New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-11-20
THE CURRENCY DISCUSSION.

AS Secretary Gage Is pracucal man OF
ability and extensive knowledge, 1t Is probable
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 and next, cannot be brought to authorize
an 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 tho idea that inter
est-bearing bonds should be Issued IN order to
take I'D and hold idle IN the Treasury $780,
100000 Of the legal-tender notes.
In other circumstances the proposal might
prove Of value IN promoting consolidation Of
the sound-money strength upon definite policy.
But Secretary Gage no doubt, became aware,
during the last session Of Congress- that con-
siderable number Of earnest defenders Of sound
money would not consent to an issue Of bonds
for retirement of part Of the legal tenders,
either in order to make room for moro bank
notes or for security against gold raids on the
Treasury. There are also many who offer OBJ
jections to any issue Of banknotes against mer-
chand!se or credits, and not secured By bonds
deposited.
On the ground Of eIpediency, there is likely
to be yet moro division Many defenders Of
sOuuO uOucy tuluh ~ AOt WISE w dlttuiRt "
formulate O definite change at a time when, IN
their opinion, no desirable change can be ac-
complished, and when nothing IN the condition
Of the finances renders a change Immediately
necessary. They consider that the currency Is
safe now, and sure TO be for soma time TO come
and that any argument IN favor Of change
must begin By raising doubts Of It's soundness
and dwelling upon dangers which are at al
events not present and are beyond the reach Of
present remedies but which cannot be urged as
o reason for new measures without giving a
weapon to the advocates Of silver coinage or
free State banking, and impairing to n greater
or less extent the confidence which Is SO essen
tal to prosperity These Republicans would
prefer (unwisely, II you please) not TO attempt
DOW what cannot be done now, but to leave the
country undisturbed to increase month by
month its confidence In the soundness Of the
currency and In the wisdom Of the Republican
National policy.
Between those who find objections to details
proposed and those who hold It unwise to agi-
tate until the party has the power to act the
sound-money force will hardly be able to show
It's full strength IN support Of the Secretary.
The silver men and Democrats will be quick to
take advantage Of this state Of things, and will
seek the prestige Of defeating measure pro-
posed by the Administration. 1t seems, there
fore, too much to hope that either Secretary
Cages or any other broad and comprehensive
scheme can be carried through the present Con-
gress
Because we cannot DO all we would, shall we
therefore do nothing? President Mckinley
may be expected to answer that question In his
annual Message. II to be done, It is his place
to do It, not only as head Of the party in
power, but as President Of tho United States.
But Major Mckinley is essentially practical
statesman. He believes In attempting things
that can be done. If he does not recommend
an earnest effort for the whole Of Secretary
Cages plan, or for some other equally COM
prehensive we imagine that he may be expected
to recommend at least such steps rs ne thinks
1t now possible to take. We imagine too, that
they may prove not only practicable, but serious
and highly beneficial.