Grant County herald. [volume] (Lancaster, Wis.) 1850-1968, 1885-12-24
Treasurer Jerian's Goldite Report.
from The Chicago Tribunel

Treasurer Jerdan's Goldite Report.
From The Chicago Tribunel
Jordan. the unknown worthy who
was taken from a subordinate position
in a Wall street bank and made Treas
urer of the, United States, does not
seem to have very clear perception of
his new duties. In his first annual re-
port, which has just been published, he
proceeds to lecture Congress on the
necessity OF aboishing gold and silver
certificates, suspending the standard
dollar coinage, and making other prep
arations to regulate the currency ar
cording to the gold-bug doctrines of
Wall street. Jordan belongs to the
class OF upstart officials whose hats sud
denly become too small when they are
commissioned 20 public office, and
who imagine at once that they were
called from private life TO effect the
salvation of the country, Jordan may
have earned his diploma as financial
expert in Wall street bank, but grad
yates of that school should be 4 little
more modest when they attempt to lay
down the law for the entire United
States.
MIR. Jordan report shows that when
he changed his employment from Wall
street to Washington he made no
attempt to engage in the service of a
new master. He is an unreasonable,
rancoreus goldite of the New York
school. He believes that every device
should be exhausted to make money
scarce ami dear while everything else
is cheapened, so that the bond and
mortgage holders of the East may be
able to put the screws on the debtor
classes of the West. 0fcourse Jordan's
education and previous experience ac-
count for his peculiar views, but it is a
disgrace to the Administration that he
should be permitted to incorporate his
oppressive, goldite theories in an official
report TO Congress- If he desires to
continue in the service of Wall street
let him go back to his former employ
ment, and not imagine that the people
of the entire country are willing TO pay
him salary while he labors in the
interest of the Eastern money changers
alone.
Jordan goes degree beyond other
goldites in advocating not simply q
suspension of the silver coinage, but
the abolition of both gold and silver
certificates. He wants to deprive the
people of useful and convenient aper
money, cut off the supply of silver, and
issue gold only in the most inconvenient
form Tor popular use. He reports that
during the last year he has been able TO
retire about S2S. 900, 900 in 81 and 50
notes, and he would like to have his
plan extended so as to wipe out the
gold and silver certificates. Then ali
the coin locked up ia the Treasury
would represent an absolute contraction
of the currency, and the reserves held
~ the Government would assist power
fully in making money scarce and dear,
for the benefit of the money lenders.
According to the Jordan scheme the
certificates are to be abolished. the
coinage of dellars. suspended, and the
fractional silver run throu gh the minis
again SO as to make these coins high.
priced. With marvellous assurance the
treasurer proposes to exhaust every
scheme to cut down the volume OF
money. enhance the value of what re-
mains, and SO increase the burden of
iebts and taxes. The most rigorous
and relentless contractionists and mo
nometallists have u ready tool in the
present Treasurer of the United States.
La attempting to bolster up his Wall
street Jordan is guilty
of the pitiful Inconsistency of arguing
that silver is bulky and announcement,
losing by abrasion and expensive 10
ship, while in the same breath he fayors
the abolition of gold ana silver certiti-
Gates and the forcing of silver into
pocket circulation. His argument, in
lact, proves the necessity of certificates
10 represent coin in the ordinary tran
factions of business. In attacking TIN.
certificate, which is portable. conven
tent, and popular-losing nothing b,
abrasion. and inexpensive to ship-Jor-
'an proves that his enmity to silver Is
'ased not on the imaginary difficulty ..
citing it into circulation but 'on tue
tct that it tends to make money cheap
tud plenty. He is opposed even to the
odd certificate, apparently for the
reason that this is the most convenient
'rm of money and that the, issue OF
;1in instead would force the people To
ieep it locked up a good part of the
me rather than in active circulation
DIN is naturally boarded while paper
money continues in circulation. Jor.
AN $ report shows that he has tortured
rs ingenuity for schemes to destroy
Q popular form of money and retain
'nly that which is inconvenient and
tear. so that all debts may be sealed up
Tor the benefit of Eastern creditors. It
IS very clear that ,Jordan's schemes will
De opposed by the solid vote of the
South and West as represented ii
congress, and that the Administration
would stand better with the people in
the Treasury were placed in the hands
II less plant tools Of Wall street.