The Middleburgh post. [volume] (Middleburgh, Snyder Co., Pa.) 1883-1916, 1896-12-24
cARLIsLE's REPORT.
The Secretary Of the Treasury Demands
Some Reforms.

The annual report Of the Secretary Of the
Treasury. which was transmitted TO Con-
gress Monday. deals exclusively with the
financial situation. Mr.. Carlisle summar-
lies the condition OF the Treasury. and after
reviewing his former recommendations for
early and effective legislation TO provide for
the retirement Of the Treasury notes goes on
to say;
The maintenance OF n policy which nee
cessarily imposes upon the government the
burden OF furnishing gold at the public ex-
pense to all who may demand II for use or
boarding at home, or for export to other
countries, cannot be justified upon any
grounds OF expediency or sound financial
principle. and even " the periodical and fire.
quently recurring demands for gold did not
weaken the foundations OF our entire cur
rency system, thus imparing confidence and
depressing business, 1t would nevertheless be
the duty OF all who are charged with any de
gree Of responsibility for the adoption of
proper financial methods to insist upon the
reformation OF onr laws on this subject NJ
the earliest possible day
"rhe issue and redemption OF circulating
notes Is not p proper function Of the Treas
ury department or any other department OF
the government While the government has
power to borrow money. II is not its duty to
issue public obligations merely for the pur-
pose Of providing paper currency for use
in the transaction Of business, nor has it tho
constitutional power. in my opinion. to make
its promises legal tender in the payment Of
private debts.
"Such II policy, even II sanctioned by tho
constitution, instead Of imparting strength
and stability to our currency system. seri.
ously endangers 1t by the introduction of Do
litcal and partisan considerations into The
management of n subject which ought 90 be-
regulated entirely by the business interests
OF the people and 10y the laws Of trade and
the principles which control honest CONNER.
cial inter 'Ourse.
Tho secretary refers to the peril In which
the entire financial system has been placed
10y the constant agitation of the CURRENCY
question, and adds:
"Thcrc Is but one absolutely certain way
TO remove this delicate and dangcrou. uup..
tiOn from our party politics. and that is a.
retire and cancel the notes. All ATTEMPTS l.,
hoard them permanently 10y the government
must fail for the obvious reason thnt our
people will not consent TO be taxed merely
for the purpose ot accumulating and hold.
ing large aud useless surplus in the Trels-
ury.'
We must not bo dcuded into a feeling Of
security 10y the fact that there has been "A
suspension OF gold Withdrawals during the
past few months and largc accession TO our
stock Of gold from abroad. says the srrrr.a-
~. lie points out thai there l. no sufficient
reuson 80 believe that this condition ot af-
fairs will be permanent II our existing sys.
TEN is maintained.
Until the notes were permanently retired
or OF tho obligation to redeem in coin is
wholly repudiated IA large reserve must bc
provided, and this reserve. whether or 1,
coni-ts Of gold or silver. being subject t. the
demand OF all who desire to cxchansr note.
for coin, must be rcplenishei from time g.
time 10y such means as the govcrumcn; H.
aOle 20 command.
II an thoroughly convinced that the re-
tirement and cancellation Of United states
notes OF both classes under such reasonable
limitations and restrictions Us TO time and
methods as Congress may see proper 10 pre-
scribe. or us a prudent Secretary uf tho
Treasury would adopt in the exercise - hls
discretion, would not result in Hn injurious
contraction OF the currency"
The secretary holds that without refor-
nation OF our currency we cannot safely re-
ly upon permanent acccssOns 10 our stock
Of gold from abroad ia settlement Of trade
balances In our favor. He rcnews his recon.
mendation OF last year that the Secretary Of
the Treasury be authorized to issue from
time to time bonds payable In gold and 10
exchange them for United States notes an,
treasury noles.