Evening star., 1897-02-01
LYMAN j. CAGES VIEWS
he Believes the County's Monetary System
Should Be Changed.
Gi ieenbacks. Silver Certificates and
and Gold Bank Notes Issued.

NEW YORK, February IA special to
the World from Chicago says:
Mr. Lyman j. Gage. the new Secretary of
the Treasury, with great candor and cour-
tesy makes his position quite clear on
financial affairs, as follows:
Our whole monetary system is the re-
sultant of makeshift legislation and un-
scientific compromises. 1t is time that re-
fo rm began
In my own opinion. the greenbacks
should be permanently retired The silver
purchased under the Sherman act should
De gradually sold and the treasury notes
feCeemed and Cancelled. Some well-guarded
system OF bank note circulation broader
u iiiote eiastlc than the present national
oamk ,ii ac' provides should be inaug,irated.
ouch pank notes should be redeemah,e
gold only. ii
oIiser certificates, which form nearly
Ir,i.n, u OF the circulating medium of the
. ",oIu ,,oI, states, are dangerous. BY their use
d Voiume of inferior money has fo,,d ~
abnormal use. They are the mos, narr,., :"
ing feature in the much-iuyolyad nrnhIan,
OF our national finances p-o''ei
iHsre Is no reason why the sovernne,,
shouid act as ware house man for CIR.
goid or silver. Such a f,pc,ion - '-'iiei
us proper limit of action " o"''.ue
enorn,o are raced by condition. The
,n' NOUS amount OF 5000 oOu of si,,a,
iepresenfed by Sf::,S 900 ON, il, s;f liver
uhcates. added to the s1,no oin,ssi Ger
.nased ~ oy the government under tbe Cbu.
n,an' 1St' constitutes standing p,ar,no -
every business interest 'ehice 10
10 sum up. the defeo.e -, 49,
@ @u!Iency system are: ~ Pieseht
L. Confusing heteroseroI., ,
simplification oseheity, which needs
nj. ot ne sreenhack controverts the nrinc;-
jected into ,hn ,hmohey.viz: That every note in
iep,eSent m an existing commerciai aI uouiu
ao ne treasury note is a standing o.;
ushce OF foolish peration-tha ~, ~.
marLat LOT the purchase on a falling
nnrnHa VI commodity for which th..
purchaser has no use; 1t lies onan -, re re
moral ~ iuiotic ana I'M
!. The national bank note msr.,,. 49,,
h,. o ms -. 10 tne true principle of amer n,onev
put ,he unreasonable requirements for G.
curly pafa alyzes its efficiency and onarato
TO destroy its elasticity. 'Pei "'e
,ss of he ,s silver certificates encourage the
, ~! sIiNer 10 larger extent than is
.ohsistent with the safe preseryotion Of
'i.a. .Yr metal on a parity with gold -
,, nouId national commission help TO
promote refoTm?" "
There is reason TO bona ,b- =
pe o1 great service in that direction SucS
commission If rightly elected wouli
throw hood of light upon these inyoIvaJ
QUESTIONS. Inc information it might gath
,>co,.io .i1i'H 'HsS Ndiue 10 all our
people, ana would guide us 10 wise Iass;s.
lation. wise regis
Einotlon and sentiment are nor safe
guides IN matters of science a clear an
Prehehslon OF true principles viii lead to
correct action. ~
reaction will be slow, but it is coming
ana 1t will be of long DURATION
An Associated Press representa.i i've n,
Chlcago saw Mr. Gage this morning. He
was very busy, having before him about
i,Nc letters, but he took time to say:
lhose are my views, subject to such
modification as further thought NAV seem
10 require l must decline TO 20 into a
deilneation Of my views now as / haven't
time to formulate them and | do nor think
IT would be proper or advance the inter-
ests of the country"