The Vermont watchman. [volume] (Montpelier, Vt.) 1883-1911, 1897-06-09
Currency Reform.

Lyman j. Gage, Secretary of the
Treasury, has during the past ten days
addressed the Commercial Clubs of
Boston, Chicago, st. Louis and Cincin-
natl. At Cincinnati last Friday night
he quoted President Mckinley as ex-
press authority for the statement that
there must be a proper authority and
q sound system ofcurrency established"
" If any of you," said Secretary Gage,
"hsrbor the suspicion that the admin
istration but just now installed into the
responsibilities of high Office has for
gotten or is likely to forget the man.
date of the people whose voice in be-
half of honest money and sound finance
rang out loud and clear in November
last, put that suspicion aside. 1t is un-
just and unfounded. The republicans
are going to make good the prom
ises made during the last campaign
that they would put the country on
sound financial basis. 1t will not be
done at the special session of congress,
because the members are anxious to 60
home, but l have the word of enough
Congressman and Senators to feel sure
that it will be the first business taken
up by Congress next winter. L cannot
make public my plans as to what ought
to be done, but l have them formed
and President Mckinley is of the same
mind regarding them. They will be
put before Congress when it meets in
regular session, and l am assured by
the leaders of the House and Senate
that the question of sound currency
for the United States is going to be set
tied satisfactorily to the business men
of the country and to the laboring men
who believe in honest money"
These are indeed welcome words to
the business men of the country and
yet no one has had at any time any
reason to doubt that the thing which is
here promised would be undertaken.
In his inaugural address, President Nc
Kinley suggested the appointment of a
commission to consider the whole cur
rency question, and report plan upon
which new legislation could be based.
This meant monetary reform and moth
ing else. In that suggestion the Presi-
dent very plainly expressed desire for
some change in the currency laws. He
did not intimate what that change
would be, nor does his Secretary of the
Treasury three months later tell us
what kind of legislation the administra-
ton will recommend. Perhaps neither
the President nor the Secretary of the
Treasury are prepared at this time to
outline any complete scheme of none
tary reform. The financial question is,
in fact, much larger and more compli-
Gated than the tariff, it needs careful
discussion and much time. 1t would
obviously have been folly Ito give this
matter precedence over the revenue
question, with such immediate and ur.
gent need for more revenue, for cur
rency reform, important as it is, car
wait for a while. This is undoubtedly
why the Republicans want to deal with
the tariff first and TO do no other worl
in the extra session. The currency
question can be attended to next winter
to better advantage than at the present
time. 1t would be manifestly impru
dent, to say the least, to force upor
Congress, at this time, a discussion
which is sure, in any case, to bring W
the old silver issue and to revive thu
controversy which ragged during thu
presidential campaign. By the tint
Congress assemblies after the Christ
mas holidays it is hoped the business
improvement will be so marked tina
the country can stand the strain of sucl
a discussion without injury.