The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1897-12-17
COMPTROLLER ECKELs ON CUR
RENCY.


Comptroller of the Currency Eclzels
has made for himself a reputation as
an authority ON questions relating to
currency second to that of no other
man. This reputation, it is perhaps
needless to say. has been acquired
among those who favor the single gold
standard; among those who favor BIZ
metallism he has no such reputation.
Last Monday night he addressed the
Commercial club of St. Louis on cur
rency reform. He presented his we'll
known views, dwelling chiefly on the
paper money aspect of the currency
question We wish to call attention to
the following:
The government now presents the
rather pitiable spectacle of boosted
great nation resting it's monetary in
tegrity upon the mere chance of hay
ing a man of sound principle and
strong sense of right in the executive
chair. If by the accidency of an cleo
ton a man of unsOund monetary views
or weak will should be placed in Of
flee, the whole financial fabric would
go to pieces, and the country would find
itself without credit at home or stand
ing abroad. It's currency system would
quickly break down. for underneath 1T
would be nothing to bear it up, except
empty protestatiOns Of governmental
policy, unaccompanied by any means
of making that policy of substantial
effect. 1t is substituting in the most
vital part of the most important part
of the machinery OF the nations COM
mercial interests the rules of chance
which obtain in gambling for those
which enter into the conduct of every
conservatively and safely arranged
business undertaking.
Construed in the most favorable light,
it is a hazardous experiment for the
government to strain its credit by is
suing to limited and well-defined
amounts paper currency and over
valued silver coin, giving them every
conceivable safeguard, but the situation
is made both dangerous and scandal
Gus when increased to a number that
makes their redemption a matter of
well-defned doubt, heightened by a
denial Of the agency necessary to re-
move that doubt.
There is one important thing that
all advocates of currency reform over
look in discussing it; Mr.. Eckels over
looks it in what he has to say. The
thing they overlook is this: that the
enactment of the very legislation they
desire would be no more of a guarantee
Of a final settlement of the currency
question than is the enactment of the
Dingley law a final settlement of the
tariff question. What is to hinder the
repeal of a currency law any more
than the repeal of a tariff law and the
enactment of another in it's stead E?
Surprising the administration We're
able to secure the enactment of finan-
cial legislation such as the president
and secretary Of the treasury suggest,
does anyone think for a moment that
such legislation would meet with the
approval of both the national conven-
tions in 1900? And if it did not, as it
would not, would not the currency leg
islation had under the Mckinley adj
ministration be IN issue? So long as
the two great national political parties
are so radically divided on the currency
question as they now are, the only
possible guarantee of a permanent
financial policy is the continuance in
power of the party which may bring ii
about. Our financial policy has become
party question, and so long as it
continues to be there can be no final
settlement of it on any lines. This
should be borne in mind.