The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-17
ECKELs TALKS.
The Controller Advocates Retirement
af United States Treasury Notes.

of United States Treasury Notes.
CHICAGO. jan 16-"Little hope is enter
tanned that any remedial financial legisla-
ton will be passed at the present session
of Congress-" said James II. Eckels, Con-
troIler of the Currency, to-day. THE House
has passed the coin bond bill, but, unsatis-
factory as Ii is, there is little hope OF 1T
passing the Senate in any form that will
be satisfactory to the House. If passed at
all by the Senate, it will be with free-sil-
yer amendment attached. Under such cir
cumstances II would be necessary for Presi-
dent Cleveland to veto such measure be-
cause the House, as at present constituted,
would not agree to the amendment and the
bill would never reach the President for
his signature
Speaking about the bond issue, Mr.. Ecke,s
said: "It cannot be said that the public
feeling over the general financial situation
is hopeless, despite the failure Of Congress
to enact the necessary remedial legislation.
The opinion is generally entertained that
the problem will eventually work itself out
and that in time our national finances will
be put on solid permanent basis. The
bond issue is expected to afford temporary
relief. No doubt is entertained of the sale
being successful or OF the whole issue being
taken. OF course, il is an open question
whether the gold to be paid for the bonds
|Sili not IT, be s, Withdrawn I'D from the Emitted
that be done, the relief afforded will be
reduced just by the extent to which the
gold is withdrawn. SO long as the green
backs are outstanding and subject to re-
demption in gold on presentation at the
treasury, just so long will our national
finances be in an unsatisfactory condition
That is the root of evil. and so long as it is
allowed to continue so long will We be able
to reap the fruits"
Mr.. Eckes spoke tonight at the annual
49, ,f - ID<>a1 D.
Currency System" He said in part: mo
where in any nation, whether of great or
little power. is there to be found currency
and financial system so inadequate for the
purposes to be accomplished as that OF the
United States. 1t presents in its circulation
feature the singular spectacle OF nine differ
directly or indirectly dependent upon the
credit of the United States. The Treasury
Department, established by it, is the great
est banking institution in the land. clothed
with the least powers for self-preservation
and beneficial action"
He discussed particularly the "greenback
element Of the system, citing ii because
the harm which II Is doing must be manifest
to all; because every bond issue made to
preserve the gold reserve in the treasury
bears testimony to the expenses of ii to the
taxpayer and every measure introduced in
Congress to cancel the Indebtedness which
il represents, or prevent the too great ra-
pidity and repetition Of the presentation of
it for redemption, proclaims its harmful
ness. 1t would be foolish TO undertake 10
conceal that the source of our difficulty lies
in the fear that the United States cannot.
in the face of existing laws, maintain the
gold standard as its unit of value.
The legal tender issues OF the govern
ment ought and must be redeemed and re-
tired If the American people are 10 be rid
of the recurring danger and loss arising
from their being part of our currency is
sues Ii is asserted that when the revenues
of the government exceed the necessary ex-
penditures bond issues will cease and 70
further trouble follow. The difficulty. how
ever, goes beyond the question OF revenue
and touches the vital point. intrenching on
the confidence of those dealing with US in
our ability TO always pay these obligations
in gold. Complete confidence cannot be re-
stored by simply increasing the govern
mental income; but, even IL IL could. there
would be no guarantee against future i'm
pairr,lent OF IL through the same cause.
There Is but one road to absolute safety.
and that lies through their payment and
cancellation. When that end Is accom-
plished we will have done much TO rid the
people Of the belief now entertained that
in the fiat of the government is some magic
power which from nothing can bring forth
something of intrinsic value"