The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1901-12-30

topic to most folks but ii is iinporturI
to know what views in regard to it
are held by the man who is soon to
have great power in shaping our coun-
try'.; financial policies and methods.
In an address before the Northeast.
ern Nebraska Bankers association last
summer he was specific in statements
of his views ON bank circulation, cur
rency. the national bank system ana
the need of further financial legisla-
ton to conserve the gold standard by
providing for the redemption of silver
certificates and silver coin. THIS
speech shows that Governor Shaw be-
lieves that everything which circulatoS
as money should be made redeemabie.
directly or indirectly. III standard coin.
Until that condition shall have been
remcdel by further legislation he
thinks there will be ever present in
the national financial system II latent
cause of panic. His argument on this
head Is:
Years ago the penny wa, made rcdccmahI". and
because nf the statutory provisions Tor is ir'
"',hh''oh piece =" '"l'p'' VI 'cHH >""' '""
tile tenth OF Il mill circslrs at par and as the
equivalent OF tie hun,redh part Of 2i.s grains Of
gold. II il were no. rcdc.mabl" it would he
worth the same IL other copper a- soon rs It's
coinage exceeded the absorbing capacity oi com.
hi''''' u II were ei'''i N', " CIV ",''''
~" PnN ny i,'"'"S ,' '''''''''""'' "f'' "''",
n'c"l! u Tue H'N'' ""i''' H"'' M'''"' '''"'-'"'
'"Gi>|l''"h i"F IT'S P'"''c'"n' ''s'"' PROV '''""'
may !" N"''".''"' 4" Pl"'''' '''' '''H'"' '''''"'
,t lii ,i 50
u ''''' ""'''' '""',''H Nv 80, ~ D
long as 1h"'r Is ah element "l """h' ,i"r' Is .'
c''"'h' "' "R's'f' "'u 'i'a ""'E'' VIII wN''' III
r'"P"i''"" IL the "''''' ~ ''"S''>'", ,"'''
Ill existence II" 'N''> "' !''h"'S anu ''"F ''
'"!"'u ON! u "''"""S "''"'" ''" ''''' r''''!
conn" l. ','''"'"'''i '''''"'''"' '''" '''' ''',
I" insure 'h'" 'n'n"'' Th 't par u y "c',"'"
necessary |" h'"N'"' 10. '"''' ,''''''"' ''''' rue
same ''iho. "' sal" q. >lN''' We nav ,"'o'I o
"' coined ''N'r "o" u, '' vaults " '',' ! n''''
states '"'h'''h, J." M corn t'I' ''s", l',y 'e,.
"'"' zen ""' "'S', ''' '"'N' '''''''" anu mug
Zee, long ih' No'''n'' commerce ''"'', 40 '''
S''"' III ''" ''c''"' III" S"',''"''"' '9'''N
N''''"uS' '''''i"' '""""""'H '"i'" " N'>'' 't
''h''''' ana stamps upon piece "' paper we
statement mat 'Her' nave ''c'" deposited WIN WIN
'"' "',n H'"''' '''l1n''' 'Mr'"! H'Nt' ''''u-' ~.
receipt Hut there is no provision tor The cX.
clmigrahlh'N OF either me silver OF I"' e'r'ni'
.',' az p"' WIN I"nu "', NV ,n
I T.; 80. , w u I,,,l a,. L,,,,
d,cd millions per nnnuu more than We buy
abroad and this requires the importation OF live
hundred millions of geld per amnum or the pur-
chase or redemption OF five hundred millions Of
outstanding national, municipal or personal obi.
cations the investment or that much money
III f'I'igh s',"i''" me '''"'"' Ia, I" '' '"''
anccd. But these conditions may not last forever.
We hold oue-liith ot the worlds supply of gold.
suppose this balance OF live hundred millions per
annum should h. settled in goid. In ten years
we would hay" the worlds supply. II is need.
less Ia say IL would not remain with us Other
nations would borrow or buy. and il would need
to he exported The point | make i this As
soon ls we begin to export gold in any large
amount, the timid will begin to cast about for
place of safety. knowing that this great volume
OF silver is not cvchangeallc on lcdromable in
gold this ,imd fellow may deem it wise 10
hoard Il little gold against Il uossih!c danger, and
the next timid fellow, discovering as he looks
over the reports that some gold ll, been boarded,
will be- induced to hoard also. Such conditions
might start lis well on the road to a panic Some
time IN some wuv either with or without an
enforced lcSson provision will bc made for the
cyclaurcabiliiy OF all our forms of money
Secretary Gage IN ms recent annual
report took advanced ground in favor
or what ie 1,noun ononr tba avnorts nc
.,'...,, ,,, ,.,,,,.,D,',,,. -, .,..