The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-12-17
Secretary Of Treasury Lays His Bill
Before the Committee.
IS THOROUGHLY FOR GOLD STANDARD
One section Provides for Rcfuuding
of Bonds with Bonds.
WOULD REDUCE THE INTEREST
the Redemption OF Money Cir
cuIated by National Banks.

Washington December i6.--SecretAry
Gage appeared today before tho COMMITTEES
on banking and currency OF the house to
report a bill cmbodylng his Views for u re-
vision OF the currency, to explain and urge
Its provisions aud TO meet any objections
raised by the committee, The secretary
was accompanied by Judge 0Connoll, So
lcilor for the treasury Copies Of the sec
retary's bill were handed TO members OF
the committee and were scanned with
great interest. After being introduced to
the various gentlemen OF the committee
Mr.. Gage began his statement. speaking In
an easy. conversational manner, the fol-
lowing notes. He said in opening;
"Tho objects have in MUD in the series
OF provisions offered by me are four In
number.
First 20 commit the country more thor
oughly to the gold standard. remove so FAR
as pos iblc doubts and fears on that point
and thus strengthen the crodt OF the
rnitrd States both at home aud abroad.
Second to strengthen the treasury In
relation 10 its demand liabilities. in which
arc ineudeS ereenbacks. treasury notes
and the Incidental obligation to maintain
on a parlU. through interchangeabilty with
gold SO lar Az may be necessary. the pres
ont volume OF silver certticates and silver
dollars.
Third, to do this In such way as not
10 CONTRACT, the volume OF our circulation in
the hands Of the people
Fourth, TO take an initial step toward
system OF bank notes iesue without the
conditional deposlt Of public bonds as SO
| curity therefor.
III we prosper as reopo the revenue
! Of The government ought TO be somewhat in
advance OF It's expenditures aud the public
debt OF the united States gradually reduced
| and finally cxtinguisncd. LOCKING at tho
question widely from ma best point OF
knowledge aud experience, ietl that II
these could be settled, the condition OF tho
goycrgmrnt, IN rs rotation 10 tho currency.
| would be much sareJ aud stronger than
now. and that through the operation OF Ma
| tionAl bank not. currency inc commercial
| ana Industrial interests o tue United States
| woum be gftany Adtautaseous.
| Iurning tto.i - i-s,rs ati. Gage pro-
| cecctd tAicmFur.ibp0hFiy as iOlows "a
10 tue nist proposition, 10 commit the
country more tnoi oughly 20 the gala stond-
niu, TO remove, - ar as puslplc DOUBTS
and fears on that luint add nun sreiistneu
ina United SlHGa 10Th ~ hone and ABROAD
| II Wou.d say that the proposition 10 re-
| fund the bonded debt oi Ine tniteu states,
now payaplc ~ toin, INTO bondh bearing on
IN, Is race n lower raae OF Interest and pay
able. principal and interest, III gold 10
MEASURE directed 10 that end. IL costa
| nCthinT TO the government whatever 81
far as the rciuuGlug Of II ~ concerned e%~
| capt he cNpf nditure necessary 10 print
the bonds aud % the clerical WORK, u
takes ambiguity out OF the rea-
tons &, the rol rnmfnt 10 us cred
iiorn; II giycs strength and security and
| mower To the whole commercial system OF
the United states, and the measure as IL
tx prepared here ~ the bin in my opinion.
accomplished that object The other meas
uies which are before you. which am
now ready to be questioned about. have
been drawn to accomplish not only the oo-
ieots named but the various purposes al
ready detailed by me. II they are un-
worthy objects they ought to be rcJected'
ior. II tho manner OF securing them ~ no,
Wise one. as | have outlined II, II ought
| 10 be rejected or reformed or improved.
After this statement II was deemed ad-
| yleabie 10 read the secretary's bill In detail.
section by section. The bill is as follows
Hill IL provide for rctuniing National e"rt;
fer establishing redemption funi ahd III
vision of iasue aud redompton IN {, eadnty
Of United States. and 20 ~ )difi exis'iiS
laws respecting National banks, snd for
other purposes.
BE IL enacted, etc. that there be cstah.
lished ia the treasury deparim ent, - psrt
az the Office OF treasurer OF iho Cr;ied
States, a division 10 be designated ana
known Ms the division " ssne and re-
demption to which shall DC assisned. under
such regulations as the soeTr.iry OF he
TREASURY may approve. all records ana ac-
counts relating 10 the 'ss'lc, redemi,.'n
and exchange as hereinafter provided OF
| the several classes of United states paper
money. There shall be transferred from
the general fund in the i'''s. iry OF the
| United States and taken up on The Looks
| OF said division as reA@Mr' ~ 'uiiu re
sum Of sl25,o0o,aoo in unitnd States goia
| coin and bullion and suah further sums OF
standard silver dollars and silver fr'iionn