The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1895-11-23

mcn distinguished in politica;and finan-
cial circles were present Alexander H..
Orr, president OF the chamber Of COM
merce. presided. The leading speaker
WINS Hon. John q. Carlisle. secretary
Of the treasury, whose theme was "Our
Currency Question" lie spoke in part
as follows:
Two years ago said 10 you that the dis
position and ability or the government TO
maintain It's own credit at the hiehcnt
standard. and 10 preserve the integrity OF
all the forms or cufsency In circulation
among the people. could not be reasonably
doubted and ought not 20 be the subject OF
further controversy While scarcely any
one now seriously doubts either the ois-
position or the ability OF the executive
branch OF the governmental accomplish
these objects, all who have given any at
fention 20 the subject must realize that In
the existing state OF our legislation the task
u both dificult and expensive. Since that
declaration was made here. interest-bcar-
Ing bonds TO the amount OF si62, 400 have
been Issued 10 procure gold for the redemp-
tion OF United States notes and treasury
notes. and the obligations OF the govern
ment on account OF the notes still remain
the same es at the beginning.
Laws Must Bc Changed.
1.-THE notes are redeemed. but they ara
unpaid. and n our legislation Is not
CuanNod, no matter now Ottcn they nay be
presented and redeemed hereafter, they WIN
remain unpaid. II this policy OF redemp-
ton and reissue IL continued the interest
bearing debt VIII be greatly Increased.
while the nonintorcst-bearlngd debt will not
be ia the least diminished The disadvan-
tages OF such system are so obvious that
AZ Is hardly necessary TO enumernte them
The government has undertaken TO keep
an unlimited amount OF circulating notes
equal In value 10 gold coin. and. at the same
he .rlt 81
anybody 70 give II gold In exchange for the
notes. or TO pay gold on any demand due
20 Y. Although the amount OF United
States notes Is fixed at S346. GSi 900. and trio
amount OF treasury notes outstanding Is
little over Si40.000.000. yet the total amour;
that may be presented for redemption II
unlimited, because there Ia no restriction
as to the number OF times the same note
may be returned 10 the treasury and ex-
changed for gold.
Responsible for Many vagaries-
'The theories that the government can
create money by placing It's stamps upon
paper; that a legislative enactment can
make 80 cents equal to 100 cents: that arti-
ncially Inflated prices, paid In depre-
-ciated currency. are better for the people
than natural prices. paid In sound cur
rency. and various other vagarics are all
directly attributable 10 tho long continual
use or legal tender paper. The proposition.
that n promise of the government 20 pay
money 10 money, 10 just as absurd as tho
proposition that a promise TO deliver a
horse Is a horse.
THE agitation for the free coinage oficgal
tender silver at ratio which would put
only 80 cents worth OF bullion In a silver
dollar is predicated upon the same vicious
principle. The United States note was a
forced loan from the people 20 the govern
ment, which the government promises TO
repay In dollars. but free coinage OF legal
tcnder silver at the rate OF sixteen 20 one, or
at any other ratio not corresponding with
the commercial value OF the TWO metals.
would be a forced loan from the people
20 the owners OF silver mines and silver
bullion without promise or repayment
by anybody. One loan was forced for the
benefit OF the government, IN time OF
war. but the proposition OF tho advocates
or free coinage Is to force another loan
for the benefit OF private individuals and
corporations. In a time OF profound peace.
In principle, the two measures are precise
~ alike. The free coinage OF legal tender
silver would be far more unjust than the
Issue OF legal tender United States notes.
Leading Vice OF Our system.
s..rAe .;.cc &. CD. currency
system 10 the legal tender note. redeemnbla
I'm coin by the government and relssuable
under the law. This threatens the stability
sof the whole volume OF our currency and
has caused immense losses by fluctuations,
OF which IL Is impossible TO keep the public
aware. II was never contemplated that the
government should convert itself into
bank OF issue. The treasury department
a simply public agency for tho manage
ment OF the fiscal affairs OF tho govern
mcnt.
THE circulation OF legal tender United
States notes and treasury notes has a
tendency 10 drive out OF use and out of the
country the very coin la which the govern
mont In compelled TO redeem them; and Il
has expelled millions OF dollars from our
borders. No other government In the
world IL required 70 discharge the private
obligations Of It's citizens. and no govern.
ment ought TO be required to do 30. The
fact that the government Ia required TO Dor
row money Is an injury 20 It's credit and tho
credit OF its people, but the Injury resulting
from this cause " Insignificant IA COM
pnrison with the ruin that would follow IN
abandonment OF the reserve while the
notes are outstanding. for all our currency
would thus be reduced TO the silver stand
ard.
.lIowcver. n n not my purpose now 10
siiacusa the question OF free coinage.
think the abandonment or suspension OF
the aggressive movement against this
financial hcrcsy would DO most unNlap "A 4
this time. especially IN View OF tho fact
that concerted effort r. evidently now
being made In the south and west 10 re-
gain the ground lost during the last plx
months. II the friends OF n sound measure
OF value are vigilnnt this effort cannot nos.
nihly succeed. But the legal tender notes
VIII remain 20 compllcate the currency sys-
tenn until congress agrees TO their retire.
mcnt and substitution OF others Ia their
places. This legislation Is lmporatlvcly
demanded. AS II concerns the welfare OF ali
the people.
mo nation can reasonably hope 20 con-
troll the trade Of any considerable part OF
che world. or even 10 realize the fun ben
cflts Of lta own trade. unless IFS exchanges
gtrc based upon a standard OF value rocoR-
nlked as sound and permanent n all the
cCntcrs OF commerce.. The pound sterllng
hes made London not only the principal
market. but the clearing house or the whole
world. No matter what character OF cur
fcncy other nations may use. no matter
what standard Of value ihcy may ADOPT.
al their International balances are sub
jectcd M last % test Of tho pound atefllnr
With an inferior currency. we could never
successfully contest her supremacy, and
the belief that wo can punish her. or en-
rich ourselves. BY destroying tho value OF
our own money - ono OF tile most remark
able dclusionn OF the age. We are great
enough and strong enough 10 maintain
our commercial and financial independence