Wheeling register. [volume] (Wheeling, W. Va.) 1878-1935, 1897-02-11
THE NEW SECRETARY OF THE
TREASURY.


THE NEW SECRETARY OF THE
TREASURY.
The Cleveland Plaindealer cOndeuses
the views of Mr.. Lyman J. Gage. who
is 10 be NcKinley's secretary of the
treasury, and who has defined his posi-
tion on the money question. He would
put financial affairs in this country
wholly on a gold basis. The govern
ment should sell the silver in the
treasury and have nothing more to- do
with it. The greenbacks should be per-
manently retired and the treasury
notes Of 1890 gradually redeemed and
cancelled. The government should so
out of the banking business altogether
and some well guarded system of bank
1ote. circulation, broader and more
SeTSstic than che present national bank
act provides. should be inaugurated.
Such bank notes should be redeemable
at a central place and be redeemed in
gold only.
When Mr.. Gage says the primary de-
feet Of our present currency system is
its confusing beterogneity which
needs simpHfcation." he states the
truth. In the first place, there are gold
coin and silver coin, neither redeem
able i'm the other. because each is
money Of final redemption. The fun
dameutal difference between the TWO
STANDARD coins is that gold is coined at
the demand of any person presentins
II ut the mint and there is no legal
limit to the amount of coinage, while
silver is coined only ON government
account and the coinage is now limited
IN the amount of bullion at present i'm
tho treasury Another difference is
tfat gold is legal tender for all debts
r,bBc and private. while i'm private
+r.pssc-ions payment in silver may be
contracted against Silver bullion is
therefore Disseminated against at the
mint and silver dollars are hampered
ir business finance by an unfriendly
exception.
r5a confusion is greater in the paper
,,r-enev recognized by federal legis-
lion The United States note. or
a,rsanback. is one the same plane as
s5rer dollars in the matter of lesa.
fender with one exception in la"
$50 not at present in practice
81. +be silver dollar, it can be con-
-,d AGAINST in private transactions,
- +, tho absence of special contract
E. ,rIimited legal tender. Unlike the
-nr.r dollar. it is not. by law re-
.,,,sbe for duties on imports ou'
. tho resumption of specie pay
,ts il has been made so by treas
-,-rIstion. United states notes
~sseemable lin coin at the sub
-, in New York and san Fran
- in sums of $50 and over. Treas
=. notes of 1890. issued under the So
,.s sherman law. i'm payment Tor
-,.sr bnllion purchased. is unlimited
- tonder for every kind OF debt
H - and private. unless otherwise
s.rtrocted. Like the greenoaek' IL is
soroemable lin coin, but unlike Ihe
-osrbocl< # is redeemed at the treas
g and in any amount presented
sro ' the lowest denomination up
ward. ,-,.s .oi, COR
.,scstes which hold an anomalous posi-
t.on In our monetary system Bo'n
Mr. Case describes them ware
ne receipts. and he says truiy 'ha'
-.,,,g srch warehouse receipts Is Out
-. ~, governments proper limit Oh
.n These certificates are reeeN-
oe. FOR an public dues, but are not a
I'll tender for private debts or com
tai transactions Notwithstand-
a. his disability the greater part OF
4lo ordinary business Of the country
=. corried on with this currency 'ha'
e.n hardly be strictly called money
.eI treasury statement at the begin
ninr of the present year gave 'ne