The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1895-02-07
Reed to the Rescue.

The distinguishing characteristics of
the currency plan propounded by
Thomas B. Reed for the solution of the
present treasury tangle are its simplici-
ty and its directness. The first section
provides for the sale, at not less than
par, of per cent. bonds redeemable
in coin; the proceeds of such sale are
to go to the redemption of outstanding
treasury notes. The second section en-
powers the secretary of the treasury to
pay current federal expenses with the
proceeds of the sale, at not less than
ing certificates of Indebtedness, like
wise redeemable in coin, and to consist
of denominations of $25, $50 and $780,
By the use of the word coin he pro-
tects the gold reserve without demone-
tizing the silver which is today so
largely in use as a medium of exchange;
and by the limiting of his certificates
of Indebtedness to small denomina-
tions, bearing short term interest, he
recognizes the widespread desire for a
popular loan that shall not carry with
it excessive expense to the government,
and which will not, for q long term of
years, tie the hands of those who shall
soon succeed the present set of incom-
petents in the administration of the
government.
II it falls within the meaning of this
bill that treasury notes, when re-
deemed, shall be reissued upon a BIZ
metallic basis rather than upon the
present gold basis-and since nothing
is said in the bill hostile to such re-
issue we may fairly assume such to be
its intention-we do not perceive how
the most radical silver man, If he be
rational, can refuse to tender his. cor
dial support to the measure, or how
any but the rabid gold monometallists
can object to it. The measure does not,
| 1t is true, touch the chief cause of the
present embarrassment, and does not
pretend to. 1t Is simply makeshift,
| and does not masquerade as something
| more. But while a Democratic ad-
| ministration is in power it will be clear
| ly impossible to effect such a reorgani-
to pay the current expenses of the gov
| ernment without recourse to bond is.
| sues, income taxation and national
begging. AN that can be done at this
sues as to make it easiest for the Re
publican successors Of this congress t
undo the mischief of their jangling pre-
| decessors and to restore the nationa
credit system to its old-time prestige.
| 1t Is interesting to notice that while
Mr.. Reed does not summarily ignore
with a wave of his hand, the claims o.
| his numerous fellow citizens who ar,
favorable to the larger use of Ameri
! can silver for currency purposes, an(
1 does not limit his public career to {
meek performance of the bidding o
| speculative interests anxious for tn
determination of silver as none!
| metal, he does not, on the other hand
initiate or approve the arrogant cours
of such men as Senator Teller who de
olare, in effect, from positions of higl
public responsibility. 1--WE woul
sooner see the public credit go to piece
than to bulge one inch from our de
mand for the unlimited free coinage o
the silver of the world at the ratio o
16 to l." The plan of Mr.. Reed is
rebuke to arrogance on either extreme
and also an exceedingly timely re
minder that hobbies are alike sub
ordinate, in the judgment Of patriotism
to the welfare of the nation and tn
preservation of its national credit an
it's national honor.