The Saint Paul globe., 1897-08-19
ADDRESS OF ECKELS.

One of the worlds most distinguished phil
osophic historians has declared that "the in
dlspenslble thing for politician is a knowl-
edge OF political economy and history If
the statement be correct, a review of the cur
rency legislation of the United States for a
third of century demonstrates how few, If
any, politicians in the historians sense have
had to do with it. In all its range evidence
is everywhere to be had of disregard of the
underlying principles of political economy and
a Woeful ignorance of the facts of monetary
history. An analysis of its parts bears tes-
timony to the truth of the assertion. A con-
slderation of the whole places it beyond cavil.
That which we term our currency system is
one in name only. 1t lacks every element of
what rightfully can be called system. 1t
violates In every essential feature what in all
other departments of governmental affairs
we dominate system. 1t Is not an orderly
combination of parts into whole, according
to some rational principle organic idea.
Everywhere there is want of unity, and in
stead of presenting to the world financial
completeness it exhibits itself as a work of
shreds and patches
l am not unmindfu that some of the evils
OF 1t found their origin in the flush and
excitement of a great war; when men yielded
their better judgment to what seemed the
demands of patriotism and sanctioned cur
rency legislation that under other and diff
ferent circumstances they would never have
consented should find place upon the statute
BOOKS; But the, era of the war long ago
passed away and since that day through
three decades of peace, legislative bodies of
varying political faith have convened at the
countrys capital, but yet the currency laws
are still lnharmonious, productive of loss
to every citizen and a cause of anxiety to
the nations executive officers We have had
currency legislation, some of it bearing prom
salvation but in many such instances it
has been changed and amended into that
which as made it an engine for harm. The
citizen who studies the ways of governments
and inquiries into the operations of financial
laws, might tolerate during the war period
with some degree of patience, as did the son
OF the great fnancier, Albert Gallatin the
soubriquet of ''an old fish, as applied to
him by a member of congress in 1862 when
he opposed the doctrine of currency fatism
but thirty years after it's close he has right
to complain when currency fatism in silver
and paper issues of the government are still
sanctioned by legislative enactment. No
where in any nation of equal Importance
is there to be found a currency and finan-
cial system so inadequate for the purposes
to be accomplished here. 1t presents in
its circulation feature the singular spectacle
OF nine different kinds of currency all ex-
cept two of which are directly or indirectly
dependent upon the credit of the United
States. The treasury department established
by it is the greatest banking institution in
the land clothed with the least powers for
self-preservation and beneficial action One
statute requires the secretary of the treas
ury to redeem the leagl tender notes in coin
on presentation, and another compels him to
pay them out that they may return again
and again for redemption. Upon every hand
the laws of the land make it embarrass-
ment to the profitable conduct of the busi-
ness affairs of the country. It adds to the
embarrassment by the forced imitation of the
volume of the circulating medium at one
time and the forced contraction through the
operation of the sub-treasury system at an
other. It's only source Of strength lies in the
believed forbearance of attack upon its soly-
ency by those who hold its obligations. De-
signing to have banks, created under it and
subject to governmental supervision, supply
the currency needs of the country, it still
insists on competing with them in their note
issuing function and prevents through tax
and other barriers which the law erect ac-
complishing the very purpose for which they
were brought into being.
SERIES OF CONTRADICTIONS
In the contemplation of a series. of contra
dictions and inconsistencies SO incongruous
the business men of the nation may well de-
cry currency laws so irrational and demand
a speedy remedying of them at the hands of
the enact1ng power. No stronger evidence
could be had that the whole system is radi-
cally wrong and weakening to our financial
world than the fact that here and everywhere.
as it now stands, it is the one great subject
of discussion and debate No one is decrving
our form of government because all recognize
the inherent correctness of the principles
upon which it rests Our system of jurispru-
dence is beyond question, and neither in leg
islative hall nor in the columns of the press
is it assailed. But the private citizen in
business the national legislator and executive
officers OF the government are all confess
ing by their daily acts and conversation that
this one first essential to peoples prosper
ity, so far from being sound, is absolutely
weak and dangerous 1t would be foolish to
undertake to conceal that the sources of our
difficulties which has blghted the past con-
fronts the present and threatens the future
lies in the fear that the United States can
not, in the face of existing laws, maintain
unswervingly the gold standard its unit
of value. The faintest suspicion that 1t will
not be able now or in the future to meet its
sense of financial integrity which has hereto
fore been observed would again give the