The Republican. [volume] (Oakland, Md.) 1877-current, 1897-02-04
STRAIGHT TALK FROM LYMAN GAGE
The Future Secretary of the Treasury
States His Views.


publishes the following dispatch from
Chicago:
The World submitted in writing tc
MIR. Lyman J. Gage on Saturday
Twelve questions concerning the most
vital issues with which he will deal as
Secretary of the Treasury.
Mr.. Gage, with great condor and
courage, makes his posision quite
clear on all of them
Mr. Gage is in temperament and
training a leader rather than a fol
lower. Those who know him init
mately are sure that he will be the
master-spirit of the Mckinley cabinet.
The administration of the Treasury
Department, always of high impor-
lance, is now supremely so. The
fortunes of the country as well as the
fate of Mckinley will depend upon
Z the success of the financial reforms
executed if not originated by Mr..
Gage. 1t is therefore news of the
highest importance which the World
presents to-day.
Here is Mr.. Cages opinion of the
present financial system, given in his
I own words:
Our whole monetary system is the
result of makeshift legislation and
unscientitic compromises. 1t is time
that reform began.
"ln my own opinion the greenbacks
should be permanently retired. The
silver purchase under the Sherman
act should be gradually sold and the
Treasury notes redeemed and cancel
ed. Some well-guarded system Of
bank note circulation, broader and
more elastic than the present national
bank act provides, should be inaugu-
rated.
"Such bank notes should be redeem
able at central place and be redeem
able in gold only.
"Silver certificates, which form
nearly one-fifth of the circulating me-
dunn of the United States, are dan
gerous. By their use a volume of
inferior money has found an abnor-
NAL use. They are the most perplex-
ing feature in the much-involved
problem of our national finances.
There is no reason why the gov
nent should act as warehouseman
Their gold or silver. Such
..lon is outside its proper limit of
action,
'But we are faced by condition.
The enormous amount of $500, 100000
Of silver, represented by $33s, 10000
in silver certificates, added to the
$50, 100000 purchased by the gov
eminent under the Sherman act, con-
stitutes standing menace to every
business interest.
ITO sum up, the defects of our pres
ent currency system are:
T. Confusing heterogeneity which
needs simplifcation.
O. 1.-THE greenback controverts the
principle Of paper money, viz. That
every note injected into the CONNER
cial system should represent an exist
ing commercial value.
8, "The Treasury note is a standing
evidence of a foolish operation-the
creation of debt for the purchase on
falling market of commodity for
which the purchaser has no use; it
lies open to the just charge of being
both idiotic and immoral.
4. 1.-The national bank note nearly
conforms to the true principle of pa
per money, but the unreasonable
requirements for security paralyte its
efficiency and operate to destroy it's
elasticity.
5. THE silver certificate encourages
the use of silver to larger extent
ervation of that metal on a parity
with gold"
would a national commission help
to promote reform?"
There is reason to hope that it
would be of great service in that di-
rection. Such a commission if rightly
elected would throw flood OF light
upon these involved questions. The
information it might gather would be
of immense value to all of our people,
and would guide US to wise legisla-
ton.
Emotion and sentiment are not
safe guides in matters of science. A
clear apprehension of true principles
will lead to correct action.
Reaction will be slow, but it is
coming and will be of long duration. -
He defines money thus:
Through our Heterogeneous system
the public mind has seemingly lost
the power to discriminate between
real things and the shadows or signs
Z of things. 1t is necessary that dis
guises be pulled aside and that real
facts appear.
UFhere il in truth only one real