The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1897-11-24

REFORM.
Secretary Gage TO the New York
Chamber Of Commerce.
BANKING SYSTEM bad ENOUGH.
The Establishment Of Our Currency and
Banking Systems on More Secure
Foundations is the one Thing
Lacking TO Make Pros
perity Permanent.

New York. Nov. 24.-The 129th annual
dinner of the Chamber Of Commerce
was given at Delmonico's new restau-
rant, Fifth avenue and Forty-fourth
street, last night. Men distinguished
In professional and commercial life
were present, and the beautiful BAN
quet han was taxed to it's utmost ca
pacity. Secretary of the Treasury Ly-
man j. Gage was the guest of honor
and the chief speaker. Alexander 10.
Orr, president of the chamber, pre-
sided.
Among the other guests were Secre-
tary of War Russell A. Alger. Gov
ernor Frank S. Black, Comptroller of
Currency j. II. Eckels, Mayor william
L. Strong, President Daniel @. Gilman,
of Johns Hopkins university; Major
General Wesley Merritt, Commodore
Francis NJ. Bunce, U. S. N: Carl
Schurz and Whitelaw Reid.
Seth Low, who is an honorary mem
Der of the chamber, was not present.
Neither was Mayor-elect Robert A.
Van Wyck. In fact, it can be authori-
tatively stated that the latter was not
invited.
Secretary Gage was datteringly re-
ceived when he rose to speak to the
toast Currency Reform, Now or
When2' The secretary read his speech
from manuscript. He said in part:
I'VE are just now with n of those
problems which must be bravely faced
and wisely solved. It is a question
fundamental. in a material sense, to
the welfare Of every member of the
mighty group which constitutes our
national life. 1t touches the humble
ana dependent more closely than II
does the strong and powerful, although
in its final determination the far reach
ing destinies of all are involved.
For years its injurious shadow has
depressed industry n enterprise.
Thanks to the wise instincts of our
people, and to their declaratory voice
uttered in November last, assurances
have come to lift doubts, to Danish
fears, to brace hope, n to lend cour-
age.
This happy reaction in enterprise
now witnessed-the stimulation to in
dustry-which has followed this new
assurance, is a con1rmatory evidence
Of the blighting influence Of that fierce
propaganda for free silver and semi
reputation that met its just rebuke
from the freeman's ballot in 1896.
Il believe that the shape and destiny
of national life, as 1t may be affect
ed by financial legislation, is to be de-
termined within the next four years.
The forces and energies which found
victorious expression in the last cleo
ton are as significant now as they were
then. Are we intelligent and courage
GUS enough TO take the action their
present warrant justihes, n secure
the future against the dangers which
have been for the present overcome?
1T Is said that under present condi-
lions it is impossible that o]bstruction-
lists can hinder and defeat the popular
viii; that agitation on so delicate a
subject as the money standard is dis
turbing; that we have the best of guar
antees that for four years the present
status will be maintained; that the re-
vival of business viii be best assured
by the policy of inaction. Covered in
one sentence all this is summed up In
the much abused maxim, Let well
enough alone The maxim we'll APP
piled is indeed a wise one, but the wis
dom Of it lies in the application of it,
when ultra conservatism applies It
to Justify a condition which is bad
enough instead of well enough 1t Is
fatally misapplied, That the condition
of our currency and banking system
is bad enough is certified to by the
deliberate Judgment of the great body
of economic students and by a general
consensus Of opinion among business
men.
1T certainly is not well enough with
a banking system Utterly inelastic and
c-orrespondingly irresponsible TO the do
nestle requirements Of trade n in
dustry to which, I'm its proper relation,
the banking system should be the
faithful and efficient handmaiden.
1T Is not we'll enough with the ma
tlonal treasury a~wkwardly performing
an office which Is entirely foreign to
its proper function. Tt is not well
enough, it Is absolutely bad, when the
result is a public treasury so expanded
in it's demand liabilities in a time of
profound peace as to threaten its sol
vency in case Of war.
"The establishment of our currency
and banking system upon more secure
foundations is the one thing lacking to
the things which make for a perma-
nent condition of reasonable prosperity.
In securing this the pioneer I'm the west.
the laborer in the mines. the toiler iu
the field, the mechanic i'm his shop, the
merchant and the banker, are all,
whether they know it on not, each In
his degree alike interested.
at q cost too contemplate for seri-
GUS consideration, the Cebatable CON
dition of our currency and bankine
system may Doe put upon clearly safe
If not theoretically scientific founda,
lions. This may be secured without
any necessary contraction of the cir,
? culating medium of exchange and with