The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1897-06-09
SECRETARY CAGES PLAN.


There will he some opposition to the
plan proposed BY Secretary OF the Treas
ury Gage for o reform tn the currency.
The opposition. however. will only come
from that direction whence may be ex-
pscted opposition to anything short OF
free silver. The thoughtful atten-
tlcn OF the people is invited to the
merits Of a scheme for Attending greater
elasticity In our money system. which
has met with the approval OF the states
men of this country irrespective of party.
Many leading men in the United States
have sacrificed all hope of political pre-
ferment In the future rather than yield
their judgment In this important mat
ter Secretary Gage Is regarded justly
az one OF the hblest practical financiers
In the country. He is not merely bank
er; he Is a successful business man.
having varied interests. and being guided
by broad education in financial matters.
fiis scheme is briefly stated 10 be the
gradual retirement of the greenbacks
aud the substitution Of national bank
notes therefor, allowing national banks
to- issue up 10 the fun limit. instead OF
only % Per cent. as now. and limiting
the denomination OF bank notes and all
other paper money to SO and substitute
ms silver for ali below SIC. The last
mentioned provision viii call for an
enormous Increase In the use OF silver,
and IL will redeem the promise Of the
government and the Republican party
to provide for the fullest possible use OF
silver consistent with It's maintenance
on a parity with gold
The danger OF the greenback as
weapon with which to attack the gold re-
serve has often been explained; ard
nothing but prejudice would stand In
the way Of an abandonment of system
which was established In the emergency
of a great civil war. only those who be-
ileve that II ss tho duty Of the govern
ment to Issue paper money whenever II
is wanted. nov defend the ereenback as
permanent institution, although many
conservative men are opposed 80 a sum
mary withdrawal OF papea money, for
fear IL shall result in a stringenry and
consequent appreciation Of gold. THIS
ylew ~ not shared by the latest au.hori-
Ties on political economy. bat as conf
dance and public custom have very much
10 DO with the vasua OF currency as
money. that sentiment must be taken
into account.
IA great has been tins change az opin-
ion on the money question within fcw
months that many Of those who were
afraid of the consequence ~ withdraw
as of gold ffosa the treasury now rec
cgnixe thas Il wcs.d have been Impossible
70 place tae government IN that post
lion Il; il hat not been for the paper
currency. That change. however. has
not become 50 wen defined as to mako Il
probable that congress would consent 10
any suggestion for resircmen. ef tire
Ercenharks On n extensirs scale. Cieve-
land undertook several times to compel
congress SO 20 isgislate as to make i;
possible FOR the secretary of the treas
ury ~ oancet the grceuhacks. and he
not emily fs;lsa - procure that icgssia-
| ,.on, out he ruined MS party. destroyed
It's control a congress. ard came very
near bringing hss country to bankruptcy.
In past bccause he persisted ia thar cf-
! fogt. IL wauia - folly sor President Ne
tsialey - ae'Npt the suggestion nate ~
| AT. Cleveland ia his Reform Club speech i,
60 so that wquld be 50 wreck Una Repub-
| 8can p&rty without bringing the coun-
| try any nearer solution 81 ths Prob
| lem. The cujly hape % ths adoption q
| fhe plan ~ Secretary GAGE IS that the
people wifi eofns - a realisation ~ tAs
| fact NAT So hang ss THE treasury Is T.
! able &c sueh raids "a were made upca L
q year age whenever confidence Is shaken.
| 81 laug VIII there b. a fear os a cepie-
/ tion ~ ihs reserve, The amount - ros.
| ls tue treasury IS larger aow than Il hss
eeen slnee Isi2. bat Il IS there az the cost
- TIE ,nterkst On bends representing
/ saas amount,
| TIE s.TsTeaea between q gvocnhack aaa
/ t4aaa Is 30 sans as hetween a zcp.ss.s
! 81 can ana q 'sas deposit " hes - xresa-
| hack u presented II calls FOR tAe pay
/ meat e use tein. - FeSussj - cangya Ieet
+ 80 Al s&ulezsoa ot bankruptcy. \ bond
I IS = sfsfvsyril payment tor whtsh sl7ra Is
/ provided - E1est tsss ob,is2tsor. when
/ ;aerv s. p}snsy - raeney II the treasury
! aua every body believes thas sse govern
! ulens Is aafe 50 aa& wtai pay AL saas ara
/ Gsly 80 ge presented uosoS.v tres nsss
| s,D9t wanting 50 s@ve EFeeueassN casheA
IL = cn,y wstem se@r evrst@ges tae auA-
/ ee thss e r7skhes IN wisA It's greer backs
| and aesasu5s soaa. one % shs ATTEST bark
| ers ss New xork sssia yecSsgSs sEas he con-
ssSs<4 sAag ne dAG set sec aSw II was