The enterprise. [volume] (Wellington, Ohio) 188?-1899, 1897-12-01
GAGE ON CURRENCY REFORM.
The Secretary Of the Treasury
Favors Bank Circulation.
Sees Promises of Better Times In Re-
cent Republican Victories -
COunsels Against Finan-
cial Agitation.

twenty-ninth annual dinner OF the New
York chamber of commerce Tuesday
night, November 23, upon the subject
of currency reform. making in the
course of his remarks some illusions
to 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. They
are even more complex The fidelity shown
by the fathers should fitly example our
fidelity. That is the price through which
the good we enjoy may be honorably pos
sessed, added to, and passed on to those who
follow US. We are met just now with one
Of those problems which must be bravely
faced and wisely solved. 1t is question
fundamental, In material sense, TO the
welfare Of every member OF the mighty
group which constitutes our national life.
It touches the humble and dependent more
closely than 1t does the strong and power
full, although in it's final determination the
far-reachng destinies of all are involved.
For four years its injurious shadow has
depressed industry and enterprise Thanks
to the wise instincts Of our people, and to
their declaratory voice uttered In NoVem-
Der last, assurances have come to HIT
doubts to Danish fears, to brace hope. and
to lend courage.
"This happy reaction in enterprise now
witnessed-the stimulation Of industry
which has followed this new assurance. Is
confirmatory evidence OF the pligntihg IN
luence of that fierce propaganda for 'free
silver ana seml-repuulatloht tnat me-
Just repuke iro" lne iFeean ''
lsso. ~. .ho
speaking proauly' peueNe Iis IL
'hape ana oestiny ., our e,,o ha.ioLai liz, 1s.o
1ay De aHecteu py so,. w
ueterIilneu wltnll @ ene L-t - naonia,s
OUT years ls peIiou 30 snos s.,,d.i, 49, ~ 70
history as 10 pal al 81 y. T., aaia ,a
require III supsttulrUi , 'ie "a aroro;o.
omnipresent now. me iorces ano ete' ~ the
whicn louno Victorlous eNplesston - 49,,
last electloh are as s's tn,id... 80 on,,r.
were tnen. are we lnlenisens ..nIu Snu 80.
aSeous enough 70 sahe .ns ~ aosion W. s,,t,,ro
eht warrant JustInes' anu So. ~ ' 49,, tor
against the dangers Whicn have 49, 49, 80
the present overcome ~ .,h,a saiu ma .hat h
oer present cohoitlons II 10 inposo sosoa. tha
opstructioiists can i.n.1 nnua "nu ~ So,ioats
popular Wiii' tnat asita.ion vi ~ ~ si
subject as tne money ssanuaIu 20 M
turplng; tnat we nave 'ne .osn,t ur "tat,,.
tees tnat lor iour years tue plesem e,,,,,oi %
VIII pe maihtaineu' INA. lnI
business Will pc pest assureu w .ne po'.y ~
OF lnactlon. covered III ohe sensenS. 'ad "a
this IS summed up IN the nuTr. M. .apus.u
maxim; Let wen enousn sioh ,,,so one b,,t
I'm wen appiiee 10 ,nu ,,on su 81 anniica tion
the Wlsdoh Oh II lies III 'ne "ppS'''-o'
OF IT,
currency system bhu HnouSn.
"When ultra conservatism applies II to
justify 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 the
great body Of economic students and py
general consensus Of opinion among pusi-
ness men. It certainly Is not well enough
with banking system utterly inelastic and
correspondingly irresponsive TO the comes
TIC requirements OIL traue anu IN. ,nuIsy hi,, ~
. mnie,,, AZ ,5 aen 5'yp y" .ha soithtni and efi.
system snoulu pe tne iai.n.ut ...a,, Hns o',nh
clenl hanomaiueh: ~ ls not wei ali, HnouS" neri
Win the natlonal treasury amnmS ti1', sora,nr pS
FORMING an once "nich ID ehtneiy ei,
10 its proper Iuhctioh. no.
enough IL ID aosoiutey pau, aS WIZ y, a.
suit IS pubic treasury SO expanueu IA .ss
demand ilapiilties IN time oi proaoun1 o y.
peace as 10 threateh lts soixency IA Gase -
war. ihohas Jehersoh, 'ne pu.a,NT ~
| n
ing the lnterVai pet"eeIi wa. anu va az
] the outstanding paper shoulu pe caiieu ~,
coin pe permitted 10 now III again, ahu
| hoio the nelu OF clrculation uhti' ahotheI
war snoulo require lts yieiuihs plaee ASA"
to the national medium. NO, my irienos'
we are not Justlneu IN Ialilns Dack III su,
preme indlHerence 10 rest upon per'er'ea
MAXIM
NOT Is agltatloh 10 De Leareu IN us enee' ~
|
an agtatlon 10 pehall OF petter cohoit,ons.
| we nave apsoiute security tnat ior at leas.
-FOUR years no step can De eHecuvely taken
wnich VIII degrade our money stahuaru OK
prlng oisnonor 10 the natlonai creuit. Aer
tation VIII, therefore, result IN hothIng OF
De productive OF goou. Onoer sucn conuI'
uohs' agltatioh 10 the hIshest conse'Fa'isi''
| More Secure Foundntions'
| 1.-THE establishment Of our currency ant
banking system upon more secure founda-
tions Is the one thing lacking to the things
which make for a permanent condition ct
reasonable prosperity. In securing this the
pioneer in the west, the laborerin In the mines,
the toiler 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 Whenr BY impli'
cation am absolved from all obligation tc
discuss the how, or to go into details Of
methods to achieve currency reform. Thii
is a great relief to me for two reasons
First. It might be injudicous to anticipate
here and now, what It will be my officia
duty to set forth little later on. Second
1t would be to enter at once the field O.
greatest controversy. where doubts ant
fears are most numerous. and where pas
sions and prejudices have their freest play
every one favors reform-his kind Of re-
form. Many are willing to have reform, any
body's kind, II It can be had without strug
ole and free of cost Others seeing that tn,