The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-02-01
dage, the Coming Treasurer
Points Out Its Defects.
WHOLE FABRIC A MAkesHIFT.
rr~enbaeks Ought to BE Permanent
iy Retired. silver Gradually sola
ana Treasury Notes Cancelled
silver Certificates Menace 20
Business-NationsI Commission
""ufd BE Beneficial - Reform
Based on True Principles should
BE Begun at Once.

NEW YORK. Jan. sf.-A special 10 the
World from Chicago says: The World sub
mitted in writing 10 Lyman ]. Gage a
number of questions concerning the most
vital issues with which he will deal "a sec
rotary OF the treasury. With great can
dor and courtesy, ne makes his position
quite clear on all Of them as follows.
Our whole monetary system is the re-
suit OF makeshift legislation and unscien-
tihc compromises. 1t Is time that reform
began.
In my own opinion the greenbacks
should be permanently retired. The sill
Yer purchased under the Sherman act
should be gradually sold and the treasury
notes redeemed and Cancelled. Some we'll
guarded system of bank note circulation
broader and more elastic than the present
national bank act provides should be in
augurated.
such bank notes should be redeemable
a. central place and be redeemabls in
gold only
Silver certificates. which form nearly
one-fifgh OF the circulating medium OF
the United States. are dangerous. By
their use a volume of inferior money has
found an abnormal use. They are the most
perplexsng feature In the much inveived
problem Of our national finances.
There is no reason why the govern
ment should act az w@rehouseman for
either gold or silver. Such a function Is
outside its proper limit Of action.
But we are faced by a condition. The
enormous amount of $500 600 ooo OF silver
represented by sS4S. 0o0.0oo In silver certifi-
Gates. added TO the $50 090. go purchased
by the government under the Sherman
act. constitutes standing menace to ev-
cry business interest.
ITO sum up. the defects OF our present
currency system are:
I. Confusing heterogency, which needs
simplifieation
% The greenback controverts the prin-
cipie Of paper money. viz. that every note
injected into the commercial system
should represent an existing commercial
value.
3. The treasury note is a standing evi-
dence of a foolish operation--the creation
of a debt for the purchase on a falling
market of a commodity for which the
purchaser has no use. 1t hes open to the
just charge OF being both idotic and i'm
moral.
a The national bank note merely con-
forms 10 the principle OF paper money
but the unreasonable requirements for
security paralyxe It's efficiency and ope-
rate TO destroy its elasticity.
3 The silver certificate encourages the
use OF silver TO a larger extent than is
consistent with the safe preservation of
that metal on a parity with gold
Would national commission help TO
promote reform?"
There Il reason 10 hope that II would
he of great use In that direction. Such
commission. If rightly elected, would
throw a flood Of light upon these involved
questions. The information II might
gather would pe OF immense value to our
people. and would guide US TO wise legis-
lation Emotion and sentiment are not
safe guides In matters of science. a clear
apprehension OF true principles will lead
20 correct action.
Reaction will be slow, but II Is COM
ing, and II VIII be of long Duration