Iron County register. [volume] (Ironton, Iron County, Mo.) 1867-1965, 1897-09-02
HIS FINANCIAL POLICY.
A Review Of President Mckinley
Position by ex-Gov. stone.


Position by ex-GOv. Stone.
In his inaugural address March 4,
Mr.. Mckinley said:
"Our financial system needs revision.
Our money is all good. but its value must
not be further threatened. 1t should all be
put upon an enduring basis, not subject to
easy attack. The forms of our paper money
offer a constant embarrassment to the gov
eminent, and imperil a safe balance In the
treasury"
In his recent currency message he
said:
THE soundness of our currency Is no
where questioned. No loss can occur 70 its
holders. 1t is the system which should be
simpIifled and strengthened"
These two quotations, one from the
presidents inaugural and the other
from his message, were intended, pre-
sumo, to outline the financial policy of
the administration. The most patent
criticism that can be made of these ex-
ecutive deliverances is their evident
lack of frankness. What does the pres
ident mean? What is his purposeP
What end does he aim at? One unfa-
miliar with current history and ig-
norant of the forces that control the
president and his party would be
greatly perplexed to find the presidents
meaning
sour money is good;" that "the sound
ness of our currency is nowhere ques-
toned" and that mo loss can occur to
it's holders" And yet he declares that
sour financial system needs a revision;
that the system should be simplified and
strengthened But if all our money
is good; if the soundness of our cur
rency cannot be questioned; if no loss
can occur to its holders, what is the
need of any revision? And if a re-
vision is to be attempted, along what
line would the president proceed?
What changes would he advise?
Here the president is woefully de-
fcient in candor. Where he should
be frank he is vague; where he should
be clear he is obscure.
True, he says: ''The forms of our pa
per money offer constant embarrass-
ment to the government, and imperil a
safe balance in the treasury" But our
paper money is a part of the money
the president says is good. for he says
It is all good. It is part of that cur
rency the soundness of which he says
is nowhere questioned, and the holders
of which he says are secure from loss.
How can such money "embarrass" the
government, since it embarrasses no
one else?
Does it embarrass the government to
furnish the people with good money, or
to receive it back into its own treas
ury? The president surely does not
mean to say that. He objects to the
''forms" of our paper money. Our pa
per money consists chiefly of green
backs ana treasury notes. The green
backs are secured by the entire wealth
of the nation, and certificates and treas
ury notes are secured by coin or its
equivalent in bullion disposed of in
the treasury. The money is both
good and sound, so the presi-
dent says, but he is not salts
fed with the forms" So that it is
all good, what matters it about the
form?
Does Mr.. Mckinley object to the form
because the sharks of Wall street have
used this money to deplete the gold re-
serve? Would not this objection be
better taken if it were leveled against
the policy which makes this use, or mis-
use, of our paper money possible, in
stead of against the forms of the money
itself?
Under the law, the government could
protect itself against conspiracy of
treasury raiders if it would. But we
know the president is not willing, or, if
willing, would not be permitted to use
the power with which he is so invested
to protect the treasury. The conspira-
tors who raid the treasury want to get
rid of the greenbacks and the treasury
notes. To force the government into
obedience to their will, they use this
paper money to attack the gold reserve
"a reserve sacred to the gold worship
ers, albeit useless contrivance in the
eyes of the people who believe the gov
eminent capable of maintaining the
greenbacks at par without it.
A peremptory stop could be put to
these raids, and all danger of them re-
moved, if the government would exer-
else its lawful option, expressly given
BIZ the very letter of the law, of re-
deeming it's paper when presented in
either gold or silver. But Mr.. Mckinley
is unwilling to do that. He prefers
rather to follow the behests of those
who threaten the public credit by at
lacking the treasury. Instead of
standing behind the law to protect the
treasury, he prefers to destroy hale
billion of good money. And that is what
the president means to do; that is the
end aimed at. He has not been bold
enough to say so. He is not sufficient
" sure of his footing to speak right
out. He is feeling his way. He in
dulges in hints and vague suggestions.
He moves in mysterious way his won
ders to perform.
But his secretary of the treasury is
less cautious and reserved. Mr.. Gage
has outlined his policy in the follow
ing language:
I'm my opinion, the greenbacks should be
permanently retired. The silver purchased
under the Sherman act should be gradually
sold and the treasury notes redeemed and
age the use of silver to a larger extent
than is consistent with the safe preserya-
ton Of that metal on a parity with gold.
The national bank note conforms to the |
sonabie requiem ents for security paralyze |
Its efficiency and operate to destroy its |
elasticity"
There is no evasion, Unity or subter- |
fuge about that. He proposes ito swipe |
out at one fell swoop" all the green |
backs and treasury notes. Just how |
he would do this does not appear. He |
does not propose to coin the silver bull |
lion in the treasury, but to sellit. Wheth- |
er he proposes to retire the paper money |
by destroying it as it is gradually re-
ccived in the treasury, instead of re-
;sr1IinO II as now reouired or whefh- |