The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1902-04-01
SOME VIEWS OF CURRENCY.

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For ways that are dark and tricks that
are vain the Heather Chinee is pecu-
liar" So wrote an American humorist
several decades Ago.. Is not this sug-
gestive Of the ms and outs of financial
experts and prophet? We cannot pre-
tend to be SO well up in nance as al
ways to understand the movements of
secretaries of the treasury and the va
rious opinions of bank officials. They
are not always agreed among them
elves So it is natural that the less
expert should be solid in views as TO
the best, wisest, safest way to bring
about financial reform. so much written
of at this time in the north. All the
papers are writing about it. It is,
mark you, republican reform that is OH
the tapis. 1t is urged that some reform,
some change is positively necessary and
there are republicans who say thu
there are signs in the commercial
heavens that the era of great p%rosperi-
ty is about exhausted. that there is a
change visible. and that there are por-
tents in the skies foretelling coming
trouble. We note this with no special
pleasure. 1t would be indeed good for
the country if the great prosperous
times shall continue Indefinitely. But
expenditures are heavy. schemes for
plundering the people multiply, the
country is filled with fellows of the
Mark Hanna stripe, n financial men
are specializing afresh as to whether
any storm is ahead.
Take Secretary Gage and his success
sor Secretary Shaw. Mr.. Gage was
praised as a particularly able %financier
by his political friends. These two re-
publicans hold different views as to pol
icy. We find in a gold paper. The
Jacksonville Times-Union, this disa-
Ereement of view thus set forth:
Secretary Gage was initiating the
currency to supply the needs of bust
ness by paying cash for bonds, claiming
he was killing two birds with one stone
by paying his debts and sending the
needful back to a world that continual
ly hungers and thirStS for it. But Sec
rotary Shaw says this process is ruin
Gus. for the premiums float to the Zenith
and he will not cringe to a corner N
national obligations as a broker would
be compelled to do-he will buy no more
at such prices. Which means that bus
mess must get along as best it can
without the help of additional currency,
and the government will not exercise
the option of paying it's obligations to
stop the running of interest chargeS-a
course agreeable to the holder, who can
raise money on the same bond on which
he is drawing interest.
Thus republicans are convicted Of
drawing from business a surplus or
three hundred million dollars for which
the government can find no use. while
business ~languishes for it and ia taxed
by the Sages who will not develop but
will loan on good security the
artificial security has been produced!
Therefore. Mr.. Shaw has now scat
tered among the banks Sill, OOO, 600 of the
to be let out to those from
whom it should not have been drawn!
The people pay taxes and n pay IN
terest for the use of the same money
With an expenditure of the peoples
money that is most alarming-over a
of dollars every two years; with
the tendency all the time to still greater
extravaganza: with the most
able. the most unequal. the most grind
and unconstitutional tariff this
has ever suffered under. with
the destroying, crushing, rObbing trusts
at work. with living higher for the poor
these are some of the cumulating evil
.ences that this country very greatly
a change of administrators who
are honest and faithful and wise and
devoted to the true interests OF the peo-
pie at large. The departures from the
old governmental landmarks are many
and ominous. The country must get
back in the good and safe "old ways
If this country is to continue prosperous
and remain a republic governed by 4
constitution that is interpreted accord
ing to spirit and letter. Can the people
of any party desire that present con
ditions shall continue? Are not open
markets. a low tariff to bring revenue
and not protection. a government OF the
people and for the people and by the
people. to quote from an old New Eng
land Reader of the thirties land which
Lincoln appropriately better far than
the present arrangement?
One more quotation from h Florida
paper, Referring to the ways or the
United States treasury. it asks:
IF the government does not need ii,
why should it have been taxed out or
pockets of the people who do need
it? If the government does need 1t.
why is it handed over to the banks 10
be loaned out to the people?
Nothing could better demonstrate
the need of a return to the old demo-
cratic doctrine of "a tariff for revenue
only and a sound currency without the
manipulation of the markets by the
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