire volume Of currency and OF our aDiI-
t chsn az iii Vsas Of Of it's Various parts
The issue Of bonds TO procure coin for the reserve
which is the only effectual method now available
have already been developed by the present pohcy
alton of a public debt much larger than would be
required retire and cancel all the notes and the
it would be necessary 10 incur on new class Of
sSn4s aaaPte and q thu the Of
vestors II, however. an attempt. Is 10 be made TO
permanently in circulation by reissues after r.
demptiOn. and the Government is TO be peri'.aIen'
charged with the duty OF sustaining NE Na4ue o.
all our currenfy paper ana CON aES' me iss gG
bonds for the Accomplishment; OF these purposes
must also become permanent and sucn aloltlohal
viii enable him 10 execute the laws relating to
subjects with the least poss bic disturbance
possible charge upon the Treasury. am thoroughly
eo1v me- ma IN ms 9es notes and treasury
lest practicable day. ana that the Government
shO be Wht1lV
providing a credit currency for the people
RETIREMENT OF LEGAL-TENDER NOTES.
II legal-tender notes were retired there is
abundant TO believe that very large
OF gold which has been excluded from the
country by the excessive use OF silver and paper IN
our circulation would promptly return take Its
place in currency and constitute a permanent
part of our medium of exchange. The retirement
and cancellation OF the legal-tender notes would ot
Necessarily produce any contraction Of the circula-
ton and II such result should follow an con
tinue FOX any considerable period. * would be
rency nrs[orsv WISHING was not needed in the
b1sI3 5 Of re- neHie. FOR whenever The volume
is reduced below the actual requirements OF trade
In xehanre for our proaucts and securities or by
the banks at home. or by both
After discussing al conslce cradle length the dis
turbance 10 the currency caused by the Silver
Purchasing Act. Secretary Carlisle continues as
follows:
cause OF financial difficulties. is one OF the ef-
a failure recognize this important fact will LEAD
us far astray in our search foI an adequate Ieiey
in force until after The close OF the nsca year 1894
had greatly reduced the revenue derived from Gus
toms and that the expenditures OF the GoVernrnn NJ
49, Kun ~, sSs2 g. a. ~ during the dscal year Is5
still Is probable that there would have been
ceiDts II the business Of the people had not been
interrupted BY the disturbances growing out Of the
unsatisfa Glory condition OF our currency. Remedies
other cirSumsta cannot be in the least desTe"
effective now and = would be futile and dangerous
at this time TO attempt correction o. our ma ,cia
disorders Otherwise than by total removal Cf
their causes.
TROUBLESOME SILVER CERTIFICATES
No surplus revenue. however large could extri-
cate us from present difficulties. or give as
surance Of safety in the future, unless ii should
be required to be paid il gold under system which
would exempt the Government from the obligation
10 furnish the gold when demanded to be used in
making the payments; and it is scarcely necessary
10 suggest thai such Il system is impossible as long
az the United State NOES and Treasury notes are
kept in circulation, and are redeenaol- II tou Dy
the Government itself on presentation. owing to
the Treasury 10 hoard United States and Treasury
notes is limited to a certain amount, which cannot
be definitely determ NED in advance and n IT should
after that amount has been reached refuse 10 pay
out these notes in making disbursements al the
places where our customs are ~, ,l
mediate result would be that nearly all payments
tAcates. which it is bound to take, but can compel
no else to take There would be a stream
flowing into the Treasury. and 1t would receive
scarcely any more United States notes or Treasury
notes as parts OF the surplus revenue but would
soon be compelled to pay out those already accu-
mulated or pay gold. break down in its oper-
atons at tire Sub-Treasuries.
This result has been avoided heretofore only by
paying out these notes from the Treasury from time
to time. whenever the character Of currency coming
in Indicated that the point of danger about 70
be reached and il will b. necessary 10 pursue the
same policy hereafter long the legal tender
notes are in existence. Notwithstanding all me
efforts OF the Department TO protect the Treasury
against excessive receipts OF these certhcates IL mas
frequently happened that they constituted more
than 50 per cent of all the payments OF customs
d,es al New York where than w o-hrds Of the
total collections made, but II the United states
legal tender paper should be retired and proper
currency system adopted. gold ana gold certificates,
ard banknotes redeemaDle in gold. Will take their
place in the circulation and the Government WI!