Abilene weekly reflector. [volume] (Abilene, Kan.) 1888-1935, 1896-12-24
CARLISLE's REPORT.
The s 'cretary of tho Treasury Dis
cusse % the Currency Question.
THE RETIREMENT OF NOTES URGED.
The Secretary Also Wants the Treasury
Relieved from the obligation to He
deem National Hank Notes.-The
Governments Revenue.

deem National Hank Notes.-The
Governments Revenue.
WASHINGTON, Dec 70 The annual
report OF the secretary Of the treasury,
which was transmitted to congress yes
terday, deals extensively and in detail
with the financial situation. Mr.. Car
Isle summarizes the condition OF the
treasury ami after reviewing his for
mer recommendation Tor en- ly and ef'
fectivc legislation to provide for the
retirement OF treasury notes, goes on
to say:
The maintenance Of y policy which necessa-
fily imposes upon the government the burden
Of furnishing gold AT the pubic expense TO al
who demand 1t for use or boarding Ut home or
for export to other countries cHnnot DO justi-
Aed upon nnv ground Of oxpedieacy or sound
flnanc al principle, and even II the periodical
and frequently recurring demands for gold did
not weaken the foundations OF our entire cur
rency system, thus impairlng confidence and
depressing business IL would. nevertheless. he
the duty Of oil who are charged with any de-
gree Of responsibility for the adoption Of
proper financial methods to insist
upon the reformation Of our laws
on the subject at the earliest possible
day. The issue and redemption Of circulating
notes Is not q proper function Of the treasury
department or any other department OF the
government While the government has power
to borrow money, 1t is not Its duty to issue
public obligations merely for the purpose Of
providing paper currency fos the use in the
transaction Of business nor has II the constt-
tutional power In my opiaion, to make Its
promises legal tender in the payment Of prl-
vate debts. Such policy even il sanctioned by
the constitution instead Of lmpartiug strength
and stability to our currency system. seriously
endsngers 1t by the Introduction Of political
and partisan consideration into the manage
.nent Of subject which ought to be regulated
entirely by the business interests Of the eople
and by the laws Of trade and the principles
which control honest commercial intercourse.
The secretary refers to the peril in
which the entire financial system has
bsen placed by the constant agitation
Of the currency question and adds
There Is but one absolutely certain way TO
remove this delicate and dangerous question
from our party politics and that Is to retire
and cancel the notes. All attempts to hoard
them permanently by the government must
fail, for the obvious reason that our people will
not consent to be taxed merely for the purpose
OF accommodating and holding large and USE
less surplus In the treasury Besides. the
notes must be withdrawn from circulation In
order to be boarded, and when withdrawn from
circulation, 1t would be far more advantageous
to the public to cancel them than to keep them
on hand as o constant temptation t. indulge In
unnecessary ana extraVaRant expenditures
continuing the secretary says
am tnorousniy convinced .na' .ne re1re-
-, n"t% 'c c,ossos mndor ] limitations
and restrictions as to time and methods as
congress may see proper to prescribe or as
q secretary o, tns treasury would aoop.
~, ~. rosn,, s,Ser nv ,an,r "y
in an injurious contraction Of the currency. No
government, however despotic, can prescribe
the exnet amount Of currency It's peo.
t ys hns,r use and 'a avsrv a,,omu,
regulate thIs subject 81 arbitrary rules
in the form of Legislation. or otherwise.
Is departure from true economic principles
TIE volume Of business transacted determines
the amount Of money and credit required, and
whenever the volume Of business demands on
additional supply of money or an extension OF
credit the demand will certainly be complied
with, provided the laws do not interfere TO pre-
vent it. As rapidly as our notes are redeemed
and Cancelled, gold. or currency as COOL as
gold will take their places In the circulation,
II the interests Of the country REQUIRE 1t.
Tho sacra,orv holds that ,v,tbout a
" ou' currency We con'
,ious to our stock OF rOld from abroad
In sattlement of trada balances IN our
!. II. -. -. ~. .a.sl.
la'oi' "o 'o'oi' w mo reoo"a'nonu"
LION OF last year that the secretary OF
The treasury be authorized to issue
from time In time bonds navahla In
-,
.o'u ""u W oAo"""so '"o'' ioi oui'eu
states notes anu treasury notes. C0n-
,erning this he SAYS:
While an act conferring exnress md nleparv
authority of the secretarv To issue bo n, and
.,., ,r,,..,,s =, nav .,,. ,ou cna
s.,s.saaa -, .o.,.ro oartai, nr,orn, =, no,os
p y az na., 10 tho mos, oractuoI ard .ooro,ni.
~, nav ~ accomnlisb that ohiect I, nav No
H. so rod,oaI . ,neasuro would No, rocoivs
- assam. y, oor,rass In Tho nrssont s,s,o n,
he " nrni,c - ,u,rd on tho snhiact ana i, 80
|. 10 p. snhmi..as that n, ,he vars iaast
,,.hor,.r should ha ,,von ~ ro', , and
, ,sroo, ,,ax,,unn, a,no,n, -, ro,as saoh raar
~ ra,,n,ar,,u san,ad h. .ha h,Idarsan
.naaaoa IL XIX ~, ~ =, vi,r aon,
axed by congress should be retired and can
,eled In any year by redemptons out OF the