The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-12-04
GAGE ON CURRENCY REFORM
Tho Secretary of tho Treasury
Favors Bank Circulation.
Sees Promises of better Times In Re-
cent Republican Victories
CounseIs Against Finnn-
ciaI Agitation.


Gaze smoke at the one hundred and
twenty-ninth annual dinner of the New
York chamber of commerce Tuesday
night, November %, upon the subject
of currency reform. making in the
course of his remarks some illusions
70 recent republican victories at the
polls and their probable effects on the
| national welfare. Following is the
speech almost in its entirety:
Grave Problems TO Solve.
"Our fathers had grave problems to
| solve. Our own are equally serious ihey
are even more complex. The hdeiity SHOWN
| by the fathers should fifty example our
| fidelity That Is the price through which
! the GOOD we enjoy may be honorably pos
sessed. added 10. and passed on to those VINO
| follow us. We are met just now win one
| OF those problems which must be oraVeIy
| faced and wisely solved. 1t Is quesuon
! fundamental, in a material sense, 10 me
| welfare of every member OF the mighty
| group which constitutes our national ne.
! II touches the humble and dependent more
| closely than IL does the strong ana power
! full although In its final determination the
| far-reaching destnies OF all are involved.
| For four years It's injurious shadow mas
! depressed industry and enterprise. Ihahks
| to the wise instincts OF our people, ana to
\ their declaratory voice uttered In NoNeHi
H..
! doubts. TO Danish fears TO brace hope. ana
| to lend courage. ~
This happy reaction( in Enterprise now
] witnessed-the stimulation OF INDUSTRY
which has followed this new assurance, IS
| n conflrmatory evidence OF the blightlng m
| fuence OF that fierce propaganda for free
! silver and contemplation that met It's
| just rebuke from the- freeman's ballot IN
1896 Y
speaking broadly. believe that the
! a I.=t s,,x. nf nttr q.
! may be affected by legislation, IS 10
be determined within the next four years.
Four years is period so short in people
history as to barall idea of futurity ana 10
require In substitution the more immediate,
omnipr ssent now. The forces and energies
which found victorious expression In the
! last election are as significant now as they
were 'hen. Are we intelligent and cour-
ageous enough to take the action their pres
ent warrant justifes. and secure the future
against the dangers which have been for
the present overcome? 1t Is said that I'M
der present conditions II Is impossible that
obstructionists can hinder and defeat me
popular will; that agitation on so delicate
a subject as the money standard Is as
:urbinE: that we have the best Of suaran-
tees that for four years the present status
will be maintained; that the revival OF
business will he best assured by the policy
of inaction. Covered in one sentence all
this Is summed up in the much abused
maxim: Let well enough alone The max
i'm well applied is indeed a wise one. hut
the wisdom af 1t lies in the application
( of H.
Currency system Rad Enough.
when ultra conservatism applies II to
Justify a condition which Is bad enough In
steady of well enough, 1t is fatally misap-
piled. That the condition of our currency
and banking system is bad enough is GER
! titled TO by the deliberate Judgment OF mo
! great body of economic students and by
! Tat NNfNYNtr
| ness men. 1t certainly is not well enough
| with banking system utterly inelastic ana
4 correspondingly irresponsive TO the domes-
! tic requirements of trade and Industry. 10
i which. in its proper relation. the banking
/ system should be the faithful ana eNl-
! cient handmaiden. 1t Is not we'll enough
/ with the national treasury awkwardly per-
/ forming an office which is entirely foreign
/ to its proper function. 1t Is not wen
/ enough. 1t is absolutely bad. when the re-
! suit Is a public treasury so expanded IN It's
/ demand Liabilities in a time of profound
peace as TO threaten its solvency In case Of
war. Thomas jefferson, the putative ia
/ Their of democracy. himself declared: Dur
, ing the interval between war and war all
/ the outstanding paper should be called In,
coin be permitted TO flow in again, and
hold the field Of circulation until another
I war should require It's yielding place again
| to the national medium No. my friends.
| we are not justified in falling back in SUI
| maxim.
Nor is agitation to be feared in It's effect
on industry or business affairs. II II is 10 be
an agitation in behalf of better conditions.
We have absolute security that for at least
four years no step can be effectively taken
which will degrade our money standard or
bring dishonor to the national credit. Agi-
tation will. therefore. result IN nothing or
be productive Of good. Under such condi-
tions, agitation IS the highest conservatism,
More secure Foundations.
1.-THE establishment of our currency and
banking system upon more secure founda-
lions is the one thing lacking TO the things
which make for permanent condition II
| reasonable prosperity In securing this the
pioneer in the west, the laborer In the mines
the toier in the field. the mechanic in his
shop, the MERCHANT, and the banker, are
all, whether they know 1t or not, each In his
degree alike interested The text to which
! ! was called to speak Is thus stated: Cur
rency Reform-Now or When? BY impli.
cation am absolyed from ali obligation &c
discuss the how. or to go into details oil
. methods to achieve currency reform Thi:
is a great relief to me for two reasons
First. II might be injudcous to anticipate
, here and now. what 1t will be my ofiicia
, duty to set forth u little later on. Second
, II would be to enter at once the field o
greatest controversy. where doubts ant
fears are most numerous. and where pas
+ sions and prejudces have their freest pla y
, Every one favors reform-hls kind OF re.
form Many are willing to have reform, any
: body's kind. If 1t can he had without strug
! gle and free OF cost Others, seeing that thu
path of virtue leads to serene and restfu
planes. are willing to walk in the way OF II
even at the cost of present pain and sacri
flee. The first group embraces the radical
and faddists of every kind. who will toler
, ate no method not individually their own
The second group. the Indifferent many
prate reform. but are fruitful only In OBJ
e tections. You may retire the greenback o
{ otherwise reduce the redundant issues o
the national obligations payable on de
mand. but. strange inconsistency 70,
: must not issue bonds In the time OF peace
not even to discharge sacred obligations in
, Cured In war. These people ought to in
form us as to which Of the two'i Is the high
, er wisdom. To avail ourselves Of condl
I tons favorable to the highest credit an
, lowest interest, to put our financial hous
, | In order. or to walt until another eric,
shall come, when. as the unhappy DAYS o
j ls6O-'65. we may be forced to face dis
. honor or to recover ourselves at double in
4 terest upon obligations realizing to ou
, treasury only Cor 40-per cent of TIT
face OF the contract. Others of the sam,
3. group tell us: You shall not contract tn
. currency. nor shall you permit any substi
, tuition In the form OF bank note issues
With all these limitations restrictions In,