Twice-a-week plain dealer. (Cresco, Howard County, Iowa) 1895-1913, 1896-01-03
THE ONLY CURE.
Retirement Of Greenbaoks Neoes.
sary to Afford Financial Relief.
Such Is the View of Secretary Car
lisle-Tariff Bill Passed by House
Is Not Sufficient.

Washington, Dec. 2s.-Secretary
Carlisle gave to a reporter his views on
the tariff measure now pending in con-
gress. He said:
I had supposed that very few could
now be found who believe that our f1nan-
ci'.l difficulties were caused by deficiency
in the ordinary revenues Of the govern
ment, or that they can be relieved by in
creasing taxes upon the commodities con-
sumed by the people. These difficulties are
the necessary results of our financial legis-
latton, and they cannot be removed, even
temporarily, by tariff laws nor by any 9TH
er measures which do not directly enable
the government to procure the means nee
essary for the maintenance of gold pay
ments."
do you think then that the bond bill
reported in the house will furnish any re-
lief to the treasury"
The Only Remedy.
II am satisfied that there is but one per-
manent remedy for our financial embar-
EASEMENTS, and that is legislation provid-
ing for the retirement and cancellation OF
the legal tender notes. but, recognizing
the fact that such a measure would re-
Quire time for its consideration, and for
its complete execution If adopted, had
hoped that congress would Immediately
take the necessary steps to assist the gov
eminent in its efforts to procure and main
tain such q gold reserve as may be re-
required to remove the dlstrust and APP
prehension which have precipitated the
present emergency. The bill reported by
the committee on ways and means falls
very far short Of the requirements Of the
situation, and Its passage will not bene-
flcially affect the situation with which we
now have to deal.
Cause of the Difficulty.
"Our difficulties were produced and have
been prolonged and aggravated by the
fear that, Notwithstanding all the efforts
Of the administration, we may ultimately
be unable to procure gold for the purpose
of redeaming our notes, and consequently
be forced to silver basis, and this fear
cannot be wholly removed until some ac-
ton Is taken by congress clearly tndtcat-
Ing purpose to pay all our obligations
in gold when demanded by the holders
Although there is no substantial reason
to distrust the character of our notes or
other securities, or to doubt the purpose
of the government to maintain gold pay
ment, the fact that there has been no
legislative decla, alton upon the subject
and that no legal authority exists to make
them expressly payable in gold, not only
prevents the sale of our bonds for the re-
Punishment of the reserve upon the most
advantageous terms, but increases the
demands for gold by the presentation OF
notes at the very times when we are least
able to meet them without injury to our
credit
Pending Bond Bill insufficient.
IF it was not generally expected that the
three classes of bonds already authorized
by law will be paid in gold at maturity, If
demanded, they could not be sold except
at an enormous sacrifice, but even this gen.
eral expectation Is not sufficient to alto
gether satisfy investors especially in times
OF financial disturbance About SIG. 600, 0O0
III interest could have been saved to the
people on the last issue of bonds If congress
had consented to make them expressly pay
able in gold, instead of coin. This condi-
ton is not at all improved by the pending
bill, which still requires all b onds to be
payable in coin as heretofore, and confers
no new authority except the power to issue
an 4 sell three per cent. bonds, also payable
in coin, after five years, with interest pay
allie in coin semi-annually. At the pres.
eut time our 80 year four per cent. bonds
with interest payable quarterly, are sell
Ing in the markets at rates which yield in.
vestors more than three per cent. per an.
nun, and this fact should net be over
looked in determining whether or not 9
| five-year three-per cent. coin bond coulc
| now be sold at par, as the pending Dill re.
| Qulres."
Speaking of the second section Of the
! bill, which authorizes the issue of Ger.
1 tificates to meet deficiencies in the rev.
enue, Secretary Carlisle said: while
| there is no necessity at the present time
| for resorting to the exercise of the power
! which that section confers. and may MOI
be in future, the secretary of the treasury
! ought always to have the authority tc
+, issue and sell or use in the payment of eX-
penses, short-time certificates, or bonds
| of the character described in the bill
| Such authority ought to have been con
| fcrred upon him long time ago and II
| ought to be made permanent instead of be
| ing limited to s5O,000,000 as it is by the
bill. Except as to this Limitation, the sec
ond section of the bill Is good one."