Omaha daily bee., 1897-07-29
SECRETARY CAGE ON CURRENCY.

SECRETARY GAGE ON CURRENCY.
Secretary Gage Is a conservative man
and there has hardly ever been n time
when there was greater need for such a
man at the head of the financial depart
ment Of the government. IL Is under
stood that in a general way the secretary
of the treasury is in sympathy with the
demand for n reform of the currency.
Before he was publicly named or per-
haps thought of in connection with that
distinguished position he was known to
approve of the currency plan of the In
dianapolis conference. lie accepted the
proposition promulgated by that confer
ence that the essential basis of currency
reform is the ultimate retirement of all
classes of United States notes and he
agreed with the other views expressed
by the bankers and business men who
met at indianapolis early In the present
year. In short, Mr.. Gage was fully
identified with the currency reformers
and was generally recognized as m or
the leaders in that cause.
The secretary still believes that the
| currency system needs revision. but he
Is not among the extremists who think
that there can be no confidence and no
recovery of prosperity until this revision
Is had. Mr.. Cages speech to the bust
ness men of Boston will be rcassuring to
all but those who want an immediate
overhauling of Il ~currency-the I'M
patient and persistent so-callcd reform
-- H..
ers who can see nothing but harm Ill
| existing financial conditions. what says
the experienced iinancier at the head OF
the national treasury? son the financial
| side there is really no pressing need Tor
hoste." he declared. "There is GER
toinly no Immediate occasion for anx
iety. With ample reserves in the pubic
treasury. with financial centers in n full
| supply of loanablc funds, with interest
invitingly low. with crop prospects most
promising and n good market assured,
with new mineral sourc coming into
| view. who dare indulge in doleful fore
| casts'?' These things must be apparent
to all practical men of Intelligence.
| Grant that some changes, in the direc-
ton of simplifying and strengthening
the currency system, are desirable, sun
there is no reason for haste or anxiety.
We have had his system for many
wears. during which the country enjoyed
the highest degree of prosperity in its
history. We have had with it industrial
expansion, agricultural growth. increase
in domestic and foreign anu Il
Great augmentation of the national
wealth. Why may we not have all this
again with this same currency system
If all other conditions to material prog
ress and prosperity are present!
This paper can heartily endorse the
views of Secretary Gage quoted above
because they are in complete accord with
what we have repeatedly said, that the
anxiety manifested by some for cur
rency reform is needless and that tho
agitation of the subject at this time can
accomplish no good and may do harm
Certainly there is danger of i'll effects
when men of responsibility in financia
and business circles persistently pro
claim distrust of the currency system
and constantly declare that there can bt
no great or permanent Improvement il
financial and business conditions until
the currency is reformed according to
their notions. Secretary Gage Will nave
done a most important service to the
country and to the cause of revivina
prosperity If his sound and conserva
tive utterances shall silence for II time
at least the impatient and for the most
part impracticable currency reformers.