The progressive farmer. [volume] (Winston, N.C.) 1886-1904, 1897-02-23
GAGE AND THR FINANCES.
McKinIey's Secretary of the Treasury
States His Views.

McKinIey's Secretary of the Treasury
States His Views.
A special to the New World from
Chicago says:
The World submitted in writing to
Mr.. Lyman J. Gage a number Of ques
tions concerning the most vital issues
with which he will deal as Secretary
of the Treasury. Mr.. Gage, with
great candor and courtesy, makes his
position quite clear on all Of them, as
follows:
Our whole monetary system is the
resultant Of makeshift legislation and
scientific compromises. It is time that
reforms began
I'm my own opinion, the greenbacks
should be permanently retired The
silver purchased under the Sherman
act should be gradually sold and the
treasury notes redeemed and Cancelled.
Some well guarded system of bank
note circulation, broader and more elias
tic than the present national bank act
provides should be inaugureted.
such bank notes should be redeem
able at a central place, and be REDEEM
able in gold only.
"SiveF certificate which form nearly
one fifth Of the circulating medium of
the United States are dangerous. By
their use a volume of inferior money
has found an abnormal use. They are
the most perplexing features In the
much involved problem of our national
finances.
There is no reason why the gov
eminent should act as warehousennan
for either gold or silver. Such a func
ton is outside it's proper limit of &C
ton.
But, we are faced by a condition.
The enormous amount of $500, 600, eco
of silver, represented by 1888, 600, 900
in silver certificates, added to the
$3.50, OOO, 600 purchased by the govern
mems under the Sherman act, consti
tutes a standing menance to every
business interest. To sum up, the de
feces of our present currency system
are:
"First-Confusing ~heterogeny which
needs simpliacatIon.
"Second-The greenback contra
veEes this principle Of paper money,
viz that every note injected into the
commercial system should represent
an existing commercial value.
'Third-The treasury note is a stand
ing evidence of a foolish operation, the
c. cation of a debt for the purchase on
a falling market Of a commodity for
which che purchaser has no use; it
lies open to the just charge Of being
both idiotic and immoral.
"Fourth-The national bank note,
nearly conforms to the true principle
of paper money, but the unreasonable
requirements for security paraly 70 it's
efficiently and operate to destroy it's
elasticity.
'FIfth-The silver certificate en-
courages she use Of silver TO a larger
extent than is consistent with the safe
preservation of that metal on a parity
with gold"
would a national commission help
to promote reformf"
There is reaSon to hope that it
would be of great service in that di-
recsion. Such a commission, if rightly
elected, would throw a food of light
upon these involved questions. The
information it might gather would be
Of immense value to all people and
would guide US to wise legislation.
Emotion and sentiment are not safe
guides In matters of science. A clear
apprehension of true principles will
lead to correct action.
Reaction will be slow, but it is ccm
ing, and it will be of long duration"