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THE EAGLE: WEDNESDAY, NOYEMBER 27, 1895. THE OTHER SIDE! Secretary Carlisle outlines the Rec ommendations of the Administration. Greenback! to be Retired and the National Bankt to lisuc Legal Tender Paper Money and Control Its Volume. At the Beventeenth annual banquet of the Chamber of Commerce of New York on the 19th inst, Secretary Carlisle made the speeeh of the evening he said : "Two years ago, at your annual ban quet, 1 said that the disposition and ability of the government to maintain its own credit at the highest standard, and to preserve the integrity of all the forms of currency in circulation among the people, could not be reasonably doubted, and ought not to be the subject of further controversy. But the task is both difficult and expensive. Since that declaration was made here interest- bearing bonds to the amount of $162,315, 400 have been issued to procure gold tor the redemption of the United States notes. The notes still remain the same as the beginning. Notes are redeemed, but they are unpaid. Our legal standard of value is as sound as that of any country in the world, and if we had Buch a cur rency system to guarantee its perman ent maintenance no government would command a larger credit or realize great er benefits from it than ours ; but the great investors of the world appreciate the difficulties under which we arelabor ing and, until these difficulties are re moved, we can not reasonably hope to see perfect confidence restored at home or abroad. The fundamental vice in our currency system is the legal tender note redeema ble in coin by the government and re issuable under the law. There are other defects, but this threatens the stability of the whole volume of our currency. So long as the notes are outstanding the slightest diminution of the coin reserve at once excites a feeling of apprehension and of distrust, affects the values of all securities, curtails investments, and more or less seriously embarrasses all the business affairs of the people, In attempting to provide a circulating medium consisting of its own notes re deemable in coin on presentation and reissuablo after redemption, the govern ment of the United States is engaged in a business for which it is wholly unfitted and which was never for a moment con templated by its founders. It has a right to borrow money and issue evi dences of the debt, but it was never con templated that it should convert itself into a bank of issue and furnish a legal tender paper currency for the use of the people. The treasury department ought to be,! and was intended to be, simply a public agency for the management of the fiscal affairs of the government as a government, not as a bank. No change made in our currency sys tem will afford relief unless it provides for the retirement of the legal tenders. The circulation of legal tendrs has a tendency to drive out of the country the very coin in which the government is compelled to redeem them; and it has expelled millions of dollars from our borders. Although the government and our own people are compelled to weive them, they will not discharge interna tional obligations, and gold must go out to settle all final balances against us. No other government in the world is re quired to supply gold from its treasury to discharge the private obligations of its citizens. While the pecuniary loss to which the people have been subjected by the issue and continued circulation of legal tender paper has been almost incalculable, this has not been the only injury inflicted upon the country. The theories that the government can create money by placing its stamp upon paper or other material ; that a legisla tive enactment can make bO cents equal in value to 100 cents ; that artificially inflated prices, ' paid in a depreciated currency, are better for the people that natural prices, paid in a sound currency, and various other vagaries now floating like bubbles in the political atmosphere, are all directly attributable to the long continued use of legal tender paper. The proposition that a prom so of the government to pay money is money is just as absurd as the proposition that a promise to deliver a horse is a horse, and yet there are eminent men, high in public councils, who believe that the United States' promissory note is actual money and that the statute which com pels all the people to receive it as actual money is constitutional, and ought to he continued in force. The agitation for the free coinage of legal tender silver is predicated upon the same vicious principle that underlies the legislation making paper promises a legal tender; but there is a practical difference between the two systems. The United States note was a forced loan from the people to the government, which the government promised to pay in dollars, but the free coinage of legal Under silver at the ratio of 16 to 1 would be a forced loan from the people to the owners of silver mines and silver bullion without a promise of repayment by any body. The campaign against t he propo sition to debase our standard of value should not be abandoned or suspended. If the friends of a sound and stated measure of value arc vigilant and active this effect can not possibly succeed, aid the questioh will soon recede from the public view. But the United States legal tender notes will remain to com plicate the currency system and embar rass the government. In my opinion, legislation in this direction, at the earli est possible day, is imperatively de manded by every substantial interest in the country, and its postponment upon any pretext of political expediency, or upon the assumption in advance that no satisfactoiy result can lie accomplished, would he a very grave mistake. No nation can reasonably hope to con trol the trade of any considerable part of the world unless its excluí' gesaru based upon a standard of value recognized as sound in all the centers of commerce. The pound sterling has made London not only the principal market, but the clearing house of the whole world. En gland not only realizes great profit from her own trade, but takes toll out of the internationi l trade of allothereountries. With an inferior currency, we cuuM never successfully contest her supre macy, and the belief that we can punish her or enrich oum-lvep by destroying the value of our own money is one of the most remarkable delusions of the age." llUyclu Katie at El lno. On Nov. 25 to 28 inclusive, for the bi cycle races to be held at F,l IV", nn Thanksgiving day, the A. T. a s. i;'. railroad company will sell round trip tickets to El Paso, at one and one-third standard first-class fare. Final return November 29th. H. M. Stkckkk, Agent. Dr. S. D. Swope, uf Denting was in the citv last I'riday. RIP AN ONE GIVES RELIEF.