Evening star., 1897-07-28
GAGE ON THE CURRENCY
Secretary Of the Treasury Talks to Repre-.
sentative Men of Boston.
Declares the Admtnistration fs for
Sound Money, bat LeGislation by
Congress fs Necessary.

The dinner given by Boston business men
| in honor of Secretary Gage at the Tuileries
yesterday afternoon was attended by
about one hundred and fifty of the leading
| men in the professional and commercial
life Of the New England metropolis An
informal reception was held preceding the
dinner. Among those present were William
c. Lowering, who presided; Governor VOL
colt, Mayor Quincy. Mr.. Charles g. Ham,
lin, ex-assistant secretary of the treasury:
L. JEFFERSON Coolidge, ex-Cnited States
ambassador to France; Mr.. j. r. Lesson
william b. Rice, jr., and many others. On
being introduced. Secretary Gage said:
The issue is now decided The ballot,
meg1c exponent of the popular will, has
recorded its imperative voice for honest
money ana for liberality regulated hy law
| II now remains to be seen whether from
that decision there is to be any successful
appeal IL is this that gives interest anx-
ious interest, to the prospective action of
those VINO. clothed with legislative and
executive functions, have 1t in their power
10 make secure the fruits of victory or
wEo, by failing to comprehend their high
so hardly won.
Upon the possible doubts involved in
thls question men of enterprise still hesi-
tate and the columns of industry march
slowly with ranks not vet completely filled
Is there room for doubt on so plain a
proposition? There ought to be none There
would be none except for the working of
that principal of human nature whi IN
ccaXeS us TO cease after effort-which in
duces us to contemplate rather than act
that spirit of inactivity which on more
tEan one occasion kept the armies of the
Union from annihilating the enemy.
The administrative branch of the yoy-
erhment will not sleep nor rest inactive
Its influence has been and will be for
prompt and Judicious action. The evidence
OF this TACT Is fresh at hand in the message
Just now submitted to Congress by the
President.
Look to Congress.
But the administration cannot make
laws. 1t can only execute them after they
are made. 1t is, then, to the legislative
body that your thoughtful attention is to
be given If you desire financial reform.
Your senators and representatives will not
consciously antagonize your well-consid-
cred desires, but they must be Informed
ana constantly reminded of what 1t is
that you demand.
We have. indeed delicate and difficult
probiem to solve, the difficulty being ag-
giaVated by the fact that ignorance prei,i-
dice and passion enter in to complicate and
Nex the solution. This is one of the penal
tles which popular government must nav
IN return Tor its multifarious and eminent
ot hehts The recommendation of the Pres
1dent for commission was admira ble i'm
TINS, that it suggested a way in which a
body of well-trained and thoughtful men
should be provided to consider at leisure
Wlthout distraction from other pressing
themes, the important subject of currency
ana banking reforms. 1t at the same time
opened forum to which could be admitted
every contributive suggestion from all
classes and conditions of men
TO these incidental moral advantages
inay De added the reasonable expectation
that the commission would have been
able to gather In most valuable inforoa
tlCn, and nnallV formulate
mendations, worthy of early and favorable
consideration by Congress at the regular
session next winter. That the bin which
passed the House with promptness failed
OF recognition in the Senate may be a MAJ
ter OF regret, but not one for discourage
ment What might have been accomplish-
ed through commission NAV he achieved
without one.
Nor ought we to speak or think nm
ktndiy OF body which has so assiduously
toiled IN the work of new body of law
concerning d matter so charged with con-
nlctihg opinions and opposing interests as
Is any tariff act. The two questions before
the country in the last political campaipn
were the tariff and the currency One of
them Is already settled. Whatever The
merits or dement's Of the new measure In
its particular items, IT has become the law
of the land. The enues derived from II
Will, after possible brief interreenum he
ample for proper government expenditures
and II the aphorism be true that the rev
enue OF the state is the state We NAV saw
without eNasgeraton that the state is re-
established.
we have also reached a point where
with absolute data furnished commerce
ana manufacture can make correct esti-
mates and go upon their respective mis-
slonS OF exchange and production with a
new sense of security. The reSponsibIe
party In power having successfully covered
this one important issue. may be safely In
trusted to care fully well for the other
No Pressing Need for Haste
'On the financial side there is really no
pressing need for haste. There is certainly
no immediate occasion for anxiety With
ample reserve In the public treasury: with
financial centeTs in a full supply of loan
able funds; with interest invitingly low:
with crop prospects most promising, and a
good market favorably assured; with new
mineral resources coming into view; with
a territorial area sufficient to carry its
present population many times multiplied:
with people advancing in the elements
oil Intelligence and character, who dare in
dulge in doleful forecasts? We need not
ignore the fact that there are MANY wounds
to be cured, excited passions to be calme,i
and many misunderstanding to be COM
posed. Nor is it passing strange that this
should be so. Within the limits of half a
lifetime Industrial methods and processes
have been revolutioniZed. combinations in
labor, in trade, in manufactures have III
perseded to a degree the former processes
of individual movement. II is phiiosopn-
ICdi 10 beileNe tnat tney are all evolution
ary-tending to a final and a higher gen
eral good, but in their immediate effect
they produce incidental injury in many di-
rections. Perceiving the injury the hurt
cry out. and cannot be persuaded that any
good can come out of SO great an evil
Time Will do much 10 restore, and the nat
ural laws, everywhere operating, will bring
In at last eir-compensation. In the mean
time our statute laws must learn not to
repress the operation of a natural law
which is supreme over man-made laws
but they must learn to justly check and
punish those who. grasping the new ele-
ments Of power, pervert them into agen-
cies of injustice and oppression. The prob
lens of democratic society rapidly de-
veloping in all directions are many and
troublesome. They must be met with pa
tience.. Upon the wise and great the duty
weighs with corresponding force, but upon
the humble and weak also ii presses ac-
cording to their measure of the response
bility."
Col Henry L. Higginson spoke of the
perplexities confronting the Secretary of
the Treasury, and assured Mr.. Gage that
the people of New England had confidence
In him because of characteristic in his