The Durham recorder. [volume] (Durham, N.C.) 1879-19??, 1897-02-04
LYMAN J. CAGES VIEWS.
Believes the Coantry's Monetary sys'
IN TEN should be Changed.


st@B5& -- m" ., !
Relieves the Country's Monetary sys-
TEN should be Changed.
New York, Feb. IA special
to the w ,rld from Chicago says:
Mr.. Lyman J. Gage, the new
secretary Of the treasury, with
great candor and courtesy makes
his position quite clear on financial
affairs a~follows:
"Our whole monetary system is
the resultant of makeshift legisla-
ton and Tnscientific compromises.
1t is time that reform began.
Gin my own opinion, the green
backs Should be permanently re-
tired. The silver purchased under
the Sherman act should be gradu-
ally sold and the treasury notes re-
deemed and cancelled. Some
well-guarded system of bank note
circulation broader and more elias
tic than the present national bank
act provides should be inaugurated.
"Such bank notes should be re-
deemable at a central place, and
be redeemable in gold only.
"Siiver certificates, which form
nearl4 one-hfth of the circulating
medium of the United States, are
dangerous. BY their use volume
of inferior money has found an abb
normal use. They are the most
perplexing feature in the much-in-
volved problem Of our national f.
nances.
There is no reason why the
government should act as a ware
house man for either gold or silver.
Such 4 function is outside its pro-
per limit Of action.
''But we are faced by a condi-
ton. The enormous amount Of
$500, 900, 600 of silver, represented
| by 1898, 900, 900 in silver certifi-
Gates, added to the SI5o, 900, 600
purchased by the government un-
der the Sherman act, constitutes a
standing menace to every business
interest.
i s"To sum up, the defects of our
present currency system are:
i /. Confusing heterogeneity,
which needs simplihcation.
"2AThe greenback controverts
the principle of paper money, viz;
That every note injected into the
commercial system should repre-
sent an existing commercial value.
| SO. The treasury note is stand.
ing evidence of foolish operation
the creation of a debt for the
purchase on a falling market of a
. commodity for which the purchaser
has no use; it lies open to the JUS
charge of being both idiotic anc
immoral.
"4. The national bank not,
. merely conforms to the true prin
, ciple'of paper money, but the un
reasonable requirements for secu
! rity paralyzes its efficiency ant
! operates to destroy its elasticity.
IS. The silver certificates en-
I tcUuragr the usv Of silver svu i~rs-
/ extent than is consistent with tn
safe preservation Of that metal Of
a parity with gold"
"Would a national commission
help.to promote REFORM"
"There is reason to hope that
5 would be great service in tina
: direction. Such a commission
rightly elected would throw foo,
. of light upon these involved ques
5 TONS The information it nigh
gather would be of immense valu
$ to all our people, and would guild
] us to wise legislation.
"Emotion and sentiment are no
: safe guides in matters of science
a A clear apprehension of true prin
ciples will lead to correct action
"Reaction will be slow, but it j
coming, and il will be Of Ion,
duration" -
' An Associated Press representa-
! tive at Chicago saw Mr.. Gage thi
! morning. He was very busy, hav
! ing before him about 1 900 .tters
{ but he took time to say: "fhos'
/ are my views subject to such mod
. i6cation as further thought ma,
seem to require. must declin,
to 60 into a delineation Of m,
views now, as / haven't time I,
formulate them, and, | do no
think it would be proper or ad
vance the interests of the country.
"~f s------a-a.-s a-.A-~@~~s