The pioneer press. (Miller, Hand County, S.D.) 1893-190?, 1897-12-23

Washington. Dec IS. - Secretary
Gage appeared before the committee
on banking and currency of the house
of representatives TO present bill en-
bodying his views for n revision of the
currency, TO explain and urge it's pro-
visions, and to meet any objections
raised by the committee. Mr.. Gage
began his statement. speaking in an
easy conversational manner. He said:
The objects | have in mind in the
series of provisions offered by me are
four in number. First, to commit the
country more thoroughly to the gold
standard; remove, SO far as possible,
doubts and fears on that point. and
thus strengthen the credit OF the
United States both ut home and
abroad.
'Second-To strengthen the treas
ury in relation to its demand llabili-
ties, in which are included greenbacks,
treasury notes and the incidental obli-
gation to maintain on Il parity, through
mterchangeability with gold, SO far as
may be necessary, the present large
volume of silver certificates and silver
dollars.
''TEird-To do this in such way as
not to contract the volume of circu-
lation in the hands of the people.
"Fourth-To take an initial step to-
ward system of bank note issues
without the conditional deposit of pub
lie bonds as security therefor. If we
prosper as people the revenue of the
government ought to be somewhat in
advance of its expenditures. and the
public debt of the United States gradu-
ally reduced and finally extinguished.
Looking at the question widely. from
my best point of knowledge and eX-
perienCe, | feel that if these could be
secured the condition of the govern
ment, in its relation to the currency,
would be much safer and stronger than
now, and that, through the operation
of national bank note currency, the
commercial and industrial interests Of
the United States would be greatly ad-
vanced.'
Turning from his notes Mr.. Gage
proceeded eXtempcraneously. as fol-
lows: las TO the first propoSition-to
committee the country more thoroughly
to the gold standard. remove as far as
possible doubts and fears on that point
and thus strengthen the United States
both at home and Abroad would
say that the proposition TO refund the
bonded debt of the United States now
payable in coin into bonds bearing on
their face Il lowe" rate of interest and
payable. principal and interest, in gold
is a measure directed to that end. 1t
costs nothing to the GOV eminent what
ever so far as the refunding of it is
concerned, except the expenditure
necessary TO print the bonds and do
the clerical work. 1t takes ambiguity
out Of the relations of the government
to its creditors il gives, | believe a
strength and security and power 10
the whole commercial and industrial
system of the United States and the
measure as it is prepared here in the
bill will in my opinion accomplish that
object. The other measures which are
before you which | am now ready to
be questioned about have been drawn
to accomplish not only the objects
named but the various purposes al
ready detailed by me. If they are
worthy objects they ought to be rec
Ognized and secured. If they are I'M
worthy objects they ought to be re-
tected, or if they manner Of securing
them is not wise one, as ! have out
lined it, the manner ought to be re.
jected or reformed or improved"
After this initial statement from Mr.
Gage, the bill was read and it's con.
sideratiOn proceeded with section by
section. A wide range of discussion
occurred on some features of the bill,
calling forth from Mr.. Gage additional
explanations. The discussion con.
tinued until 1870 o'clock, when the
committee adjourned