Union County courier. [volume] (Elk Point, Union County, D.T. [S.D.]) 187?-1913, 1897-02-04
MR.. CAGES FINANCIAL VIEWS.


Mr.. CAGES FINANCIAL VIEWS.
There is naturally very great interest
regarding the financial views OF Mr..
Lyman j. Gage and he has given them
to the public fully and frankly. 1t is
well that he has done this, because
the public has right to know the
position Of the next secretary OF the
treasury on the important question OF
reforming the currency, which will
certainly occupy great deal of the at
tention Of the next congress and ad-
ministration.
In part the views outlined by Mr..
Gage in the interview elsewhere print
ed will be generally approved. 1t is
true that simplifcation Of the currency
is desirable, though the reason given,
that its heterogeneous character is
confusing, is not conclusive. 1t may be
valid reason, but a better Que seems
to be that it permits discrimination in
favor of one kind of currency and
| against another. 1t does not appear
that this has ever worked any hard
ship to any body, but there are con-
ceivable conditions under which it
might do so and therefore it is fault
which should be remedied, if it be
practicable without too seriously dis
turbing the entire currency system. 1t
is also desirable to secure a broader and
more elastic bank note circulation and
in order to do this it may be be nec-
essary to modify the existing require
ments for security. This has been
recommended in various plans sub
mitted to congress, but it has met
with vigorous opposition chiefly on the
ground that it would be step toward
the restoration of the banking system
that prevailed before the war and was
the cause OF some disastrous experience
es to the finances and business of the
country.
AS to the other features of Mr.. Cages
views, the most unpopular and disap-
pointing is that fayoring the permanent
retirements of the greenbacks. 1t is
the understanding that Major McKin-
ley is not favorable to this policy and
therefore the attitude OF Mr.. Gage in
this respect will cause very great sur
prise. The question it presents is,
what is to be the position Of the next
! administration with reference to the
legal tender notes? and an early answer
to this question is of great Importance
to the future of business. Retirement
OF the legal tender notes involves con-
traction Of the currency or an increase
of the interest-bearing public debt.
There is grave objection to either
alternative and it is almost impossible
to believe that Major Mckinley, who
certainly must be familiar with popu.
lar sentiment on the subject, will favor
either method. But there ought to be
no uncertainty in this matter and the
tendency Of Mr.. Cages utterance will
be to create uncertainty, which as long
as it is permitted to continue will in
terfere with financial operations and
business recovery. This will not be
prevented even by the fact that the
next congress is likely to be no less
strongly opposed to greenkack retire.
ment than is the present congress.
what Mr.. Gage says in regard to the
silver certificates is measurabiy true,
but he probably exaggerates their
danger. With their volume remaining
practically stationary, as it is very GER
tain to do for some years to come, they
need not prove q source OF currency
disturbance Or u menace to business in
terests, unless the ability of the govern
ment to maintain all the currency at
parity shall be impaired-a condition
not to be apprehended during the next
four years at least.
| The views of Mr.. Gage will command
general attention and discussion at
home and abroad, but it may be doubt
ed whether they are to be accepted as
accurately foreshadowing the currency
policy of the next administration. Bee.
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