The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1897-01-01
THE DELAYED REPORT
OF the Secretary OF the Treasury
Presented 70 Congress.
yh. Document Devoted Largely tn Rene
dial suggestions for Overcoming
the Present Financial Ills OF
the Country.

"A transmitted to congress, deals eA-
tensively and in detail with the imam
cial situation Mr.. Carlisle sum
mariaes the condition Of the treasury,
and after reviewing his former recon-
mendations for early and effective
legislation to provide for the retire
neut OF treasury notes, goes on TO saw
..The maintenance OF policy when neces-
ssrily imposes upon the government the Dur
den OF furnishing gold at the public expense 70
eli y no may demand 10 for use OF hoarding al
home or for export % other countries
can not be justified upon any ground 81 ex-
pei ieney on sound financial principle ana even /
N the periodical aud irtquenLy-fecurrlns de- I
rnands icr gold ana not weaken the foundations
nj our ent re clrrcnty system, thus impAlrlhs I
coua eucc .l4 depressing business ~ "ou.H'
nevcrtaele.s Sc The duty 81 all VINO are
charged with any degree OF responsibility
TO- Zoe adoption ~ proper LhAhc'al
uas.h.4, 10 insist upon the reformation OF
our Avs On this subject al the earliest posi-
be day The issue and redemption OF cireu-
iatirg rotes IS not u proper function OF the
tra.sury departuleut or OF any other DEPART
men. Of ,he government While the govern
nAnt has power 10 coin money, II is not IA Us
duty to issue public obligations merely Tor The
purpose Of providing paper currency Tor use
Ii the transaction OF business, nor has u the
CONSTITUTE onal power. In my opinion. to make
Us promises legal tender In the payment OF
private deUts. Such a policy, even II sane
Noned by the constitution. instead OF impart-
ing strength and stability TO our currency sys-
tam seriously endangers il by the introduc-
Atom OF political and partisan considerations
hnto the management OF = subject which ought
70 be regulated entirely by the business inter
osts OF the people and by the laws OF trade ana
the principles which control honest cofnmer-
eisl intercourse"
The secretary refers to the peril in which
Shs entire financial system has been placed by
the constant agitation OF the currency ques-
Aon, 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
viii not consent TO be taxed merely for the
purpose Of aecumulating and boarding a large
AMI useless surplus in the treasury. Besides,
tn notes must be withdrawn from circulation,
tu order TO be boarded ant when Withdrawn
from circulation. It would be far more advan-
sAgeous 10 ,Ae public to cancel them than Il
Keep them on hand as q constant temptation
- Indulge % unnecessary and extravagant ex-
penultures
1--WE must not be deluHed into feeling Of
security by the fact that there has been sus-
pension OF gold Withdrawals during the past
few mouths and a large accession 20 our stock
OF gold from abroad during the same time,
says the secretary re points out that there Is
NO sufficient reason TO believe that this condi-
zion OF Affairs win be permanent II our exist
tng system Is maintained, and continuing
nc says.
Fluctuations IL the rates OF exchange ar
produced by causes beyond the control OF Of
dcial power. and one CT the msfortunes Of ou
present situation is that whenever these rate
reach point at which IL is more profitable u
export gold than to purchase bills for the set
NJ mall
ment is compelled to furnish the gold or fai
70 maintain the standard OF value establlshe
by law. In fact. the abandonment OF tina
standard, and the legal or practice
recognition OF silver as tie basis OF our none
tary system would not relieve the Rovernmen
from the obligation TO procure coin by the is
sue OF bonds or otherwise. for the redemptio
Of the notes. Until the notes are permanent
retired. or the obligation to redeem In coin
wholly repudiated.a large reserve must be pro
vided and this reserve, whatever IL consist
OF gold or silver, being subject TO the demand
81 all who desire to exchange notes for coif
must be replenlshed from time to time hy sue
means as the government is able TO command
No system " coinage that can be devised wi
furnish the government with either gold or ST.
yer. unless II pays Tor Il with means airead
cole ted by taxation. or by contracting an Do
cebtedneAs 10 be paid BY the people IN the q
tuIe
Il am thoroughly convinced that the retire
=
OF both classes. under sueA reasonable Limit
tiuns and restrictions a. congress may "a
proper 10 prescribe or as a prudent secretai
&. the treasury would ADOPT IA the exercise
his oifioial discretion, would not result. eith'
permanently or temporarily, IN an njurol
contraction OF the currency. No government
however despotic, can prescribe the exa
amount Of currency its people shall use In q
transaction OF their business and every a
tempt TO regulate this subject by arbitra
rules In the form Of legislation or otherwise
departure from true economic principle
1ne people, IL left free TO conduct their bui
ness Affairs in their own way, will alwa
decide for themselves how mitch money tn
need. and unless prevented by artihci
distractions. the necessary amount W
always be supplied either from their own
sources at home. or through exchange abroa
The volume OF business transacted determin
che amount OF money and credit required. a
whenever the volume OF business demands
additional supply Of money or an extension
credit. the demand will certainly be compli
with provided that the laws do not interfe
to prevent IT, As rapidly as our notes are
deemed and cancelled. gold. or currency
good as gold, will take their places Ia the c
culation. II the interests Of the country
Quire IT,
with liberal commercial policy, prom
ing the profitable introduction OF our Lar
surplus products into the markets Of our cot
try aud q sound currency system, promis
safe Investments for foreign capital
our domestic industries, may G.
hndently rely upon the opcrat
OF the natural laws OF trade
finance for an abundant supply OF good moi
TO transact ali the business OF the people
fully da-elop the great resources at our &C
mand AS soon as the resumption OF spt
payments had become assured and the ag
ton OF that question had ceased. gold begal
Cow IA this country In large amounts.
from 1873 20 1881, both years incinded. our
gains IN imports alone was tlsp74s,5e2 bu
addition to this, our available stock OF
metal was considerably increased by our
nestle production and 10y the renewed use
great part OF the coin previously boarded
our people account OF It's superiority
value over o deprecated paper currency
aseries OF years there had been deficient Ct
IN Europe and the sale OF grain and provis
In those markets created very Il
excess OF exports OF mcrchan
over imports, eliminating. IN 1873,
balance in our favor or 500. 1872 or. the lar
that ever existed In a single year No
balance has ever been approached Ia any
since, except during the current calendar
1899 In II months the excess OF expor