New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-12-22
CARLISLE'S ANNUAL REPORT
HE REVIEWS HIS RECOMMENDATIONS
FOR RETIREMENT OF GREENBACKS.

An EXTENDED DISCUSSION. OF THE CURRENCY
AND TARIFF QUESTIONS FROM THE sECRE-
TARys wELl.-XNowN POINT qF VIEW
CONDITION OF THE TREASURY.
Washington. Dec. 21.-The annual report of
the SECRETARY Of the Treasury. which was trans
mitted to Congress to-day. deals extensively and
in detail with the financial situation Mr. Car
Isle says in part:
Since March l. 1898. United States bonds to the
amount OF SEQ 400 have been issued ana sou rOa
o. Al 81 In gold. while during the same uhe
rotes have been redeemed in gold 10 the amount
Of So and on the nrst day OF pe'e eo the
amount Of sis 5los52 Since the assumption 60. OF
Spec States notes to the amount Of $40 $50 ss
and treasury notes issued under the act s,o OF lS"
10 aggregate. have been redeemed in soo ana
ince August /. 1898. Treasury notes TO the amount l
Oh so redeemed have been cancelled and retired
from circulation. Making no deduction. on , ae
s1 oonn9 Of tinted states currency in existence on
The frs, day Of December lMe was :+os'T 80 nn
XII s7eN, in Treasury notes OF 1871 ana cons ,,nh
gueny appears that the eh'Te r v0I9 and more
n no. So 81 600 has been twice redeemed .,,
o lr ~ has so thoroughly demonstrated the
mnoiicy Of attempting to maintain the clr s ,r
zion 0I ths further argument upon the question
CuI."'.. Lc unnecessary. except for the purpose
seems 20 oressns the subject upon the attention
O. Sonrress and urging the prompt adoption OF
o. or measures Will. within reasonanle uns'
s,mnate this element OF weakness from our sys
ten THE GOLD RESERVE
.s =. these notes as a circulating medium
a,. The Government 10 provide a large go'd
~ fo- their current redemption, and "a they
.,ssrei when redeemed such reserve must he
,,,s,sS from time time. in order 10 arcrd the
s,c reasonable assurance that no default VIII
=. made IN the discharge OF our pubic oDisa'ioiis'
TIE difficulty Of procuring gold for TINS purpose Is
e-aa;lv increased at the very times wheh us POS
.s.s'on : most necessary. and consequently tne
c.~,,,en, being at such times entirely deprived
:. ,,i5 r.ceipts from the ordinary sources OF rev.
$ compelled 20 issue and sell bonds upon terms
,.ss favorable than might be procured uhuer o''e'
Circumstances The annual interest upon the a"u'-
ton "a the public deb. which has oeeh maze 10
procure ana maintain the reserve amoHnls 10 $780,,
sIe and the aggregate OF the princlpd any 40 -
the maturity OF bonds w ee on account Of which
this enormous Indebtedness mas Dseh I uaid'
or irsnno, he safely assumed that this viii he
- ,rbole measure of the burden imposed upon .ne
Of this currency is reasonably certain
mat emergencies Will hereafter arse' dto d,,'ionai
bond 70 reensh the reserve thus increasing sb 2or
debt wi,noTi IN, IN IN, no,es
The maintenance OF pohcE MI MI, rf fnrnish-
I'M eol5 ~ the public expense all who may demand
T. FOR use or boarding hons" or Tor eSioiu 10 If
.,nros canno, be justified upon an! Siouiu "a
ynedjency or sound financial PRINCIPE s anu ets" ear
ne periodical and freaueni Of our entire
currency system. thus mpar:ng coli sl he the duty
pressing s,n S6arr@d Win any degree OF respon,
bl;ty for the adoption OF proper @ aus nm tais
70 nsisi upon 6 earliest possible day The issue and
redemption Of circulating NOES - m nor If any
oher DEPARTMENT OF the Governms Mt Mae ne
vf,iAl
nurpose Of providing paper currency Tor M III
;.ansaci, n nv y; onnon to make its promises esa
,ender in the payment OF private uep. in
policy even WEARING strength and stability to our cur
rency system seriously nonsderat5s into
~. management 81 subject when e 1nt >, the
esuiaied entirely by the business snH 'he principles
p,,'rS contro honest commercial Intercourse
REDEMPTION IN GOLD COIN
Although the actual ability OF the roN'''"'
-edeeu its notes promptly IN eo'o 'o'" '
no undisputed still the question "ne'"e' nv
will he or ought to be SO leue,,n'' ond i, is
u.avs be open TO public discussion anu "
N Known that the constant agitation o'
.bts question during the last few years mas upo'.
saveral occasions greatly impcrllled 'ile S'IcH ~
our entire currency system. so long as 'ie "'. -
SIS notes remain in circulation questions as 10
49, ,,ode and manner of their redemption ana as
% the means Of procuring and maih'aii''s w.
reserve for that purpose will be made pohticai
issues and so long as these questions RENAL" Al
n,litios public confidence in the stability Oh oar
c,rrencv must be more or less disturbed f-Ne! Il
~ agl,ation Of these questions aHecteo OH! VIZ
,siue OF United States notes. tn' cohseque..'5
r'oSL1 he sufficiently serious TO JUSTIFY ueinaIIu
sor heir permanent retirement. but the chaiaC''a
NJ our currency is such that Whatever cit't.cS "
6orb, or suspicion concerning their prompt reueiip
,ior N gold on presentation necessarily HiPdna
coredence in the whole volume OF our circuatOn
~ insicts much greater injury upon thc Pup,,ic
tbar could POSSIBLY result from the 1aluic OF VI III
rarv barking institutions TO redeem theIl ldPeii'
a,,erv menace 10 the gold reserve ana every mani
fss,afion az a formidable public sentiment IN IdN0I
.. ,ba redorpt!on OF our notes otherwise IMAM ~
ynld coin al once alarms the whole business coiii-
nnrirv dcpresses trade and industry, ana lhpaii,S
Inc 4a OF our public and private securities ~ an
tho rns rkets of the world There Is Dut one aoso-
Intel, certain way remove this dencdte anu uili~
esro,s question from our party ponies ana .id' ~
N refirs and cancel the notes All attempts 10
hoard hem permanently by the Government mus.
faN -, ne obvious that our people VIZ no.
con.en, ,C be taxed merely for the purpose OF &c
rumuiatiDg and holding large ana useless suIP!uS
in The Trt asury Besides. tie notes must D. WIN,
drawn from circulation In order 10 be hoaT9eu anu
when Withdrawn from circulation IL "ouIo be ldI
no-s advantageous 10 the public 10 cancer theii
,han 10 keen them CT hand as constant teHptd-
lion to indulge in unnecessary and extraVaeaht eN-
penditures x,.- ~ aoo,rt.,.
We must not be deluded into feeling OF security
bv the fac, that there has been Suspension vi