Vilas County news. [volume] (Eagle River, Vilas County, Wis.) 1896-1927, 1897-12-13
EGAGE'S FIRST REPORT
THE SECRETARY OF TREASURY
URGES NEW CURRENCY LAWS.
GIVES CONGRESS ADVICE

Ing M0LuOuS DuOuIu 19C N1ouO cIAu
Tells How in His Opinion These
Should Be Compassed-Points Out
/ Alleged Menaces to Public Safety.
Washington, Dec Secretary
Gage of the United States treasury
submitted his report to congress Tues
day. His treatment Of the currency
question was the principal subject of
interest. In part he said:
In their respective annual reports
to congress my predecessors since the
close OF the civil war have called at
tention with unfailing regularity to
the menace to the public credit occa-
stoned by the continued use of the
large volume of demand liabilities
represented by the legal tender notes,
and have constantly appealed for such
legislative action as would remove the
dangers pointed out. Although these
warnings and appeals have not as yet
met with the responsive action that
their serious nature justifes, it is not
4 ~
them. In fact, as time has gone on,
all the reasons upon which these
warnings and appeals were based have
received additional force. The enor-
nous depreciation in the commercial
value of silver, as compared with
gold, has greatly increased the fnan-
cial responsibilities of the government
in it's demand liabilities, and all the
logical consequences of the fact should
be boldly faced.
''Under the act of 1873, requiring the
purchase and coinage of silver, supple
smented and enlarged by the so-called
Sherman act of 1890, there were out
standing June 80, 1897, the sum of
$40, 1887 $50 in silver dollars or GER
tificates representing them. Under
| the act of 1890 there were also out
standing S114,867, 2S0 in treasury notes
clothed with the quality of legal ten
der.
In the act Of Nov. 1, 1893, repeating
the purchasing clause of the act of
1890, it was declared to be the policy
of the United States to secure by safe
guards of legislation 'tthe parity in
value of the coins of the two metals
(gold and silver) and the equal power
of every dollar at all times in the mar
kets and in the payment of debts. =
"ConformaDle to the spirit of this
declaration, the treasury department.
in all it's operations has treated gold
and silver coins, and the paper repre-
sentativess of each, as of equal dignity
and value. In the collection of it's rev.
snues, whether in the form of excise
taxes or of customs duties, it has made
discrimination against neither, while.
upon the other hand, it has held itself
ready to pay to the public creditor
whichever of the two he might choose
to receive as the more desirable to him.
Even further than this, it has de-
clared itself ready, whenever neces-
sary to- the maintenance of it's parity,
| to exchange on even terms, at the
pleasure of the holder, either form of
the metallic money for the other
These practical operations and declar-
ations were necessary, and they have
operated to keep in concurrent circu-
lation on terms of equality the two
kinds of metallic money, notWith
standing the varying and never-ceas-
ing disparity between the natural or
! commercial value of the one as COM
pared with the other. Nevertheless, it
must be recognized that this undertake
ing involves a large financial respon-
sibility, and requires proper and ade-
cuate legislative provisions for its
continued execution
considered from the standpoint of
national defense the argument is rein
forced. We appropriate millions to
create a navy, which, through the
genius of invention, may speedily be-
come obsolete and worthless. We APP
propriate other millions to provide
coast defenses against attacks which
may never be made. Such action,
timely and wise as it may be, is in
consistent with treasury condition
so extended in a time of peace as to
bring panic and alarm to our own peo-
pie before the first sound of the enc
my's guns In modern days a we'll
supp Lied war chest with an impreg-
lnable credit is as important as are
warships, shore batteries, or regi-
ments of men.
1.-THE advantages of strong posi-
ton in the national treasury, with its
accompanying benefits to all CONNER
cial interests and great reinforcement
of the public credit, can, believe, be
secured without any unsettling legis-
1atiOn, in a manner easy to be compre-
; nended by all, and with small cost t.
the people.
1.-THE recommendations I make must
be construed as tentative steps in di
rection which, if consistently pursued
, will ultimately lead to conditions
theoretically desirable rather than a!
being in themselves 1nal measures tx
HI. i