Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1897-12-17
SECRETARY GAGE
Before the House Banking
and Currency Committee.
With Bill Employing His Ideas for
a Revision Of the Currency.
Text Of Bill in Full With Sec. Cages Re.
marks on Same.

Washington, Dec. 16.-Secretary Gage
appeared before the committee on
banking and currency of the House
today, to present a bill embodying mis-
views for a revision of the currency
to explain and urge its provisions and
to meet any objections raised by the
committee. The secretary was ac-
companied by Judge O'Connell, solicit
tor of the treasury. Copies of the sec
retary's report bill were handed 70
members of the committee and were
scanned with great interest. After
being introduced to the various gentle
men of the committee, Mr. Gage began
his statement, speaking in an easy,
conversational manner and following
notes. He said, in opening: THE OBJ
jects l have in mind in the series of
provisions offered by me are four in
number:
First, to commit the country more
thoroughly to the gold standard; re-
move, so far as possible, doubts and
fears on that point, and thus strength
en- the credit of the United States both
at home and abroad.
Second, to strengthen the treasury
in retaliation to its demand liabilities
in which are included greenbacks.
treasury notes and the incidental obi
cations to maintain on parity
through interchangability with gold,
so far as may be necessary the present
large volume of silver certificates and
silver dollars.
Third, to do this in such a way as
not to contract the volume of circula-
ton in the hands of the people
Fourth, to take an initial step
toward a system of bank note issues
without the conditional deposit of pub
lie bonds as security therefor. If we
prosper as people the revenue of the
government ought to be small in ad-
vance of it's expenditures and the pub
lie debt CT the United States be gradu-
ALLY reduced and finally extinguished
Looking at the question widely, from
my best point of knowledge and ex-
perience, l feel that if there could be
secured the condition of the govern
ment 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
of the United States would be greatly
advantaged.
Turning from his notes Mr.. Care
proceeded eXtemporaneOusly as fol-
lows: LAS to the first propOsition-to
commit the country more thoroughly
to the gold standard, remove. as far as
possible, doubts and fears on that point
and thus strengthen the United States
both at home and abroad, 1 would say
that the proposition of refunding the
bonded debt of the United States now
payable in coin. into bonds bearing on
their face lower rate of interest and
payable, principal and interest. in gold,
is measure direct to that end.
1T costs nothing to the government,
whatsoever, so far as refunding it is
concerned, except the expenditures
necessary to print the bonds and to do
the clerical work. 1t takes ambiguity
out Of the relations of the government
to its creditors; it gives l believe.
strength and security and power to the
whole commercial and industrial sys-
TEN of the United States, and the
measure as it is prepared here in the
bill, will, in my opinion, accomplish
that object.
The other measures which are be-
fore you, which l am now ready to be
questioned about, are drawn to accom-
plish not only the objects but the
various purposes already detailed by
me. If they are worthy objects they
ought to be recognized and secured. If
they are unworthy objects they ought !
to be rejected; or if the manner of Sc
curing them is not wise one, as l |
have outlined it, the manner ought to |
be rejected or reformed or improved"
After this initial statement it was |
deemed advisable to read the secre- |
tary's bill! in detail, and discuss it in Z |
session by section.