The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1897-11-24
PRACTICAL Plan Of
Currency Reform.


rom lne f'lliduelpnld Press.
President Mckinley is credited in va
rious quarters with a simple, practical and
effective plan of currency reform. 1t IS
said that he will urge congress to repeal
the law which requires that greenbacks
redeemed in gold shall be ressued, and
to provide, on the other hand, that when
once redeemed they shall not be reissued
except in exchange for gold. Such plan
would break the So-called endless chain.
1t would protect the gold reserve and
give security and safety to draw out gold
from the treasury, as they are now, but
when presented for that purpose it would
be a real redemption. They could not be
used over and over again. Once in they
could not go out except against q cor
responding deposit of gold. Their re-
peatcd redemption and re-redemption
with the sole design of drawing on the
gold reserve would be impossible. The
whole gold reserve would protect ihe
sreenbacks outstanding, and an addition
al gold dollar would stand behind every
greenback dollar reissued.
o
This is not complete currency reform,
but il is feasible wise and efficient. 1t is
the thing that can be done, and that be-
ing done will assure safety. Two broad
and responsible currency plans will be
brought forward. The first will be that
of Secretary Gage, and the second that of
the monetary commission. The plan of
| Secretary Gage has already been pub
| lished. IT is doubtless framed rather as
| his conception of an ideal system than
! with any expectation that it will be
| adopted The secretary knows the tenn
per of congress too well to suppose that
| it will consent to authorize the issue of
| iEtereSt-bearing bonds to retire 500, ,O0J,-
| Geo of greenbaCkS. AS to bank note cir
| culatiOn congress will doubtless be pre-
| pared to reduce the tax, authorize issues
| up to the full par of the bonds deposited
| and provide for small or branch banks;
| but it is not probable that il could be
| brought to assent to any issue of bank
notes upon the mere security of assets.
The plan to be proposed by the none
tary CON mission is not yet known. 1t
may or may not be as radical as that of
Secretary Gage. Like the latter it will
probably be formulated as an emooti-
ment of what the trainers believe ought
to be adopted rather than as an express
sion of what they expect to accomplish.
1t will be a scheme of education rather
than measure of immediate legislation.
Under these circumstances, with the
plans both of the secretary and of the
commission beyond the range OF the at
tainable, the guide of practical lcSisla-
ton must be in the president himself.
measure which meets the immediate ne
cessitics and which will at the same time
be feasible rests with him. The measure
ascr!bed to him with every mark of au-
thent!City is thea first and vital step in a
practical revision of the currency system
If too much is attempted nothing will be
done. President Mckinley has the eN'
perience and the wisdom 10 guide con-
gress and the country in what is both
right and practicable.
From the New York Sun.
The only currency measure which the
| admins tration Is likely to press upon con
sress at its coming session, is one re
pealing the act of May 81, 1878, which an
thoriZes the reissue of the old legal ten
der notes, whether they come into th'
treasury by redemption or otherwise; sep
arating the gold redemption reserve frcn
the other funds in the treasury, and per
m!tting the rcissu Of demand notes onl!
against gold dcpOs!te for their futur
rcdcmpt!on. 1t Is do lbtful whether
measure of this kind can be passed but
If It can be, it will place the issue de
rartmcnt of he treasury in position
similar 10 that of tie issue department o
/ the bank Of EnCltnd, and deprive the enc
, mics Of government paper money oil al
! nretcvt for denOuncing II as an "endles
| chain" for depicting the treasury OF II
! cold Under H., 50 soon rs any consid
| ,rahla amount q" government notes wa
sent I'm for redemption, ana the gol
1rqvn out 70" them was sEinpod abroad
: the currency would De contracted, inter
| cet rates would rise ana the outflow c
p gold would be followed by it's return I
! this country.