Delaware gazette and state journal., 1896-04-23
valno of The Cold stnnhnrA.

Ouulptrolltr VI luo currency JanbS
Ii. Eczels has gained an enviable repu-
tstion for the clearness aud soundness
of his views upon all questions of ma
tional finances. He is emphaticaly in
favor Of the gold standard as basis
for our national currency. In the
course Of an address delivered to the
business men Of Cincinnati on Friday,
Comptroller Eckels said:
believe that the largest element for
a renewed prosperity in this country is
the decisive determination upon tho
part of the people that here shall be
maintained, unquestioned and unques-
tionable, Il single gold standard OF
value. Every law placed upon tho
statute book, or attempted to be placed
upon it, which calls into question tho
maintenance OF such standard in
iuriously affects every business relation
and works loss 10 every citizen.
believe that to the furthering Of this
end it is necessary that tho government
of the United States shall Withdraw
itself wholly from y position that
makes Its every act OF financial char
acter bear upon the undertakings Of
the citizen. 1t is undoubtedly true that
no commercial nation looks with favor
upon Treasury issues of paper made
during time Of profound peace. There
is scarcely prominent statesman in
American public life who has not
within the last quarter of a century
condemned in strongest terms the
use of such issues. They are the
disturbing element in business and
plague upon tae Treasury Department.
The legal tender issues OF this govern.
ment despite the fact that they are
non-interest bearing obligations, have
IN actual expenditure of money been
the most expensive debt with which
tho government has had to do. They
have diverted the Treasury Depart
ment from its legitimate functions OF
collecting revenues and disbursng the
same and made ii great bank Of
issue, clothed with powers INADEQUATE
and hardly sufficient at times to main
tain its solyency. 1t is admitted
through tho various means suggested
to temporarily retro and impound
these issues that thoy work injury to
the country's business interests. II
such be tho case, what possible excuse
can be gwen for their not being taced
upon the same footing as any other
evidence of Indebtedness of the coun.
try, and thus paid and retired? 1t will
not DO TO say that a contraction which
would be harmful to the interests of
our financial world would follow, for
with their payment and cancellation,
both gold and bank notes in sufficient
quantities could be had to take their
place Their payment and retirement,
or even "a measure pointing in that di-
rection, and making certain that be.
ginning had been made, would evidence
to the world that We had at last entered
upon financial methods Of kind TO
commend lis TO the investor both at
home and abroad. 1t would as well omen
the way for improvement in our bank
ing system and leave the banks of tho
country TO furnish, as they ought TO
GO, all the paper currency which we
employ. If the legal tender issues were
cancelled | am confident that such i'm
proyement in the note issuing function
of the banks could he mado as would
give to us currency which would be
safe, elastic and efficient.
II would be well if Congress would
give heed 10 the admirable suggestions
of Comptroller Eckels. But Congress,
unfortunately, is too much wrapped up
in matters political 10 devote any
serious intelligent consideration to the
country's financial needs.