The Greenville times. [volume] (Greenville, Miss.) 1868-1917, 1896-12-23
|: DELAYED REPORT
|.sa Secretary of tbs Treasury
presented to Congress.
|osT SYNOPSIS or THE DOCUMENT.
In is Devoted More Particularly to
p.m.dial Suggestions for Over
coming the Present Financial
Ills of the Country

Al Of the secretary OF the treasury,
,ansmitted 10 congress, deals ex-
sIveIy and in detail with the huan-
situation. Mr. Carlisle sum.
,ixes the condition of the treasury,
after reviewing his former recon-
.datlons for early and effective
alstion to provide for the retire.
1t oi treasury notes, goes on to sayi
IA maintenance OF policy which neces-
IA imposes upon the sovepnment the bur-
y furnishiBa gold at the public expense TO
uAo may demand IL for use or boarding. at
ar Tor export to other countries,
70. be justified upon any ground OF ex-
rncy OF sound fiasnslai principle. and even
periodical and frequentiy-recurring de-
IA for sod did not weaken the foundations
n sntire curren " system, thus impairing
ence and depressing business, II would,
,rtbeless, be the duty cf all who are
red with any degree OF responsibility
he adoption Of proper financial
kod, 10 insist upon the reformation OF
Avs on this subject at the earliest posi-.
hy. The issue and redemption OF circu-
hs notes is not u proper function OF the
sQry department or OF any other depart
1. Of the government While the govern
\ has power to coin money, 1t is not In its
% issue public obligations merely for tho
pse Of providing paper currency for use
transaction OF business, nor has II the
2ltullona power, In my opinion, to make
PROMISES lesal. tender In the payment OF
uie debts. Such u policy, even II sane
IA BY the constitution, instead OF impart-
sirength and stability to our currency sys-
seriously endangers IL by the introduce
Of political and partisan considerations
the management OF q subject which ought
regulated entirely by the business inter
of the people and by the laws OF trade and
Principles which control honest CONNER
Intercourse"
secretary refers TO the peril In which
entire financial system has been placed by
constant agitation Of the currency Ques.
and adds;
here Is but one absolutely certain way TO
He this delicate and dangerous question
our party politics, and that Is to retire
cancel the notes. All attempts to hoard
permanently by the government must
for the obvious reason that our people
not consent to be taxed merely for the
5ose Of accumnlating and boarding large
useless surplus In the treasury. Besides,
votes must be Withdrawn from circulation,
dsr to be boarded, and when withdrawn
circulation, 1t would be far more advan-
pus TO the public to cancel them than TO
them on hand as q constant temptation
dulge In unnecessary and extravagant ex-
Itures"
. must not be deluded into feeling Of
nty by the fact that there has been sus-
Ion Of gold withdrals during the past few
tAs and large accession to our stock Of
from abroad during the same time" says
secretary. He points out that there is no
lent reason to believe that this condition
mirs will be permanent II our existing
pm Is maintained, and continuing, he
uctuatIons II the rates Of exchange ere
aced by causes beyond the control Of Of
power, and one cf the misfortunes OF our
ent situation Is that whenever these rates
"a point at which II is more profitable to
gold than to purchase bills for the set
snt Of our balances abroad, the govern
Is compelled to furnish the gold or fail
alntan the standard OF value established
hw; In fact, the abandonment OF that
dard' and the legal or practical
nltlon OF silver as u Q basis Of our none
yslem would not relieve the government
me obligation to procure coin by the is
bonds, or otherwise. for the redemption
notes. Until the notes are permanently
ed' or the obligation to redeem in coin Is
repudiated,a large reserve must be pro-
and this reserve, whatever IL consists
pa or silver, being subject TO the demands
VINO desire to exchange notes for coin,
oe replenished from time to time by such
as as The government Is able TO command.
ys'em OF coinage that can be devised will
sn ihe government with either gold or sill
unless 1t pays for It with means already
s.ea BY taxation, or by contracting an in
eoness to be paid BY the people In the fu-
sn thoroughly convinced that the retire.
and cancellation of United States notes
va classes, under such reasonable limita-
anu restrictions as congress may see
!" prescribe, or as prudent secretary
treasury would adopt IN the exercise OF
nclal discretion. would not result, either
aanently or temporarily, In an injurious
sctlon OF the currency. No government,
e'er despotic, can prescribe the exact
uh. OF currency Its people shall use In the
seuon Of their business, and every at
70 regulate this subject by arbitrary
~ 'ne form Of legislation or otherwise is
paf'ure from true economic principles.
wople' II left free TO conduct their busi-
snalrs In their own way, will always
ior themselves how much money they
anu unless prevented by artificial
sa'tons, the necessary amount will
~ oe supplied either from their own re-
.ss ~ nome, or through exchange abroad.
'V'ume OF business transacted determines
.louht OF money and credit required, and
never the volume OF business demands an
sonai supply OF money or an extension OF
y mo demand will certainly be complied
povlded that the laws do not interfere
went IT, AS rapidly as our notes arc re-
~ and cancelled, gold, or currency as
,%sold' will take their places In the cir
'ya' II the interests OF the country re.
,na liberal commercial policy, promot-
"o profitable Introduction OF our large
s PRODUCTS into the markets Of our coun-
NY sound currency system, promising
n'estments for foreign capital In
a,mestlc Industries, we may con-
V rely upon the operation
'ae natural laws OF trade and
y lot an abundant supply OF good money
ssact all the business OF the people and
Ss'eiop the great resources at our COM
as soon Us the resumption Of specie
I, sp,s \. nad become assured. and the aglta-
mat question had ceased. gold began tc
,s. ~ 'nis country In large amounts, and
~ 70 1881, both years included. our mel
~ imports alone was sl5p. IA, ,be2; but In
~ 70 this, our available stock OF this
'as considerably increased by our do
piouuction and by the renewed use OF .
~, OF the coin previously boarded BY
ksople on account of Its superiority In
'er depreciated paper currency Fol-
" years there had been deficient crops
Nste' and the sale OF grain and provision;
W. markets created very large
OF exports OF merchandise
nports, eliminating, in 1878 In
m y u our favor OF sso5, / 80, ,s42, the larges
~, existed In single year. No sucl
4 mas ever boen approached In any yea
s1eept during the current calendar yea
u months the excess OF exports o
ssaulse over imports has been t265,0eo,
~ 70 this should be added the net ex
~ SILVER, siI,ps5,0i5, making total 0
~ oF nearly ss'ep,ooo more than III