Phoenix weekly herald., 1897-12-16
CURRENCY REVISION. Secretary Gage Before the
 House.
 HE PRESENTS A BILL EmbOdying His Views For Revi- sion of the Currency and
 to Urge Passage.
HE PRESENTS A BILL


 Gage appeared today before the Com mittee on Banking and Currency, of the House of Representatives, to pre- sent q bill embodying his views for a
 revision of the currency, to explain
 and urge it's provisions and to meet any objections raised by the commit tee.
 Copies of the Secretaryss bill were | handed to the members of the commit
 tee and were scanned with great in- 1 terest. After being introduced to the
 various gentlemen of the committee
 Morgan began his statement, speaking
 in an easy conversational manner.
 He said: 'The objects I have in mind | in the series of provisions offered by
 me are four in number.
 First To commit the country thor | Oughly to the gold standard removes so far as possible doubts and 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 it's demand liabilities in
 which are included greenbacks. treas
 ury notes, the incidental obligations
 to maintain on q paritythrough inter
 changea bility for gold so far as may
 Oe 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 to- ward a system of bank note issues without the conditional deposit of public bonds as security therefor.
 If we prosper as q people, the reven-
 Ie of the government ought to be somewhat in advance of it's expendit- ures and the public debt of the United States gradually reduced and finally aNtinguiShed- Looking the question | widely from my best point of knowl- | edge and experience, I feel if these conditions could be secured. the cOndi- | ton 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 currency, the commercial and industrial interests of the United | -tates would be greatly advantaged
 Washington. Dec. 16.-The currency bill framed by Secretary Gage was in- trOduced in the House today by chair man Walker of the Banking and Cur rency Committee immediately after opening. The bill as presented is with the bill as submitted 10 the committee save for a few changes 1f no especial significance which were suggested by MT. Walker.
 Washington. Dec. 11.-Secretary resumed his exposition of his eX- enSive currency bill before the House committee on Banking and Currency Oday. Before the bill proper was aken up Semi-pOlitical questions were Isked by Mir. Hill. republican of Con- lecticut, who called MT. Cages atten- ion to the statement yesterday that , he first purpose of the bill was to com | nit the country to the gold standard.
 You are recOgnizedas q republican aid MT. Hill addressing the Secretary. and you are familiar with the finan- ial platform of the republican con entiOn at St. Louis; do you consider hat this purpose of more firmly fixing he gold standard on the country con } jets with the plank of the St. Louis latfOrm on finance?"
 No sir responded Mir Gage. Not . s I look atthequestiono of bimetaIlism. < must mean one of two 1i lingS, either it is two kinds of money - f unequal value. circulating side by idle by reason of the exchange of he less valuable for that of greater alue. or else two kinds of money or such intrinsic equality that they A ill circulate naturally side by side Te have a bimetallic currency in the nited States now. \ firm establish q lttnl Ol lue SOlu SI3nutlfu- WlIn SuCn fN with silver as will Y lake it acceptable on an equality s, -ith gold, will maintain this bimetal- x sm.' m The Secretary went on to state that e lis in no way preJuuiced any steps g lat might be taken to bring silver up ) q higher standard of value. The ill, however. was designed to give Ich confidence in the financial abiIi- of the government. that the diScrim- latiOnS against silver would largely ecrease. MT. Cox. democrat. of enneSSee, asked if the result of the '' age bill eventually would not lead v
 one kind of papermoney-bank notes cl ld no silver except subsidiary silver. a, There is nothing in this plan to coop a ate to that extent now" answered r. Gage. It is in that direction.and se ith further expansion and develop O. ent. it might eventually lead to st lch a result. a Dec 16-The President oS day sent the following nomination IT
 the Senate: Joseph NIcKenna. As ve 'ciate Justice of the Supreme Court oc
 the United States. Charles G. "; awes, of Illinois. to be Comptroller
 the Currency. John Reed to be sl lief Justice; TnOs. NJ. Many. of Ten to ,Ssee. ThoS. C. Fuller. of North Car O ina. Henry C. StrauS of Kansas. and D ilbur r. Stone of Colorado to be As ciate Justices of the Court of Private '" md Claims