The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1896-01-17
ECKELS ON CURRENCY.
Idiotic statements Mado by tho Financial
Expert Before the Chicago Real Estate
Board.

Expert Before the Chicago Real Estate
Board.
Chicago, jan 16.-The thirteenth an
nual banquet of the Chicago Real Estate
board was held at the Auditorium hotel
this evening. About 500 members and
guests We're present, great many or
the latter coming from a distance to
see and hear Comptroller of the Cur
rency Eckels speak. MIR. Eckels
spoke to the toast Our Currency"
He explained the Importance Of the
currency question in general and al
luded to the manner in which some of
the evils crept into the system He
then said that nowhere in any nation,
Whether Of great or little power, Is there
to be found a currency In any financial
system SO inadequate for the purpose
to be accomplished as that OF the
United States. 1t presents i'm its cir
culation feature the singular spectacle
of nine different kinds of currency, all
except two being directly or indirectly
dependent upon the credit of the United
States. ~
One statute requires the secretary Of
the treasury to redeem the treasury
notes In coin on presentation and an
other compels him to pay them out that
redemption.
Upon every hand it Is an embarrass-
ment to the proper conduct of the busi-
ness affairs of the country. 1t adds to
their embarrassments by the forced In
flation of the volume of the circulating
medium at one time and the forced
contradiction through the operation of
the sub treasury system at another.
Designing to have the banks created
uEder 1t and subject to governmental
! supervision to supply the currency
needs Of the country. 1t still insists on
competing with them In their note Is
suing function and presents through
tax and other barriers which 1t erects
! their attaining the very end for which
| they We're brought into being.
BY the operation of the Bland-Alli-
son act it brought about the coming
| Of many millions of silver dollars at a
value far more than the commercial
| value of\the silver metal in them. and
Of far less value than the metal in the
| gold dollar with which II provides they
shall be of equal legal tender value
and alongside of which they are expect
ed to circulate.
And as If to add to the crownine
act of a series Of complications al
ready perplexing to an unheard of de-
4
still other silver dollars and notes tC
burden an already overburdened gold
reserve. without in the smallest meas
ure adding to its safeguards.
Remedy for All Evil.
After alluding to the injury being
done by the advocacy of impracticable
financial schemes. Controller Eckels
said The legal tender issues of the
government ought and must be re-
deemed and retired, II the American
people are to be rid of the recurring
danger and loss arising from their be-
ing IA part of our currency issues.
They doubled the cost of the civi
war, and prematurely drove us from q
specie basis to one. for many years, OF
irredeemable paper.
Had 1t not been for the circumstances
surrounding the government at thai
time not a dozen votes could have beer
obtained in either the senate or the
house for a legal tender principle. i
is asserted that when the revenues o
the government exceed the necessary
expenditure bond issues will cease anC
no further trouble follow. The diff
Guilty, however. goes beyond the ques
ton of revenue and touches the vita
point intrenching upon the cOnfidenc,
of thos dealing with us In our ability t.
always pay these obligations in gold.
Complete confidence cannot be re
stored by simply increasing the govern
ment income: but even II 1t could. ther,
would be no guarantee against futur,
impairment of 1t through the sam,
cause. There Is but one road to absO
lutte safety, and that lies through thei
payment and cancellation