Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-24
GAGE ON CURRENCY REFORM
Secretary of the Treasury's Address at q
Banquet in New York.
Without Giving Details He Intimated
u Plan Would He Proposed
to Congress-.


ment delivered an address before the New
York chamber of commerce at the annual
banquet last night. His subject was Cur
rency Reform-Now or When?"
Among other things. Mr.. Gage said:
TIE establishment of currency and
banking system uron more secure founda-
tic ms 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 in his shop. the mer-
chant and tie banker are all, whether
they know ii or rot, each in his degree
alike Interested.
The text to which 1 was called to speak
is thus stated: Currency Re1orn-Now OF
When
BY implication I am absolved from all
obligation TO disct the how or to 60
into details of methods to achieve cur
rency reform This is great reEe1 10 me
for two reasons:
First 1t might be injudicious to antici-
pate here ard now what 1t will be my off,
cial Cuty to set forth little later on.
Second. 1t would pe to enter at once the
field of greatest controversy, where doubts
and fears are most numerous and wnere
passions and prejudfces have their freest
play.
All Men Are RcfOrmers.
Every one favors reform-his kind of re-
1OTm- Many are WllllllS " nave icioi III,
anybody's kind. if it can be had without
struggle and free of cost. Others, seeing
that the Path of virtue leads to serene
ard restful planes, willing to walk in
the way of il, even at the cost OF present
rain and sacrifice.
TIE first group embraces the radicals and
faddists of every kind who will tolerate
no method not individually their own.
The secoI-d group. the indifferent many,
pirate reform, bat are fruitful only In OBJ
jections. You may retire the greenback
or otherwise reduce the redundant issues
of the national obligations payable on
demand. but. strange inconsistency. you
must not issue bonds in time of peace
not even to discharge sacred obliga tons
incurred in war. These people ought TO
inform to which of the two Is the
higher wisdom: To avail ourselves of con-
ditions favorable to the highest credit and
lowest interest. to put our financial house
in order or to wait until another period
shall come, when. in the unhappy days
of 1Stju-tI,. We may be forced to face dis
honor or to recover ourselves at double
interest upon obligations realizing to our
treasury Only sixty-or forty-per cent OF
the face of The contract Others of the
same group tell us. You shall not con-
tract the currency. nor shall you permit
any substitution in the form of bank note
issues With all these limitations,
strictions and impossible conditions they
respectfully submit that they favor" re-
form
htthDuS Oh hetl fNeIOFnnk.
The third group. convinced of the wis
dom of reforn-and reform now-and per-
eeivins that in natures order every good
acquired involves some sacrifice made,
must stand together in patient persistency
and work along the lire of least resist
snec dor this. too is natures order) to
Secure those high ends at which they aim.
In q word, i commit myself to the fol
lowing proposition: At a cost too contempt
L.
be condition of our currency and banking
system may he put upon clearly safe. il
not theoretically scientific founda tons.
This may he occurred without any necessary
contra ctioH of the circulating medium of
exchange and with no danger OF an undue
expansion. ami. best of all. this desirable
end may carry in it's effect potential relief
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.
NCr will permit myself to doubt that in
the councils of our nation wise states
Hl&nship. supported and sustained by the
wisdom and value of a pure patriotism
among our people: will find the way to the
much oeded result.
How fair land, How infinite it's posi-
biiti,s. What has it not done for the
afflicted and the unfortunate of earth,
With JUS; laws. with institutions conform
abS &c natural rights. vita honest regard
Tor honorable obiigat lions. with a common
Owe for the common veal. who can proph-
ssy is future greatness and glory?
Dinner at DcImoniro's
The dinner was given at Delmonico's new
restaurant. 9TH avenue and iIth street Men
distinguished in professional and CONNER
cial life were present. and the beautiful
banquet hall was taxed TO its utmost ca
facity. Alexander E. Orr president of the
chamber. presided.
Among the guests were Russell A. Alger
Secretary OF War; Gov. Frank S Black
H. Eckcls. controller of the currency:
Mayor VIM. l.. Strong. Daniel c. Gilman
president Of Johns Hopkins University; Ma
br Gen. Wesley Merritt, Commodore Fran
bis VI. Bunce, L. 5. N; Carl Schurz and
Nhitclaw Reid.
Prominent among the chambers members
present. were John Jacob Astor August
Belmont. Calvin : Brice. John Claflin
Henry Clews. :. V II. Cruger Chauncey
VI. Depew. w. I. Eckert II. NJ Flagler
thas- X Flint. A Il. Hepburn Brayton
ives, Morris X Jessup. Jordan L. Mott,
Iohn Harren RhOades, Gustav III. Schwab
lanes Speyer. John II. Starn. A p Stokes
Henry Willard. H. W. Cannon j. S. Grim
Gins Daniel ;. Lamont, George Could
Herman Riddcr, Charles ~ Schieren Isa-
cor Straus and Nathan Straus
The health of The President of the
United States" was drunk standing with
Hr IL