Jasper County Democrat, Volume 4, Number 28, Rensselaer, Jasper County, 19 October 1901 — FINANCIAL DOCTRINES [ARTICLE]

FINANCIAL DOCTRINES

Embraced in the Six Articlos of the Creed of Secretary Gage. WHAT HE SAID TO T 133 BANKERS First Article la “tbe Greenback Mast Go” and That It Never Will Be Missed. Milwaukee. Qct. 17.—The feature of the session yesterday of the American Bankers’ association was the address of Lyman J. Gage, secretary of the treasury, who to begin with expressed the opinion that “there is too close an Intimacy between the government’s finance and our commercial affairs,” but he added that “It Is a comfort and satisfaction to note that at the present moment the Injurious effect of such Intimacy appears to be at a minimum.” The speaker urged that the present Is a most propitious time for enacting reasonable reforms in the currency and banking laws. Laws Superior to Gotornmoot. “In every country,” said Gage, “there is a more or less Intimate relation between government finances—debt and taxation—and the general commercial or Industrial affairs of such country. In our own country that intimacy has been and Is injuriously close. * • • There are laws superior to the government: laws which It cannot defy and escape penalty. They are not written laws, but they are discoverable, these higher economic laws, which have a wny of self-operation, blessing the obedient and banning the violator. Of these all men and all governments should be afraid, and to their mandates respect should be shown.” Give* Hi* Financial Creed. Gage then summarized his financial creed as follows: “1. I believe it to be most desirable that the demand liabilities of the government known as legal tender notes should be put In the way of retirement and cancellation. “2. I believe that this can be accomplished without any burden of Interest cost to the public treasury. “3. I believe that our system of bank-note circulation can be and ought to be so modified as to make It more responsive to commercial and industrial requirements without any Increase of risk to the bill-holder. Government Guaranty Should Cease. “4. 1 l>elieve that beyond acting as a guardian i, ’d trustee for the people In relation to national banka the government guaranty to bank-note Issues should cease. “5. I L’lleve that the public moneys In excess of a reasonable working balance for daily use should be deposited In national banks. That a simple and safe system of distribution of funds can be devised I have no doubt. “fi. I believe that In periods of national peace and prosperity the public revenue should be somewhat In excess of public expenditure, and that the surplus revenue should be applied to the reduction of the public debt.”