The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1896-12-22


port of the Secretary of the Treasury
was transmitted to Congress to-day.
MI Carlisle summarizes the condition
oi the treasury, ana after reviewing
hIS former recommendation for carly
ana elective legislation 10 provide for
me retirement of treasury notes, goes OH
to say:
GOLD RESERVE POLICY.
The maintenance of a policy which
necessarily imposes upon the govern
ineht me burden of furnishing gold at
the public expense To all who may de-
mand II FOR use or boarding at home,
on Tor export to other countries. cannot
be justified upon any ground of expe-
uiehcN or sound i'nanciaf principle. and
even II the periodical and frequently re-
curing demands for gold did not weak
en- the foundations of our entire curren-
cy system. thus impa!ring confidence
and depressing ltIsine:s 1t would never
NheleSs be the duty of all who are charg-
ed with any degree of responsibility for
the adoption OF proper financial meth
odS 10 insist upon the reformation of
our laws on this subject at the earliest
possible day. The issue and redemp-
tion OF circulating notes Is not proper
function of the treasury department or
OF any other department. of the govern
merit. While :hc Government has power
to borrow money, it Is not It's duty 10 Is
sue public obligations merely for the
80, 80 ~ ''''''S :. ,''pe. ,uii ic'tH
No., r. :; ~ ..t II. ''piI W p.'si'i -
,n,. nmiri,n =" ,,,,i. 80, ~
legal ;ender In Gch payment of private
debts. Such a policy, even If sanctioned
80 ~ i ,'i3'u'" Va
''i'u o'' WI
.bo ir.c,,,I.t, ,t.i',,i i',''i :, y;
- o,,;Il.,.i 'i. 49,, "',' -. ' W.
,,i,, ~ smt,ioi .,,;oi, ,.,,,. 80, na
,.,,.,,i,.a, ,'i,., ~ b;,
,f,'',,'r I',,, -! ' 1 ~. w.,
'''.u ~ -. w.,
,,,,,,, ,,,,,,.t,i i,',,.,
M ssrre.,,,, ,'r,',' ~ ~. Mani, i,,,,
which the entire financial system has
been piaccu ny IN" constant aGt'atl"h
ol '"c currency !"v'','ph' "'u 'u"S'
RETIRE TREASURY NOTES
..,rho.. a. I'm. ,.. .I.o,u,o,,. ca,.,,i,
49, ~. , ~ IIt,,,n ,,1 ~,
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.,,i' -, IL, .,,,l1,.' ,n hn honrGcd an1
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'li "ur" =" ,,i ,,,o,,, ~, - ,h,,,
",,,',afio t,'Vr ,m
3,,,,, u, "nroc,..s,,v and ox,rtr5Tam,
Nv, ,,,,ct uo, ba do,udal ir,n , God
;,,.. nr .ar,,ri,y hv ,hc ran. ,ho. ,hnro
h1, Nom . susncnsinn of cold win
i"su.,i, d,,rinr ,hn nns, f.sy non,h.
49,, Io,.,, =, ,.,.5.eiot, 70 o,,r .tncI, of ,,nIJ
..,', ~, SacrM a~S ua nnsnts ont
80, ,harn ;s nn sufiicion, reasnn +, he
it'',.a No, hi. cnndi,tnn or arfairs ,yill
rn,onem. ;T n,,r nxi.tin,s evs,em /.
ne ir,,,a',.nd ord cont,n',in~ he savs.
"''
FLUCTUATIONS IN EXCHANGE.
"Fmcluations in the rates of exchange
are Produced by causes beyond he con
.i!ol of official power. and one of the
nisfortuncs of our present situation is
thar whenever sthec rates reach a
point at which i, is more profitable to
So.