The Jasper weekly courier. [volume] (Jasper, Ind.) 1858-1922, 1899-09-08
QUEER TALK OF "EXPERTS. F"
Secretary Gage on Qurstiou az Ian.
ins Gold certincnte.-h,s
Strange Reasoning.

- i"~E A.ih on NLaNciAl topics from
& those who by experience may lay claim
10 expert knowledge that nothing Of
the sort now surprises us. Ii NAV be
=. that those who pcrmi; their friends 10
: call themselves experts submit to The
inn4c;ion with The same inodestv which
causes a Georgian 10 bow to the in
e'li1ole when his neigh oors call him
colonel. lie may know as Hftle
about military affairs As u tame lion
knows about The jungle. bur il his
neigADors take a notion 10 call him
colonel" he is compelled TO submit TO
the inevitable. and. in course OF time.
i may oe. hc even goes so far as 10
plume himself on the tit,e. With this
precedent IN view. we have long ago
ceased TO be shocked or surprised when
q financial expert puts forth a state
ment which, on examination. refuses
to stick together.
u VIII 5e remembered that the New
York JmrraI OF Commerce. I'M vicw OF
me scarcity Of paper currency in the
metropolis. has been urging the soc-
Rotary 70 renew The issue Of god ce~-
tliicates vhich was suspended bv see |
rotary Carlisle when the amount OF I
/ gold IN the treasury fell below a hun
Gred .aslon. Our readers need not be |
told that the editor Oh the journal Of /
commerce j. the sounGest OF sound /
money men. Indeed. II any rcspon-
sinie person should favor what Il
called Imitation" in his hearing. the
editor would forthwith take 10 his bed
and remain there until The doctor
could be called in 10 apply rcstoraiives
and tones.
This. o. coarse, j. only another VA,
Of saving that the journal OF Conn
merce could not he induced TO adj
Nocate amy pan or proposition not
thoroughly in accord with the doe
trines and devices OF the gold pariy.
And when IL advocates the issue OF
gold certificates we may be sure that
Il does so ~ the interest OF the mcr-
cantile and commercial communities.
which are its largest clients The GER
iiiicates in question are simply repre-
seniation~ of deposits OF gonl in the
treasury or subtr1asurv. and are used
as currency ~ being less cuMhcrsome ,
and more convenient than gold itself.
and that the demand for them Is ur-
gent Is shown hy the fact that con-
sdera o.e pressure has been brought
70 bear on tins secretary OF the treas
ury to carry out the Jaw which pro-
vides for ihe suspension only when ihs
amount Of COLL in the treasury falls T
below ono hundred million.
The secretary has not ONLY refused
a Is q a.
lately has kept locked in bis own !
bosom biz reasons for refusing liz 1
was rumorcd last week that such i
PRESSURE had been brought \
70 bear on Mr. Gage that nc was on the !,
point OF consuming. l;ut on SATURDAY. :
last. when was approached by the \.
cores pendent of the New York Even
'ng Post. he denied The rumor. and I.
stated that he Is holding the matter in
aDevauce. being unable at this time !,
- say what course he VIII pursue But :.
ne made no bones OF stating the objcc- :.
tons THAT had occurred 10 his mind i,
and he puts them in this shape: !.
with al the green backs and silver GER i,
lncair# aad WIdorn notes now outstard- 7,
rg N ihe governments name. question ~
a4 VS. iom " flr;h expansion or TIL. 20
paper currency by ;ha addition ~ a mass m
r god certificates. which would compete n
win the rfs II the market alrt aGy sufii-
'lrnilT supplied II is true that The de- ~
lomins t.oas ~ he gold certificates. beiAg in
ieVer i-ss thaA s29. would naturally pre- n
feht iher coming an important com q,
letiior n exchanges. as they relate TO -
ne ordinary retail trade III the country or
'ui. on me other hand. there would be no
ipeclal ben'tt In adding iher for in the l.,
REGULATION should ever Income REDUNDANT
nd contraction should follow. ths tenGen- o.
y Of legal tcader notes and silver c.rtih- III
ai's Iowarl the treasury for redemption be
you'd rs augmented by the added sIpulv ~,
? ne circulation OF gold certificates n
Vow. The gold certificates. which the ~ ~
ecrciary u urged 10 Issue. viii sim
" be Evidences Of gold coin or bull
on deposited IN the treasury by banks ~
~ other holdtrs who find il neon -
enicnt 10 Asc The coin or the metal ~
TRACE. or 10 store it away ii their -
iults. The certificates. in their es- NJ.
nee are warehouse receipts. and thev 20
n issued against the gold instead Of ~
'chang ~ grccnbaclsS therefor. Thov
onid not ID any true sense be an ex- y
insion ~ the Volume of money. but -
onld enable bank, and business men ~
1880 tANAA htia n large amount OF ..r
~ which J. now lying idle. I,i'
Moreover, IL. a. NJ. Gage saws. the Ill,
nafkei II already sufficiently sun !.
49,. these certificates would not en- -.
r into circulation at all. because ..l,,
ere would be no demand FOR them. I, !
va. would be held br the banks sim ,
a. evidences Of gold deposited in ,,ar
tsea urt. On the other hand. il III,
ere Is a demand for them. as a good con,
my people intimate with the trade ~,
uailan assert. they will simply rep i
tn' 80 much gold coin and will not ,rrin
! adoliar - the volume OF money. srd
y somcv nat difficult 10 follow the s,on
rctary~ reasoning in the conclud- in !.
remark attributed - him. -If the TIA.
.nlaiinn should ever become redun- he :
y and contraction should follow"
says. ''ihe tendency Of legal tender
81. ANIL ..fiV... c.r4, 49,.