The Coconino weekly sun. [volume] (Flagstaff, Ariz.) 1891-1896, 1895-11-28
OUR CURRENCY.
Secretary Carlisle's Speech at .
New York Banquet.
What He Regards ~ the Fundamental Vice
In Our Currency System-The Cause
of Our Financial Troubles
Political Platforms.


Political Platforms.
NEW YORK, Nov. 20-The 127th an
nual banquet of the chamber of COM
merce OF the state of New York was
held at Delmonico's last evening. The
yearly dinner Of this organization is
among the most important events of
the metropolis. Utterances that have
moved the policy of the government
have been made on these occa-
sions. 1t was somewhat after o'clock
when President Orr, in brief speech,
introduced Secretary Carlisle, who
spoke on "Our Currency System"
have but little to soy this evening. and will
take but little time to say 1t. Two years ago,
at your annual banquet, said that the dispo-
sition and ability Of the government to main
tain its own credit at the highest standard, and
to preserve the integrity of oil forms Of cur
rency In circulation among the people, could
not be reasonably doubted and ought not to be
tho subject Of further controversy. But the
task Is both diffioult and expensive Since that
declaration was made here, interest -bcaring
bonds to the amount of 6s,sl5, 400 have been
issued to procure gold for the redemption Of
the United States notes
The fundamental vice In our currency sys.
tenn Is the legal tender note redeemable In
coin by the government and reasonable under
the law. There ore other defects. but this
theatens the stability OF the whole volume
Of our currency. So long as these notes
are outstanding the slightest diminution of
the coin reserve ct once excites o feeling Of
apprehension and distrust. Affects the values
Of oil securities, curtails investments and
more or less seriously embarrasses oil the
business affairs OF the people. In attempting to
provide circulating medium consisting OF its
own notes redeema0le In coin on presentation
and reasonable after redemption, the govern.
ment Of the United States is engaged in
business for which 1t Is wholly untitled and
which was never for moment contemplated
by its founders.
ahord relief unless 1t provides for the retire.
ment of the legal tenders.
The circulation Of legal tenders has ten
dency to drive out Of use and out Of the coun.
try the very coin In which the government Is
compelled to redeem them: and 1t has expelled
millions Of dollars from our borders. Although
the government and our own people are COM
PEELED to receive them. they will not discharge
International obligations and gold must be got
to settle oil final balances against u.s. No
other government In the world is required to
supply gold from its treasury to discharge the
private obligations Of its citizens.
The theories that the government can create
money by placing its stamp upon paper or
other material: that legislative enactment
can make so cents equal in value to 100 cents;
that artificially inflated prices paid In depse-
ciatei currency are better for the people than
natural prices, paid In sound currency apd
various other vagaries now flowing like bub-
bles In the political atmosphere are oil attrib-
utable to the long continued use Of legal ten
der paper. The proposition that q promise Of
the government to pay money Is money Is
just rs absurd Us Is the proposition that q
promise to deliver q horse Is horse, and yet
there are eminent men high In public coun-
ellis who believe that the United States
promissory note is actual money. and that the
statute which compels oil the people to re-
ceive 1t as actual money Is constitutional
and ought to be continued In force. The agi-
tation for the free coinage Of legal tender
silver Is predicated upon the same vicious
principle that underlies the legislation max
Ing paper promises legal tender: but there Is
o practical difference between the two sys.
TENS. The United States note was forced
loan from the people to the government, which
the government promised to repay In dollars,
but the free coinage of le gal tender silver at
the ratio of Is to would be a forced loan from
the people to the owners Of silver mines and
silver bullion without o promise Of repayment
by anybody.
Much of our financial trouble has been
caused bv doubt and speculation here and
abroad concerning the view, and purposes of
a., n.or,o a, Ior re ona ,ba n,iicios n, the mo-
,'.i.S IN.t ,.s,ah 80, ...ss.a MI.
h'icai parties 70 which 'ney aio a.'aoneo ~,
Is government by parties ana investors
watch with the greatest interest and solicitude
every manifestation Of popular opinion, es-
pecially changes to be made in the chief execu-
that these doubts and sneculations
should be set ut rest In order that
Is to be our permanent monetary policy.
Vague and indefinite declarations by the great