The L'Anse sentinel. (L'Anse, L.S., Mich.) 18??-current, 1897-08-14
SECRETARY GAGE SAYS.
some Encouraging Things About
Money and Tariff.

Friday, July 5U, secretary uaBe, IN
speaking of the currency commission
TO a New York Times Representative,
said:
"It seems likely that we shall soon have
quite a good deal of currency discus
sion and possible enlightenment. AS the
president has sent In a message urging the
! fullest consideration of the question, IL
Is probable that the executive committee
! of the indianapolis sound money CONFER
| ence will now appoint Its commission TO
| investigate the question and submit sug-
gestIons for improving the currency.
"The commission contemplated In the
presidents message cannot. OF course. be
appointed until congress gives the neces-
sary authority. / think congress is certain
to do this sooner or later, but fear there
will be considerable opposition, especially
In the senate. II II had not been SHOWN
that the introduction of the question would
have preciptated a long debate, the cur
rency message would probably have been
sent in earlier One senator declared re-
peatedly that he would oppose the author
lzation of a currency commission until IL
was time for the winter session or con-
gress. Under the present system or the
privileges of the senate, he could nave
blocked the action Of the chamber for
months. 1t Is a great pity the commission
could not have been appointed at the last
session. so that 1t could have carried on
its extensive investigations during the re-
cess and make its report to congress early
next winter.
There is no doubt, think, about the APP
pointment of such a commission. and when
It is created 1t will have herculean task
before IL. / suppose its members Will be
divided into small committees to visit the
chief financial centers, such as New YORK,
Boston. Chicago, New Orleans. san iran
cisco, and others, and investigate thorough
ly the financial conditions found In different
sections and receive suggestions from the
best informed men OF those sections as TO
changes and reforms in the present cur
rency system After this, / suppose the
body Of the commission will meet In wash
ington to receive information and sugges
tions through public hearings. 1t will then
prepare a report and suggestions OF its
own to be submitted to congress"
Asked about the work of the interna.
tioLal bimetallic commission, he said:
1T have not kept myself fully informed
as to its progress from place to place.
It Is still at work. and we shall know
little of the results until II makes Its re-
port"
Asked if the discovery of gold in
Canada and Alaska would have any
appreciable effect on the currency ques-
ton, he said:
1T will necessarily have some effect.
The large proportion OF gold in this
country and the addition to the worlds
supply OF the metal will raise prices to
some extent. The more money we have. or
the Cheaper money becomes, to use
western expression, the higher prices will
go. This will affect silver also: and silver
ought to advance somewhat in price. am
surprised to see that II is still falling. do
not think the advance in price will be very
marked. but think II inevitable that the
vast amount of gold being mined In Canada,
and that will soon be mined in Alaska. will
caue q general advance In prices. You
may explain 1t by saying that gold Is
cheaper. but we will have to spend proper
tionately more of it than we do now"
Referring to the new tariff, Mr.. Gage
said:
at Is too soon to say how the new law
Is working. Importers discounted its ef-
fccts to some extent by bringing in large
shipments OF goods before the Wilson law
expired. This will cut down the revenue
we would have got under the new tariff.
The government Is a loser to the extent OF
the difference in rates between the two
laws On the imports now coming in. how
ever, we are getting decidedly more duty
than we would have got under the Wilson
law. We can stand the temporary loss, as
matters will soon adjust themselves and
the revenue will be largely increased.
II see that already a test Is being made
oil the treasury department rulinE tnat tne
new tariff went into effect at u midnight
July 1924. This question is now in the
hands of the attorney general. and de-
cision will be reached in about ten days.
The question raised is: Did the new tar
in 60 into effect Saturday morning, Sunday
or Saturday at 41O p. m? The
that guided US was that the law
knows no fraction of a day, and, as the
tariff went into effect on Saturday. II must
have done so at the first hour of morning.
At worst, the question can be decided
shortly by an appeal to the supreme court.
Another effect of the tariff will be the
return of better times. There will not be
a rush ek-rerurning trade. but conditions
are now stable, and this will be a stimu-
lus to business. Industries v Ill revive, and
men will 20 ahead and make investments,
because they know that the present con-
dition will endure for some time. l con-
slider this chief benefit to be de-
rived from the new tarir-the stability
of trade and business conditions. This of
itself Is sufficient to restore prosperity. and
i am confident that we are at the COM
of an era OF good times"