The Meeker herald., 1897-02-06
MR.. CAGES VIEWS.
He ,s OPPOSED TO SILVER.
s,.sss r-liy what H,s Financial Po,sey
WIN Be-Wa.ss - sell osvss.0ssss
Silver BaiiIoa.

DSat4s Fully what HA RiAaAeeAA FoSey
WIN Bs-Ws.ss - ssal oevssn0sst's
Silver Ba,iIos.
New York, Feb. IA special to the
World from Chicago says: The World
submitted in writing to Mr.. Lyman }.
Gage n number OF questions concern
ing the most vital issues with which
he will deal as secretary OF the treas
ury.
Mr.. Gage, with great candOr ana
courtesy, makes his position quite clear
on all of them, rs follows:
"Our whole monetary system IL the
result OF makeshift Legislation and un-
scientific compromises. 1t 10 time that
reform began.
"In my opinion the greenbacks
should be permanently retired. The sil-
yer purchased under the Sherman act
should be gradually sold and the treas
ury notes redeemed and Cancelled. some
well guarded system Of bank note cir
culation, broader and more elastic than
the present national bank act provioes
should be inaugurated.
''Such bank notes should be redeem
able mt IA central place and be redeem
able in gold only.
"Silver certificates, which form near
ly one-fifth of the circulating medium
Of the U1stefaStlAes, are dangerous.
BY their use Il HtOldme of inferior mon
ey has found an abnormal use.
They are the most perplexing feature
In the much involved problem Of our
national finances.
There Is no reason why the gov
ernment should act AZ warehouse
man for either gold Of silver. Such
function is outside its proper limit
| Of action.
But we are faced by condition;
| The enormous amount OF *.OO.OOOOo
of silver, represented by x34S, ,OOO,OOO IN
silver certificates, added to the $780,
600. 600 purchased by the government
under the Sherman act, constitutes
standing menace to every business IN
terest.
"To sum up. the defects Of our pres
ent currency system are:
First - Confusing heterogenity'
which needs simplltication.
"Second-The greenback controverts
the principle of money, viz: Ihat eV,
| cry note injected into the commercial
system should represent an existing
commercial value.
"Third-The treasury note Is stand
ing evidence Of foolish operation
the creation of debt for the purchase
| on q falling market OF conHouNy VI
which the purchaser has no use; 1t lies
open to the just charge Of being botn
idiOtic and immoral.
..Fourth-The national bank note
merely conforms to the principle OF pa
per money, but the unreasonable re
| Qliirements for security paralyZes its
efficiency and operates to destroy III
elasticity.
"Fifth-The silver certificate encour
ages the use of silver to n larger extent
than is consistent with the safe preser
vation of that metal on a parity will
gold"
"Would a national commission helI
to promote reform?"
"There Is reason to hope that II
would be OF great use in that direction
Such a commission, II rightly elected
would throw flood Of light upon thess
| Involved Questions. The Information
It might gather would be Of immens.
value to our people and would guido
us to wise legislation.
Emotion and sentiment are not SAT-
guides In matters of science. A cleal
apprehension of true principles will
lead to correct solution.
Reaction will be slow, but 1t is com
ing, and 1t will be of long duration"