Willmar tribune. [volume] (Willmar, Minn.) 1895-1931, 1897-11-30
GAGE TALKS ON REFORMS.
The Secretary of the Treasury ADJ
dresses the New York Chamber
of Commerce alta Banquet.
HIS VIEWS on the BANKING SYSTEM.
Says 1t Can Easily BE f1oceo o" :" ''-Ae
Foundation-The Countrys Destan9
Affected by Financial Les1s1a""
to Be Shaped in the Next FouF Ae"r*
summary of His Speech.

New York. Nov. S4.-4n ne 1~9'n 1
nual dinner of the New York Cha moer
of Commerce was given at Delmonlco
rev restaurant, Fifth avenue and FOR"
ty-fourth street Tuesday night. Men
distinguished in professional and COM
mercial life were present, and the beau-
tiful banquet hall was taxed to Its Ut
most capacity Secretary of the Treas
ury Lyman j. Gage was the guest OF
honor and the chief speaker. Alexander
e. Orr. president of the chamber. pres
sided.
It was long past the appointed time
when President Orr arose and made the
Introductory speech. The health OF
1.-THE President of the United States"
was then drank standing. with three
rousing cheers. while the orchestra
played "The Land of the Free"
Secretary Gage was fatteringly re-
ceived when he rose to speak to the
toast, "Currency Reform, Now or
When?" The secretary read his speech
from manuscript He said, among other
things:
Secretary Cages Address.
"speaking broadly. I believe that the
shape and destiny Of our national life. as
it may be affected by financial legislation,
is to be determined within the next four
years. -Four years Is a period so short in
peoples history as to bar out all idea
of futuritY and to require in substitution
the more immediate. omnipresent now. The
forces. and energies which found victorious
expression in the last election are as sig
| nificant now as they were then. Are we
intelligent and courageous enough to take
the action their present warrant justifies
and secure the future against the dangers
which have been for the present over
come?
1T is said that under present conditions
| it is impossible that obstructionists can
! hinder and defeat the popular will; that
agitation on so delicate subject as the
| money standard is disturbing; that we
| have the best Of guarantees that for four
| years the present status will be main
| best assured by the policy of inaction
| Agitation is not to be feared in its effect on
| industry or business affairs if it Is to 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-
alton will, therefore,. result in nothing or be
tons agitation IS the highest conserya-
| tISul.
The One Thing Lacking.
THE establishment Of our currency and
| banking system upon more secure found Ia :
tons is the one thing lacking to the things
| which make for permanent condition OF
| reasonable prosperity. In securing this the
| pioneer in the west. the laborer in the
mines, the toiler in the field, the mechanic
| tn his shop, the merchant and the banker.
| are all, whether they know it or not, each
! in his degree alike interested.
1.-THE text to which l was called to snea K
| is thus stated: Currency Reform-Now
| or When?' BY implication l am absolved
! from all obligation to discuss the how
| or to go into details of methods to achieve
| currency reform.
| In word, commit myself % the follow
| ing propositions: At cost too contemptl-
| BILE for serious consideration, the debata-
| BILE condition of our currency and bank
! ing system may be put upon clearly safe.
| if not theoretically scientific foundations
| This may be secured without any neces-
| sary contraction of the circulating medium,
! of exchange and with no danger of an ur-
! due expansion, and, best of all, this desipa-
BILE end may carry in it's effect potential re-
lief to those districts in the south and
! west, which, though rich in possibilities
| of soil and climate, have been held back,
| through the absence OF banking capital and
| credit facilities
| Other addresses were delivered ty
Gov. Black, Gen. Merritt, Commodore
Bunce, Mayor Strong and Daniel C.
Gilman of Johns Hopkins university.