The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-11-28
LEGAL TENDER NOTE.
Carlisle Says It's the Evil Of Our
Currency System.
FREEsILvER SHOULD BE VOTED on
He Says the People Ought to Decide Our
Financial Policy Permanently, So as to
Firmly Establish Confidence dressed
New York business Men.

New York, Nov. 20.-The one hun.
drea and twenty. annual ban
Duet Of the chamber of commerce of
the state Of New York was held at
pelmonico's last evening. Secretary
Carlisle spoke ON "Our Currency Sys.
tenn" Senator J. O. Burrows Of Mich.
igan. spoke on "Our Domestic Com
merce." Charles Emory Smith of
Philadelphia, ex-minister to Russia,
spoke on National Development and
Opportunity" Secretary Carlisle said:
1.-TWO years ago, at your annual ban.
Quet, said that the disposition and
ability of the government 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 controversy. But the task
is both difficult and expensive. Since
that declaration was made here, inter.
est.bearing bonds to the amount of
$l62, $40, 400 have been issued to pro-
oure gold for the redemption of United
States notes. The notes still remain
the same as at the beginning. The
notes are redeemed, but they are un-
paid. Our legal standard of value is as
sound as that of any country in the
world, and if we had such q currency
system to guarantee its permanent
maintenance no government would
command q larger credit or realize
greater benefits from it than ours; but
the great investors Of the world appre-
ciate the difficulties under which we
are laboring, and until these difficulties
are removed we cannot reasonably hope
to see perfect confidence restored at
home or abroad.
"The fundamental vice in our cur
rency system is the legal tender note
| 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 these notes
are outstanding the slightest diminu.
tion Of the coin reserve at once eXcites
q feeling Of apprehension and distrust,
affects the values of all securities, cur
tails investments and more or less
surely embarrasses all the business
affairs of the people. In attempting to
! provide circulating medium consist.
| ing of its own notes redeemable in coin
ON presentation and reasonable after re-
|
! United States is in a business for
which it is wholly untitled, and which
was never for a moment contemplated
by Its founders. 1t has a right to Dor,
row money and issue evidences of the
debt, but ii was never contemplated
that II should convert itself into a bank
Of issue and furnish q legal tender
paper currency for the use of the peo,
pie.
mo change made in our currency
system will afford relief, unless it pro,
vides for the retirement of the legal
tenders. The circulation of legal ten
ders has a tendency to drive out of use
and out of the country the very coin in
which the government is compelled tC
redeem them; and it has expelled mill
ions of dollars from our borders. AL
though the government and our OWL
people are compelled to receive them
they will not discharge obligations, anC
gold must go out to settle all final bal
ances against us. No other govern
ply gold from its treasury to discharge
the obligations of its citizens.
"While the pecuniary loss to which
the people have been subjected by tn
issue and continued circulation of lega
tender has been almost incalculable, thi
has not been the only injury inflicted
upon the country. The theories tha
the government can create money b,
placing its stamp upon paper or othe
material; that legislative enactmen
can make 80 cents equal in value to l0
cents; that artifcially inflated prices
paid in a deprecated currency, are bet
ter for the people than natural prices
paid in a sound currency, and variou
other vagaries now floating like bub
bles in the political atmosphere, are al
directly attributable to the long contin
ued use of legal tender paper.
THE agitation for the free coinag
Of legal tender silver is predicted upol
the same vicious principle that under
lies the legislation making paper prom
ises legal tender; but there is praC
tical difference between the two sys
TENS The United States note was
forced loan from the people to the gov
ernment, which the government prom
ised to repay in dollars, but the fre
coinage of legal tender silver at tn
. ratio of 16 to !, would be q forced loa
from the people to the owners of silve
mines and silver bullion without
PROMISE VI repayment Dy anybody
The campaign against the proposition
to debase our standard of value shoult
not be abandoned or suspended. /
the friends of q sound and stable meas
ure OF value are vigilant and activ
this effort cannot possibly succeed. AM
the question will soon recede from TN