Rensselaer Semi-Weekly Republican, Volume 19, Number 30, Rensselaer, Jasper County, 17 December 1897 — GAGE ON CURRENCY. [ARTICLE]

GAGE ON CURRENCY.

Secretary of the Treasury Present*His Annual Report. ' The Secretary of the Treasury in his annual report sent to Congress says that the Dingley act “has not- been in forcelong enough to determine fully its merits,, but it is confidently believed that when in fall operation Ht. will afford ample revenue for the ordinary needs of the Government.” He, however, in his estimates for the fiscal year 1898, places the total revenqeat $441,000,000; expenditures at $469,000,000, or a deficit of $28,000,000. For 1899 the revenues are estimated afc $482,000,000 and appropriations $504,000,000, a deficit of $21,000,000. For thefiscal year ended June 30 last, the receipts were $430,000,000; expenses, $448,000,000, a deficit of $18,000,000. Tbe Secretary says the enormous depreciation in the commercial value of silver, as compared with gold, has greatly increased the financial responsibilities of the Government in its demand liabilities, and the logical consequences of the fact should be boldly faced. _ “The Treasury Department in all its operations has treated gold and silver coins, and the paper representatives of each, as of equal dignity as to value,” he says. “It has operated to keep in concurrent circulation on terms of equality the two kinds of metallic money, notwithstanding the never ceasing disparity between the natural or commercial value of one as compared with the other. Nevertheless it must be recognized that this undertaking involves a large financial responsibility and requires proper and adequate legislative provisions for its continued execution. “The condition of the treasury in its relation to demand obligations requires that, one of two steps be taken. The one may be a large re-enforcemeut of the permanent gold reserve; the other maybe an important reduction in the objectionable form of liabilities. The latter is in my opinion the more desirable.” The Secretary then recommends the establishment of an issue and redemption; division department to which $125,000,-. 000 in gold shall be set over to be usedfor redemption purposes, and that the silver dollars and bullion be passed to thesame account; that the $200,000,000 greenbacks be collected and placed iu thisdivision to be disbursed therefrom only in exchange for gold.