The advocate., 1897-08-25
Need Of Currency Reform.

trOller OF the Currency james ii. EcKels
made an address on the 'Need Of Cur
renCy Reform, " which outlines the policy
OF the gold standard adherents. He said
in part:
"The currency problem is the most
momentous with which the American
statesman has to do. 1t is, as bankers
more than all others ought to realize, cne
Of business sslf.pEeservRtion, and as such
should command at the hands Of those
who are sworn to guard and preserve the
peoples rights, statesmRnship and pa
triotism commensurate with the msgni-
tude Of the interests involved.
Nowhere in any nation Of equal i'm
portRnCe is there to be found q currency
and financial system 80 inadequate for
the purposes TO be accomplished as here.
The Treasury Department is the great
est banking institution in the land,
clothed with the least powers for self
preservation and beneficial action. One
statute requires the Secretary Of the
Treasury TO redeem the legal tender
notes in coin on presentation, and an
other COmpels him TO pay them out that
they may return again and again for re-
demption. Designing to have banks,
created under it and subject TO govern.
mental 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, accomplishing the very purpose
for which they were brought into being.
"It would be foolish to undertake to
conceal that the source Of our difficulties
which has blighted the past, COnfronts
the present and threatens the future,
lies in the Fear that the United States
cannot in the face Of existing laws main
tain unswervingly the gold standard as
Is unit of value. The faintest suspicion
that it will not be able now or in the
future to meet its obligations in conform
ity with that fine sense OF financial integ-
rity which has heretofore been observed
would again give the business world
such shock as to cause q deadening Of
reviving industry and destroy returning
prosperity. Until the national fault is
eradicRted, the citizen must continue to
suffer for his Country's folly, both in
purse and in reputation. The boastful
plea of the sustaining power Of patriot
ism as applied to the country's currency
issues, in time Of q financial stress 10 OF
no avail. A. great governments fiscal
operations cannot be conducted simply
upon patriotism, nor can they be based
upon sentiment. The government lacks
in dignity when it puts itself in posi-
tion whore it is either mendiCant ask
ing aid from private citizens or weakling
at their mercy.
"Complete confidence cannot be re-
stored by increasing the governmental
income, but even If il could be there
would be no guarantee against future
impairment Of it through the same
cause. That danger can only be elimi'
mated by rendering it impossible to have
the treasury the one source Of gold sup
ply for Che people Of every nation. That
promise cannot be accepted unless legiS-
lative action once for all establishes be-
yond the peradventure Of doubt that
ours is q gold standard country, with
laws establishing the fact 80 plain that
he who runs may read, and with treas
ury 90 equipped and resOurCeful as TO be
unmoved, no matter how strongly as
saultsd. II will not be fully credited so
long as it Ia but the policy Of an execu-
tivA ofFie0P. and NOT the uncontpAdiCted