The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1897-12-08
NEED OF REFORM.
The Secretury's Arguments i'm Favor
of Revision of the Currency.
In taking up the subject of the currency

The SeCretuEy'S arg AmentS IN FaVOE
of Revision of the Currency.
In taking up the subject of the currency,
Secretary Gage says
In their respective annual reports to Con-
gress my predecessors since the close of the
civil war have called attention with unfail-
ing regularity to the menace to the public
credit occasioned by the continued use of
the large volume of demand liabilities, rep
resented by the legal-tender notes, and have
constantly appealed for such legislative ac-
tion as would remove the dangers pointed
out. Although these warnings and appeals
have not as yet met with the responsive
action that their serious nature justifies, IT
is not now the part of wisdom to ignore
them. In fact as time goes on, all the rea-
sons upon which these warnings and APP
peals were based have received additional
force. The enormous depreciation in the
commercial value of silver, as compared
with gold has greatly increased the tinan-
cial responsibilities of the government in
its demand liabilities, and all the logical
consequences of the fact should be boldly
faced
Under the act of 1878, requiring the pur-
chase and coinage of silver, supplemented
and enlarged by the so-called Sherman act
of $780, there were outstanding June 30 1897,
the sum Of $410. .337 $40 in silver dollars or
certificates representing them. Under the
act Of 1890 there were also outstanding $114-
S67 $50 in treasury notes clothed with the
quality of legal tender;
In the act of Nov. /, 1893, repeating the
purchasing clause of the act of 1880, it was
declared to be the policy of the United
States to secure by safeguards of legisla-
ton 1.-The parity in value of the coins of
the two metals (gold and silver and the
equal power of every dollar at all times
in the markets and in the payment of
debts" Conformable to the spirit of this
declaration the Treasury Department in all
its operations has treated gold and silver
coins, and the paper representatives of each,
as of equal dignity and value. In the col
lection of it's revenues, whether in the form
of excise taxes or of customs dues, il has
made discrimination against neither while,
upon the other hand, ii has held itself ready
to pay to the public creditor whichever of
the two he might choose to receive as the
more desirable to him. Even further than
this, ii has declared itself ready, whenever
necessary TO the maintenance of this par
ity. to exchange on even terms, at the
pleasure of the holder, either form of the
metallic money for the other. These prac-
tIcal operations and declarations were
necessary, and they have operated to keep
in concurrent circulation on terms of equal
ity the two kinds of metallic money not
withstanding the varying and neverceasing
disparity between the natural or CONNER
cial value of the one as compared with the
other. Nevertheless, il must be recognized
that this undertaking involves a large
financial responsibility. and requires proper
and adequate Legislative provisions for it's
continued execution.
The responsibility of the government in
this respect means that in addition to it's
liability for redemption in gold on demand