New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-12-19

~ action Is TO be governed by proper regard
for the public needs, there Is another ana great
or reason for inacton hitherto The people are
not I'm favor Of any Of the measures proposeo.
Quite unwilngy the advocates OF these 'hri-
ous measures recognize that fact in their con-
slant onpell, for missionary work In behalf OF
the banking plan. The trouble WIN 'henl II
that the puLlic has not yet approved the idea
Of having n currency issued and controlled by
banking institutions in place or currency
issued and controlled by the Government. Inc
excellent gentlemen who believe 'hat paper
currency entirely controlled by me panKs
would be the only scientific ana saie 10TH
of paper money have not yet cohVer'eu 'he
majority of the people TO their way OF mink
ing. and they virtually admit the fact IN 'heir
energetic efforts. The banking INSTITUTIONS are
generally with Them as Is natural. ana inuch
of the commercial body which is IN personal
relations with the banks. But there remains
n far greater body Of citizens who are not ny
any means unanimous in favor OF such cur
rency. but. on the contrary. generally regard
Il with much distrust
This seems barbarism and ignorance TO the
champions of a banking currency. ana Is even
ronresented as hostility TO sound money, but II
,s NOT The trouble is that the people have not
vet been convinced that paper notes entirely
unsecured. except by the capacity ana hdelity
of the managers Of many thousand panks' VIII
be sonnder and safer than paper ho'es secure"
by the credit of the United STATES anu u!
gold reserve held in the United states treas
urv. Men find II easy 70 say that this ho-
tion Is antiquated and ignorant Dut 'hey
have not found II easy to convince the coiii-
mon-seuse millions that the country Wouiu pe
hetter off with two thousand KINDS ol NOTES III
circulation each depending for lis value on the
huslness ability and the integrity OF unknown
bonI, officers. than it is now with not n single
hanknote in use which is not protected by more
than its par value in United states bohds.
There IS and there should be frank ana
heortv recognition of the worthy motives ana
tho eminent ability Of many who advocate TIE
honkinp plan But men OF the hlehest PER
sonal merit and character are not lh''''""'
inrollihlo and when Secretary Gage cannot en-
,,ro,, ogroe with his own friend and appointee
Tho contro,ler of the Currency. and neither oi
cham cou unite agree with the President the
eunaror and friend of both and III the r'anN
ing and Currency Committee there are At i'st
three clearly defined and differing Opinions II
e. q LITTLE too much to assume that the uis"H'''
in, advocates of change must be all ihialiipie
and the great body of opposing voters h'"s' w
in blindness and error. \ rather SAFER concur
sier would be that the popular instinct Is right
in A,is as II l. so often. and that the advocates
Of change fail to agree because they nave not
vet hit upon any plan which appears even 10
Them entirely safe and wise When the! 90
+, will be time TO consider It's merits. h'H
then Representative Walker is probably rieh.
in saving that no measure Will be passed. anu
tho country will get along with the Thoroughly
so,nd nancy which il has been using WIN
so,isfac,lon since the resumption of specie pay
nents almost twerty years ago