The Ely miner. [volume] (Ely, Minn.) 1895-1986, 1897-08-25
OUR CURRENCY.
It's Needs Are Discussed by ComptroI-
Ter Eckels.


| Ter Eckels.
Detroit, Mich, Aug. 10. = The an
nouncement that Comptroller of the
Currency Eckels would make an address
drew to Wednesday mornings session
of the bankers convention an audience
unusually large.
When Comptroller Eckels came for
ward he was greeted with most gen.
erous round of applause. Throughout
the reading of his address the large au-
dience gave him careful attention. Mr..
Eckels' topic was "The Need of Cur
rency Legislation" and he spoke in
part as follows:
THAT which we term cur currency sys-
| tenn is one in name only. 1t lacks every
| element of what rightfully can be called
system. 1t violates in every essential fea-
| ture what in all other departments of gov
ernmental affairs we denominate system.
| 1t is not an orderly combination of parts
| into whole, according to some rational
| principle or organic idea. Everywhere
| there is want of unity, and instead of pre-
senting to the world financial completeness
1t exhibits itself as work of shreds and
| patches.
Nowhere in any nation Of equal impor-
| lance is there to be found currency and
| financial system so inadequate for the pur-
poses to be accomplished as here. 1t pre-
sents in its circulation feature the singular
spectacle of nine different kinds of cur
| rency, all except two of which are directly
| or indirectly dependent upon the credit
| Of the United States. The treasury de-
| partment established by it is the greatest
| banking institution in the land, clothed
with the least powers for self preservation
| and beneficial action. One statute re-
quires the secretary of the treasury to re-
deem the legal tender notes in coin on pre-
| sentation, 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 an embarrass-
| nent to the profitable conduct of the bust
| ness affairs of the country.
I'm the contemplation of series of con-
| tradictions and inconsistencies so incon-
| gruous the business men of the nation may
well decry currency laws so irrational and
| demand speedy remedying of them at the
| hands of the enacting power. No stronger
| evidence could be had that the whole sys-
| tenn is radically wrong and weakening to
| our financial world than the fact that here
| and everywhere, as 1t now stands, it is the
| one great subject of discussion and de-
| bate.
Complete confidence cannot be restored
| by increasing the government income, but
| even If 1t could there would be no guaran-
| tee against future impairment of it through
1
| eliminated by rendering it impossible to
| have the treasury the one source of gold
| supply for the people of every nation. 1t
| Is not sufficient to have our currency good
| to-day, but an earnest must be given that 1t
| will be good tomorrow and throughout the
| future. That promise cannot be accepted
| unless legislative action once for all es-
| tablish beyond the peradventure of a
| doubt that ours Is gold standard country,
| with laws establishing the fact so plain
| that he who runs may read and with a
| treasury so equipped and resourceful as to
| be unmoved, no matter how strongly as
| saulted. 1t will not be fully credited as
| long as it is but the policy of an executive
| officer and not the uncontradicted express
| sion of statutory law.
II am aware that all this cannot be
brought about without struggle. 1t rests
| with the nations law-making powers to
| say whether the people shall be freed from
| this body of death or whether they shall
| still continue to carry it. The people at
| the polls declared, after a campaign which
knew no other issue, for complete eman-
| cipation. But from those who stand within
| the inner circle of legislative action the
announcement comes that nothing can be
done unless concessions are made to inter-
| ests the harmful results of which no man
can foretell. If such be the truth, the
| duty Is placed upon every citizen who has
| his countrys good al heart, and would put
| an end to the losses so long entailed upon
| his fellows, to raise his voice in protest
| against either inaction or concession and
| thus make the country's declaration at the
polls more than barren victory"