The diamond drill. (Crystal Falls, Iron County, Mich.) 1887-1996, 1896-12-26
TREASURY REPORT.
4ecretzry Carlisle Says Currency
Laws Need Revision.
U<~>s.s why Treasury Notes should Re
ELsszred-Additionai Revenues Need
sd-Hls Views Protection
and other Topics.


washington, Dec. 22.-The annual re.
rort or the secretary of the treasury,
(which has been transmitted TO congress,
~d<ais extensively and in detail with the
Enanefal situation. Mr.. Carlisle sum-
rzarfzes the condition of the treasury,
aud after reviewing his former recon-
nseudations for early and effective leg
G<iafion 90 provide for the retirement
Of treasury notes. goes on 10 say:
dur Circulating Notes.
The maintenance or policy which nee
Hneurffy Imposes upon the government the
nurd<n OF furnishing gold at the public
-axpen&e 20 all who may demand II for use
or Boarding at home or for export TO other
countries. cannot be justified upon any
1wroand OF expediency or sound financial
Wrfncfpie. and even IL the periodical and
4roquentiy recurring demands for gold did
mat weaken the foundations OF our entire
currency system, thus impairing conf
siexDce aud depressing business, II would
xzererfheieSs be the duty OF all who are
'cbArBcd with any degree or responsibility
mor the adoption or proper financial meth
ODDS To inslst upon the reformation OF our
laws oE this subject at the earliest possi-
bfe day The issue and redemption of cir
.r1iaffng ootes Is not a proper function OF
r1iee treasury department. or or any other
st1eparfrneDt OF the government While the
sxoverument has power TO borrow money.
a. 10 not its duty TO Issue public obligations
sincerely Tor the purpose OF providing a la
ger currency for Ia the transaction of
bsfsknesa. nor has II the constitutional
ipoWcr. In my opinion, 10 make It's promises
Aeenl tender In the payment OF private
debts Such policy. even IL sanctioned by
Ghe constitution. instead OF imparting
a1freugth and stability 10 our currency sys.
tern. seriously endangers IL by the intro
1tfctfon OF political and partisan considera.
1fons into the management OF "A subject
'miich ought TO be regulated entirely by
the business interests OF the people and
Dy che Laws OF trade and the principles
which control honest commercial inter
ecourMe"
Notes should lie Retired and Cancelled.
Ttse secretary refers 10 the peril In which
the eufire financial system has been placed
by the constant agitation OF the currency
question and adds
There rs bat one absolutely certain way
40 remove this delicate and dangerous
question from our party politics, and that
10 90 retire and cancel the notes. All at
1eknpfs 90 hoard them permanently by tho
government must FAIL for the obvious rea-
aDn tlLit our people VIII not consent TO
h& taxed merely for the purpose OF ac-
STIMULATING and holding large and use
EcsS surplus In the treasury. Besides the
1OceS must be Withdrawn from circulation.
tn urzer 40 be boarded. and when with
drawn from circulation, IL would be far
more advantageous TO the public 10 can
Gel chem than TO keep them on hand as
n constant temptation to indulge I'm un-
necessary and cNtravagant expenditures.
tFormcr Recommendation Renewed.
The nrcTctary holds that without ref
-ornatson OF our currency we cannot safe
Ky rely upon permanent accessions to
our ssock OF gold from abroad In settlement
=. az trade balances In our favor lie re
feru 20 his recommendation OF last year
char fke secretary OF the treasury be au-
sh0rtzed 10 issue from time TO time bonds
a. mol nd slt.f.f fl.t,,
United States notes and treasury notes.
mnst Provide Additional Revenue.
Takins up the question OF revenue and
quoting figures and the yearly deficiency,
ahr secretary says.
s-fBut unless our annual receipts are In
xrNaAed by improved business conditions,
ar our annual expenditures are reduced,
"a time will arrive when provision must be
smuds. foe additional revenue and II the
"a pefrIltures OF the government shall be-
INCREASED by acts OF congress- the neces-
NitY for such a measure viii arise earlier
aban the present situation seems to indi-
cate. In view OF this possible contingency,
80 wui not be inappropriate TO submit
rsew sut gesfions concerning the general
nuiicy TO be adopted In making the pro-
UtrIDn 10 meet future necessities OF the
.glovcrnmcnt For more than century our
GnriH legislation has been designed, TO q
.kxruxt extent. at least, TO accomplish oh
1rcrs ether than the raising OF revenue for
rs4hfic purposes. The protection OF cap
1Gat fnVcs;ed In our native industries and
the protection OF labor employed In the
United states. against the competition OF
&fpe products OF foreign Industries and for
s.fzr Dor, have been alleged as tho par
amount objects In many cases. and urged
zs a Justification for the progressive In
-cxG9Aes OF tarln taxes and commercial re-
escrfctlona. when revenue was not needed,
or when the rates imposed were made sc
2rfch as 10 reduce the revenue In other
EnAfances, revenue duties have been abol.
Nkttcd Ca order that protective duties might
orc retained or Increased and the neces-
asffes OF the government and Just princi-
Dica OF taxation have been subordinatcd
"a the demands OF special Interests.
Eject on the Industries.
The cost OF production In all the great
misunderstanding nations has been so near.
AZ cauallgcd hy modern inventions and
economics. that movements OF their sew
asrni products from one TO another cannot
take place upon larger scale. or for any
considerable length OF time. ~ these prod-
efcta are burdened In the markets TO which
ahey arc sent with charges TO which tho,
are not subjected Ia the countries OF theft
origin: and this tendency toward cqualiza-
1fon OF cost Is stu going on and must
.continue A very small tax or charge VII
snow entirely prevent the importation OF
many articles which few years ARC
constituted a large proportion OF our total
~9utfable merchandise and contributed
werY materially TO our public revenues
when the true principles Of taxation
are recognized and applied I'm our fiscal
Realisation. there Will be no difficulty In
sccnrtng an ample revenue tor The support
OF tire government. IN the exercise OF all
ats proper functions. without subIecting
car Industries TO injurious and unneccs-
Gary burdens. or our trade 10 injurious and
unnecessarily restrictions
New Engianuers Celebrate.
N~.s NArk laa --sIba N.x. I.,r.