Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-28
IA STABLE cURRENcY..

In the Merchant Of Venice" Shnkes-
peare admonishes us against
"The seeming truth which cunning
times put on
To entrap the wisest."
In the same drama, he warns us
further:
I'm law. what plea SO tainted and cor
rupt,
But, being seasoned with a gracious
voice,
obscures the show OF evil? In religion
What damned error, but some sober
brow
VIII bless 1t, and approve 1t with q
teXt?"
1t Is the wont Of vice and fraud to
affect honesty and responsibility. How
goodly an outside falsehood hath" and
the vilest cheat outboasts integrity
with his professions and promises,
couched in terms and phrases that
should be sacred to truth and right.
The most arrant swindler parades as
the paragon Of honestly" he only has
the best" and he is so superior a per-
SON. any how. What he says goes.
If he has gold brick" or runs a syn
dictate. or establishes q trust. and talks
of good money" "a solid basis" and
q Single standard of value" he may
rob banks. treasures and churches and
grow In Credit as he gathers in the
spells.
"A stable currency" is pet phrase
with such fellows, and the changes
they have made, are making, and
ardently desire, are only to attain
stability. Says Mr.. Secretary Gage in
his recent report: THE one WORD
most important is STABILITY-stab il-
ity of conditions: and the most i'm
portant feature of that stability IS an
established money standard, and SO
established that it cannot be subverted
or changed by any hasty or i'll consid-
cred action, like that secret act OF
1873, we suggest. which demonetized
silver! But, Mr. Gage continues: IF
1T be true. as true 1t undoubtedly is,
that gold Is now our standard of money
values, the future needs only the assur-
ance that 1t will so continue to be- The
report from which we make these en-
tracts is dated December S, 1897 and yet
since that date the "undoubted stand
ard" has not secured the stability so
much prated of: again has the U. S.
Treasury had to come to the rescue of
Wall Street and New York City, with
advances in millions OF gold in ahtici-
pated interest on bonds, and In millions
more to purchase bonds at market
price!
Meanwhile, English finances (our
modeD have long had premium on
gold Uhe stable standardD, which pre-
MUM is now G per cent, and attract
ing millions OF gold to London from our
Treasury New York. But. al
though England has had the gold
standard since 1916. nominally, and
since 1926 In fact its stability Is yet
missing quality: and an English
economist has said: England is the
peculiar seat OF monetary crises. just
as Egypt is OF the plague and India of
the cholera The monetary plaques are
the bane and opDrobrium OF our coun-
try" Yet we are not going to Egypt
or India for standard Of health, as
we 60 TO England for q standard OF
value and stability. The pound sterl-
Ing Is very variable thing, and Is
quoted daily like the thermometer and
the weather probabilities.
May be. however. Secretary Gage and
his fel:ow-bankers and party are like
the red-nosed statesman who declared
that he was for Prohibition. but voted
and worked against its enactment: II
ain for prohibition" he explained; "but
I'm agin rs endorsements" So Gage
& Co. seem to be for stable money and
finance. but they are opposed to It's en-
rorcement. We had very good and
stable currency before the war. Of gold
and silver coin; and the currency we
had after the war (though specie pay
ment was suspended till 1879 was not
complained of by the people, especially
! after grecnbacks were received for
,arff-duties; but the act of 1873 de-
stroyed the standard and stability of 81
years by demonetizing constitutional
silver. Then, In quick succession, came
the disturbing acts OF 1878. 1890 and 1893.
with administrations. particularly In
our Treasury. tina. did as they pleased.
or as the BANKS and bondhoiders direct
ed. lns;a bilily. thy name is Republican
currency!
During the war. the so-calied national
bank system was created. and a tax OF
ten per cent was placed on the issue
OF State banks to prohibit such issues.