The times. [volume] (Richmond, Va.) 1890-1903, 1895-11-23
CARLISLE'S MONEY PLAN
n GENERAL OUTCET FRoM TIE
REPyBLICiNS.
sherman. Book VIII Affect McKlniey's
Candiiacy--N Work to pc Pushed
on Tie Roanoke Po>t-OMce.


cause of the constant drain upon the
GOyernments gold reserve.
The Secretary, IL Is true. urged very
strongly the necessity OF retiring
the sreen6acks ana treasury notes.
has not indicated what he would
provide TO take the place OF the
notes in the yoiume of the circulating
medium. 1t Is, of course, generally UNI
derstood that Mr.. Carlisle could not, with
prOpriety, announce in a speech at
Chamber of Commerce banquet. the sug-
Ssstions he Will make TO Congress IN
his annual report, and still less. outline
the plans which Mr.. Cleveland VIII
probably discuss in his message.
The criticism Of the Secretary e. there
FORE. somewhat premature, II II - not
absolutely unjust. The inference, how
ever, from ms remarks. that he may
renew his erdations of last year
concerning the state hanks. Is not en-
tirey without warrant. Ii cannot be de-
MED that the greenbacks and the Treas
ury notes. aggregating as they 90. near
ly ND.DoeJ. could not be withdrawn
from circulation. without so contracting
the currency as 10 seriously interfere
with commercial transactions OF every
sort. Something must be found TO take
their place. and Mr.. Carses suggestions
year ago, that the operation Of state
banks as banks of issue, could. with sucn
safeguards 10 their stability as would
secure absolutely their notes. could be re-
lied upon 20 furnish the necessary cir
cuotion. offered q solution OF the pro-
blcm presented then.
But unfortunately Mr. Carlisles solu-
ton was not satisfactory one, WHINE
the Democrats were In control or the
House, and could not possibly be expect
ed to secure tho approval OF The Re
pubicans now. III, therefore. the Secre-
tary IL to unfold a plan 70 Congress
which he expects TO receive serious con-
sideration from the Republicans. I'm the
very nature OF the circumstances n must
be a measure, better calculated TO enlist
their support. than was the bill OF a year
ago.
The objections 10 Mr. Carlsle's plan in
the former Congress were numerous, and
many Of them came from Democrats who
were honestly anxious that some mca-
sure. which would improve the currency
system, should become a law. Tho chlef
objections We're. however. that IN the
matter Of the state banks. the Secretary
proposed a division OF jurisdiction be-
tween the State and the general govern
ments. and I'm the second place did not
provide for the retirement of the Gov
eTnmenfs demand obligations because
in providing that they pc utilized as
basis Cor the issuance 81 hoth state and
national bank notes his plan, IT, carried
into effect. could not bee expected 10 dis
pose Of more tnan "A small fractional
part OF the notes outstanding 10 was
estimated that n "a deposit Of only thir-
ty-three dollars were required 10 eiable
the banks TO issue one hundred dollars IN
bank rOtes would be necessary IN order
10 dispose OF all the grecnricks and
Treasury notes now IN circulation;
This vast sum would nearly double the
volume OF currency. ana could not be
anticipated as "a result Of the legislation
proposed. Secretary Carlisle. however,
admitted that the bill be had prepared
was a crude one. ana ne invited tle CO.
operation of Congress without regard 10
party lines to make the needed changes.
The Banking and Currency Committee, OF
which Mr.. Springer was chairman,
brought In "A substitute Dill IN when
many of the minor objections 10 the
original measure were met, but which
failed to change what were regarded as
the radical defects In the Carlisle plan.
IL therefore follows. If MIR. Carlisle con-
templates making any susBes Tons mat
VIII be OF assistance To Congress In RENE
dying the defects i'm the monetary sys-
TEN, or which will have the slightest
chance of being embodied In law, be
must take suCh "a stand ms VIII eliminate
from the consideration of the proposed
measure all IDEA or partisan feeling upon
his part.
II then the Republicans still refuse TO
pass bill calculated 10 relieve the Treas
ury from the constant drain upon me
gold reserve the responsibility for the
failure would rest with them. IL must
be admitted however. that any recon-
mendatiOn from Mir. Carlisle TO re-estaD-
llsh the state banking system, except
upon a basis as secure as that OF tne
national banking system. and Including
In the provisions of the proposed law the
absolute jurisdiction OF the Federal Gov
eminent over the State banks, would Dc
utterly useless.
DEMAND WIDESPREAD.
The demand for "a secure national cur
rency IS not al an limited to the Repubh-
can party. 10 Iuls expression IN every
business community. NOrth ana south,
and the sound money Democrats, who
generally endorse all that Mr.. Cleveland
has yet done m the direction OF main
talning the credit ana integrity Of the
Government. are generally opposed 10 any
system OF state BANKS. IL would, there
fore, seem that the only possible soluuOn
Of the problem lies In some plan OF Iuna-
ing the greenbacks and Treasury notes IN
gold bonds. and the general moiiilca-
ton Of the national banking lave, so rs
To permit the state banks 10 ie0fganl1e
as national banks, with Il pOssiDlc li-ht
To issue notes upon other securities than
Government bonds.
II is brlieved that Mr.. Carlisle will make
some recommendation OF this character.
lie will certainly ask for the retirement
OF the grccuDackS ana sherman nOIe3,
and the Withlral Of the Government IRON
the banking business. In order 20 do this
he must suggest some means or supply
iug the place In the currency now Occu-
pied by these notes. and this supply can
only under the plan suggested, Dc fuf-
n!shed by the banks. The ci 1rts Of tGe
Republicans 10 show that the present
condition OF the treasury ~ nuo 70 W
aNilDltuf roy 4lli-rs VIII cut bAi i+NtAr
figure with the business men OF the coun-
try The fact alone that the Government
H. endsaVOgug 10 MAINTAIN ar par WV
Untlt in silver. or notes based upon the
silver bullion in the Treasury, not doilhr
OF which is lutrinalcally worth Ilore than
81 per cent. of It's face value accoHN,i
for "a great deal more OF the treasury
embarrassment than can an me s3phl'try
OF the Rcpubi lean prOtection,tS.
Mr.. Carlisle has stated that this -
time when patriotism must suDer--ie
parffqan spirit. and when those inter-
csted IN the progress am ttyst ~ 10, ot
the country must assume a hold position
ln favor Of substantial ana honest none
t.rv system. 10 if believed that in this
assertion ne has paved the way Tor silcn
rec0mme ndations regarding currency ies
isiatiOn a. will meet with me approval OF
the business. sentiment OF inc country
and I'm which no semolahce ot q desire lot
party advantage shall appear.
IN IS only through an unpreluI-cfH ana
a uou-psrtisan desire 10 place me cur
reucv OF the country upon proper lCot-
inc that the h0cci-fOr reforms can be
accompljshed. Mr.. Carlisle and the Pres
dent Will doubtless take the hrst STEP To-
wards this end. II viii remain tor tae
Republicans in Congress 10 complete uie
work.
SHEfsafAN'S BOOK.
n is generally considered by leading
Penuhiican poll licians that the puhllca-
lion and the continuing discussion or
senator Sherman BOOK rs ce!tAih 20 nav
had effect un0n Nckinley's CANDIDACY
FOR the nomination. Should Mr Mcklnley
eoecure the nomination and DO elected,
consequence the Republicans conslgff
certain 10 follow the first occurrence,
senator Sherman would De placed cnce
more az the head OF the Treasury Depart
m.nt In that event the southern poll