New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-01-17
ECKELS ON THE CURRENCY.
THE CONTROLLER TALKS TO REAL ES-
TATE MEN IN CHICAGO.

CRITICISMS OF THE GOVERNMENTS FINANCIAL
sYSTEM-TiiE LEGAI,-TENDER ATTACKED.
Chicago. Jan ls-At the banquet of the real
estate men here this evening Controller Eckels
made brief address. He explained the importance
of the currency question in general and alluded TO
the manner in which some of the evils crept into
the present system. He said that nowhere in any
nation. whether Of great little power is there to
be found a currency in any financial system so in
adequate for the purposes to he accomplished as
that the United States. presents in its circu-
lation feature the singular spectacle Of nine dif-
fcrcnt kinds of currency. all except two being
directly or indirectly dependent upon the crodlt OF
the United States The Treasury Department ostab-
lishod by 1t is the greatest banking institution in
the land, elected with the least powers for self
preservation and beneficial action one statute re-
qulres the Secretary of the Treasury to redeem the
legal tender notes in con on prcscntation ana an
other compels him to pay them out that they may
return again and again for redemption.
on every hand it Is an embarrassment 10 the
proper conduct of the business affairs Of the
country. II adds TO their embarrassmcnts by the
forced imitation Of the volume of the circulating
medium at time and the forced contraction
through the operation Of the Sub-Trcasury system
another. Designing to have the banks created
under it and subject to Governmental supervision
TO supply the currency needs Of the country II stIl
insists on competing with them in their noic-lssung
function. and prevents through tax and other bar
riers which IL rrcctS their attaining the very cu loi
which they were brought into being
BY the operation OF the Bland-All net II
brought about the coming Of many millions OF silver
dollars value far than the commercial
value of the silver metal I'm them and OF far less
value than the metal in the gold dollar with which
it provides they shall be Of equal legal-tendcr value
and alongside OF which they expected to circu-
late. And If 20 add the crownIng act OF series
Of complications already perplcxns to an unheard-
OF degree. the Sherman act has given to us stu
other silver dollars and notes to burden an already
ovcrburdened gold reserve, without IN the smallest
measure adding to its safeguards.
After alluding to the injury being done 10y the adj
vocacy OF lmpractcabe financial schemes, Controller
Eckc's said:
The legal-tender issues Of the Government ough,
and must DE redeemed and retired. II the American
loss arising from their being part OF our cur-ency
ISSUES They doubled The cost Of the Civl Wai, an
piemdtur'y drove rs from specie basis 10 one i"f
many years OF 'rrele"mahe paper. At Oh" time
cate apoloSz,d i'f ther ISSUE ana pr9n,Sri qui.A
payment of tnem- 4 an earnest of this they wc!r
bond. Had 1t not been for the circumstances sur
rounding the Go,ernmcae not dozen votes c'ul1
for the eea-tcnder principle 1t va. saiel and M
conuadctei at tn" time. that prior % me art -
1852 not only such law meyer passed. hIt such
niTo'luref never rer'rnaaonj.d hy an, Ior,rt,nen
never seriously encrtnneI In debate in ether branch
Tho temporary issues u that DAY. despite tho ap-
pells of chief Executives and Secretaries - t'e
Treasury are yet part OK the fixed volume - our
currency. From first - last They have been o."
greatest burden and most expensive debt eyer placed
upon the Government 10 Is asserted that when the
revenues q IN. Government excel the necesary
pcnliiuTes bond issues viii cease ANA no further
trouble follow. The difficulty. however. goes h'-
yond the question of revenue. aud touches the vital
point in trcnching upon the Couf lrrcc ~ those
dealing win US IN our ability 10 always pay the.e
obligations In gold Complete confidence cannot he
restored by simply increasing, the Government in-
come. but even II II could. there would hc lsar-
antec against future impairment of q through fh-
same There is but TDti 20 ahsoluir Srfety.
and that les through their payment ami clncelia-