The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-12-17
GOLD BASIS PLAN OF GAGE.
SECRETARY PRESENTS HTS CUR-
RENCY REFORM BILL.

lie Appears in Person Before the
Banking ana Currency COMMITTEES
of the House 10 Explain and Urge
Its Provisions and to Meet ANY OH
jections Raised by the Committee.
The Objects He Has in view Four
in Number.
Washington, Dec. 16.-Secretary Of the
Treasury Gage appeared to-day before tha
committee on banking and currency OF ths
House of Representatives TO present bill
embodying his views for a revision of the
currency, to explain and urge its provis-
ions and to meet any objections raised bY
the committee. The secretary was ac-
companied by Judge OConnen solicitor
of the treasury.
Copies of the secretary's bill were hands
ed to members OF the committee and wers
scanned with great interest.
After being introduced to the various
gentlemen Of the committee, Mr.. Gage be-
| san his statement, speaking in an easy,
| conversational manner, ana following
notes. He said, in opening; THE objects
have in mind in the series Of provisions
| offered by me are four in numbers; first.
the gold standard: remove, 50 far as pos
sible doubts ana fears on that point, and
thus strengthen the credit of the United
States, both at home and abroad
Second, to strengthen the treasury In
relation to its demand liabilities, in which
are included greenbacks, treasury notes
and the incidental obligation to maintain
on a parity. through interchange ability
with gold, so far as may be necessary
the present large volume of silver certid-
| Gates and silver dollars.
Third TO do this in such a way as not
to contract the volume OF circulation in
the hands of the people.
Fourth, TO make an initial step toward u
| system of bank note issues without ths
conditional deposit OF public bonds as Sc
curity therefor IL we prosper as a peo-
pie the revenue of the government ought
to be somewhat in advance of it's expendI-
| lures, and the public debt of the United
states be gradually reduced and finally ex-
tinguished. Looking at the question from
my best point Of knowledge and experi-
ence, / feel that If these could be secured
| the condition of the government. in it's
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 indus
| trial interests of the country would be
| greatly advanced"
Turning from his notes, Mr.. Gage pro-
! ceeded extemporaneously LAS to the
| first proposition to commit the country
more thoroughly to the gold standard, re-
| move as far possible fears on this point,
| and thus strengthen the United States,
| both at home ana abroad-I would say
| that the proposition to refund the bonded
| debt of the United States, now payable in
coin. into bonds bearing on their face a
| lower rate of interest and payable, prin-
| cipal and interest in gold, is a measure
| directed to that end II costs nothing to
| the government whatever so far as the
| refunding of IL is concerned except the
expenditure necessary to print the bonds
and do the clerical work. il takes am
| blguity out of the relations Of the governs
ment to its creditors it gives, / believe,
| a strength and security and power to the
! whole commercial and industrial system
| of the United States, and the measure, as
| 1t is prepared here in this bill win, in my
| opinion, accomplish that object. The 9TH
| er measures which are before you which
| I am now ready to be questioned about
| have been drawn to accomplish not only
the objects named, but the various pur-
| poses already detailed by me. If they
! are worthy objects, they ought to be rec
| ognzed and secured If they are unworthy
| thy objects, they ought to be rejected,
| or if the manner of securing them Is not "a
wise one as / have outlined, the manner
| ought to be rejected or reformed or inn
| proved"
| After this initial statement II was deemed
| advisable to read the secretarys bill I'm
detail and discuss 1t section by section.
The full text of the bill is as follows:
| "A bill to provide for the refunding Of
| 1To M 6qbf for Qatab itebiUR a faa
demption fund and a division Of issue and
| redemption in the treasury of the United
| States, and TO modify existing laws re-
specting national banks, and for otheH
| purposes:
BE it enacted, etc, that there be estab-
lished In the treasury department as a
| part of the office Of the treasurer of the
1 United States division to be known as the
! division of issue and redemption, to which
| shall be assigned, under such regulations
| as the Secretary of the Treasury may
approve, all records and acts relating to
the issue, redemption and exchange as
hereinafter provided of the several classes
| of United States paper money. Theirs
! shall be transferred from the general fund
| in the treasury of the United States and
taken upon the books of the said division
! as a redemption fund, the sum of 1925. 900 ;
600 in United States gold coin and bullion,
| and such further sums of the standard
| silver dollars and silver bullion purchased
/ unQeF tne uGl Vi tChSASSS dDBtOfCu July
! Il, 1890, as shall equal the silver certif-
| Gates outside the treasury and treasury
| notes OF 1890 outstanding on the date when
| this act shall take effect, and there
| after the gold and silver coins and bullion
| hereby transferred from the general fund
in the treasury as herein provided shall
| be increased or diminished, is the case
| may be- in accordance with the provisions
of this act, and In no other way.
"Sec 2. That all United States notes,
treasury notes of 1890, and silver certifI-
Gates presented for redemption, shall be
redeemed from the redemption fund herein
provided, in accordance with the terms OF
the existing law, but the notes and certifi-
Gates so redeemed shall be held in and
constitute a part of said fund, and shall
not be Withdrawn from said fund, nor
disbursed, except in exchange for an
equivalent amount OF the coin an which
said notes or certificates We're redeemed:
but to enable the Secretary of the Treas
ury more thoroughly 10 carry out the pro-
visions contained In this act, he Is hereby