The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-12-11
THE CURRENCY DISCUSSION.
Not Wise To Make Any Radical Change
at Present.


AS Secretary Gage is a practical man
Of ability and extensive knowledge, IL
is probaole that he does not expect
congress to adopt the currency plan
which he proposes. No doubt he knows
that the senate, as constituted this year,
cannot be brought to authorize IN issue
of bonds expressly payable, principal
and interest. in gold, no matter how
clear or great the saving would be. Nor
can he expect to convert this congress
to the idea that Understanding bonds
should be issued in order TO take up
and hold idle in the treasury S200,00O,-
900 OF the legal-tender notes.
In other circumstances the proposal
might prove of value in promoting n
consolidation OF the sound money
strength upon definite policy. But
Secretary Gage no doubt, became
aware, during the last session Of con-
grcss, that considerable number OF
earnest defenders of sound money
would not consent to an issue of bonds
for retirement of part of the legal ten
ders, either in order to make room for
more bank notes or foIsecurity against
gold raids on the treasury. There are
also many who offer objections TO any
issue of banknotes against mcrchan-
disc or credits, and not secured by
bonds deposited.
On the ground Of eXpcdiency there
Is likely to be yet more division Many
defenders of sound money think It not
wise to attempt to formulate definite
,t In
ion, no desirable change can I've accom-
plished. and when nothing in the con-
dition of the finances repdcrs Il change
Immediately necessity They con-
slider that the currency is safe now,
and sure to be for some time TO come.
md that any argument in favor of
change must begin by raising doubts
Of its Soundness. and dwelling upon
dangers which are at all events not
present, and are beyond the reach of
present remedies, but which cannot be
urged rs reason for new measures
without giving a weapon TO the advo-
Gates Of siNcr coinage or free state
banking, and impairing to greater or
less extent the confideQcc which is so
essential to prosperity. These rcpub-
Leans would prefer (unwisely. it you
please not to attempt now what can
not be done now. but to leave the coun-
try undisturbed to increase month by
month its confidence in the sound
ness Of the currently and in the wisdom
of the republican national policy.
Between those who find objections to
details proposed, and those who hold
it unwise to agitatc until the party has
the power TO act. the sound money
force will hardly he able to show its
full strength in support Of the Sec
rotary The silver men and demo-
Gratis will be quick to take advantage or
this state OF things, and will seek the
prestige of defeating n measure, pro-
posed by the administration. II seems.
therefore, too much to hope that either
Secretary Cages, or any other broad
/ and comprehensive scheme can be car
ried through the present congress.
Because we cannot do all we would,
| shall we therefore do nothing? Presi-
dent Mckinley may be expected to an
swer that question in his annual mes
sage. If TO be done. il is his place to do
it, not only as head of the party in
power, but as president Of the United
States. But Maj. Mckinley is essen
TALLY a practical statesman. Tie be-
lieves in attempting things that can
nc done. If he does not recommend
an earnest effort for the whole of Sec
rotary Cages plan, or for some other
equally comprehensive. we imagine
that he may be expected to recommend
at least such steps rs he thinks it now
/ possible to take. We imagine. too,
that they may prove not only practi-
cable, but serious and highly beneficial.
N. Y. Tribune.