The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1901-12-29
NEW SECRETARY OF THE TREAS
URY WILL BRING INTO OFFICE
DECIDED VIEWS
NOT TIED TO FIXED METHODS
Contingencies as They Arise Must
BE Met and Handled with Refer
ence to Particular Needs
of Each Case
POSITION ON ASSET BANKING
Special to The Globe.

| Special to The Globe.
DES MONIES, Iowa, Dec. 2S-"This
| administration is recorded as intending
| to carry out the Mckinley policies,' sa: ID
| Gov. Leslie M. Shaw, the soon to be sec
retary, this afternoon. THAT intention,
! as understand it, applies to the policies
| of the treasury department as we'll as to
| other departments of the government.
| But this should not be construed to mean
| blind Endorsement of every specific
! recommendation method of procedure
| of former administration of that de-
partment.
Contingencies might arise from time
| to time, and do arise in all branches OF
private or public business, which would
| demand a new method of treatment.
Each administration and each public off,
| cial must meet new problems and solve
| them in it's or his own way.
| Il shall be more than satisfied if 1
! succeed in conducting the office of the
| treasury as satisfactorily as Secretary
! Gage has done it. He has been one Of
| our great secretaries of the treasury.
| He came into office during a trylns
| period in our national finances. Con-
| fronted with larger problems than any
| other secretary of the treasury in recent
| years has had to face, he has solved
| them successfully to the advantage OF
| the nation and to the satisfaction Of
| all interests concerned. l can have no
| higher aim than that 1 may be able to
| continue his work as successfully as he
| has carried it on
Must Retain Independence.
| So much for Gov. Shaw's policy in the
| treasury department. When he spoke
| as quoted his voice and manner gave
vastly more emphasis than the mere
words show to his declaration of in
| tention to continue the Gage policies In
| their broader aspects. This additional
I emphasis was equally marked when he
reserved the right to think Independently
| and to formulate distinctive Shaw poll
| cies on specific problems which the fu-
! ture may bring forward. In other words,
while Gov. Shaw indorses the Gage ad-
ministration his policy will not be meres
imitation, but will stand on it's own bot
! tom.
Problems growing out of the nations
| immense foreign trade and the conse-
| quonces to it of increased industrial de-
| preston in Europe, are among the dozen
| things which Gov. Shaw foresees as pos
| siblities.
| bit he will not undertake to solve them
| cCncre teIy unless they arise conereteiy
| All he would consent to say today Of ris
| course when such questions arose, was;
| ",yc must look for a change in the char
| acter of our foreign trade. We have
! been selling $500000,OO0 or 5000, O00,OOo mora
| year than we have been buying, AMI
| eelling most of it 20 Europe.
| New Markets Needed.
much Of the balance in our favor has
| beer paid by the return of our securities
held abroad, OF course. with financial
| depres ssion in Europe, or even withot it.
We cannot go on getting our pay from
| Europe in that way. We must have new
markets. We can and will get them
Remember what Col. Sellers said when
he was getting ready to sell his eye
water: There's Asia, where human be-
ings swarm like the sands of the sea.
And they've all got sore eyes To quote
Sellers otherwise, they all have bodies to
be clothed and fed. But I must not be
interviewed yet"
Gov. Shaw would not go into the ques-
ton of how Asia will go on paying
America He would no more than intimate
his belief that this nation will become
the financial power of the future, using
it's trade balances to develop new mar
kets.
'sYou see, it would be neither wise nor
good taste for me to submit to an inter-
view now" Gov. Shaw said. ST am re-
minded of what Col. Ike Stephenson, OF
Wisconsin, said to our Tama Jim Will
son, when Jim was going into MeT<in-
ley's cabinet as secretary of agriculture.
:
officer you'll make said Col. Ike, but
if 1 were you, Jim, I'd keep still for a
while That's good advice for me to fol-
low just now"
Financial Creed on Record.
But the chief articles of Gov. Shaw's
financial creed are matters of record.
He has not recanted any Of them since
accepting the treasury portfolio. In an
address before the Northeastern Nebras-
ka Bankers association last summer, he
was specially specific in statement OF s
his views on bank circulation asset cur
rency, the national bank system and thu
need of further financial legislation to
conserve the gold standard by providing
for the redemption of silver certificates
and silver coin.
Excerpts from that address, therefore.
may be taken as the clearest expression
of Gov. Shaws financial views now, on
the eve of his departure for Washington
to assume the secretaryship Of the treas
ury He is willing that they shall be so
taken
THAT address was carefully consider
ed. he said today. ''There is not line
in it that I finch from now"
Then, as now, Gov. Shaw took it for
granted a vast majority of the people
have come to one vital conclusion-that
the nation can have but one standard
coin. While 1t look the people long
time to learn that the owner of $40
goldpiece would not exchange it at par
fer twenty silver dollars when he could
exchange the material out Of which the
government had coined his $40 gold piece
for material out of which, the govern
ment stood ready to coin forty silver dol
lars. the governor believes that the les
son has been learned, and because tho
United States standard coin contains 25S
grains of gold, that standard coin is now
exchangeable for the coins of any other
nation according to relative weights and
the scales, not that the gold brokers VIII
continue to determine the value of Ameri-
can money In the markets of the world.
That much having been settled, Gov
Shaw believes that the proposition, equal
ly as important, and the logical sequence
of the gold standard law, is that every
thing which circulates as money shall
he made redeemable, directly-or remote
~ In standard coin, until that condition
shall have been remedied by further Leg
is1ation.
Gov. Shaw Is not an enemy of "asse
Continued ON sixth Page.